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Tools — Crypto Basis & Cash-and-Carry Calculator

Crypto Basis & Cash-and-Carry Calculator

Live spot-vs-quarterly-futures basis for BTC and ETH on Binance, plus a cash-and-carry calculator that works out the annualized yield — and the dollar profit — of trading that basis to expiry.

Live Basis (BTC & ETH Quarterly Futures)

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Contract Spot Futures Basis Annualized Expiry

Cash-and-Carry Calculator

Results

Annualized Basis Yield —
Locked-In Strategy —
Basis (to Expiry) —
Locked Profit at Expiry —
Days to Expiry —

Basis is the gap between a fixed-expiry futures price and spot; it converges to zero exactly at expiry. Contango (futures above spot) rewards a long-spot/short-future position; backwardation (futures below spot) rewards the reverse. Both are theoretically low-risk if held to expiry on the same exchange, but still carry counterparty, margin and execution risk.

How the basis trade works

Bitcoin and Ethereum quarterly futures settle at a fixed date, at which point their price must converge exactly to the spot price — any gap between them today (the basis) is a return that gets paid out as that gap closes. When futures trade above spot (contango), buying the spot asset and simultaneously selling the future locks in the basis as profit at expiry, since you effectively sell high at the futures price while already holding the asset you bought low. When futures trade below spot (backwardation), the mirror trade — shorting spot and buying the future — captures the same convergence in the other direction. This calculator reads live Binance quarterly futures and spot prices, shows the basis and its annualized equivalent for both the near- and far-dated contract, and works out the dollar profit a given notional would lock in by carrying the trade to expiry.

Frequently Asked Questions

What is cash-and-carry arbitrage?
It's a trade that profits from the difference between a spot price and a fixed-expiry futures price by holding both sides until the futures contract settles. In contango (futures above spot), you buy the spot asset and sell the future; at expiry the future's price converges to spot, letting you deliver at the higher locked-in price. The basis you captured is the profit, largely independent of which direction the underlying price actually moves.
Why does the annualized basis differ so much between the near and far quarterly contract?
The raw basis percentage compounds differently depending on how many days remain until expiry — a 0.5% basis over 30 days is a much higher annualized rate than the same 0.5% basis over 90 days. This calculator annualizes each contract separately (basis % × 365 ÷ days to expiry) so near- and far-dated contracts can be compared on the same yield basis.
Is cash-and-carry actually risk-free?
It's close to risk-free only if both legs sit on the same exchange, margin can't be forcibly liquidated before expiry, and you hold to settlement rather than closing early. In practice you still take on exchange/counterparty risk, margin calls if the position moves against you before convergence, and execution slippage opening both legs — real-world traders treat it as low-risk, not zero-risk.

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