The Basis Shock As BTC began to rally into October, basis didn’t rise as aggressively as one would’ve...Notably, basis on Huobi detached from the rest of the market.

BTC Futures Basis Turns Positive Again After a brief tango with backwardation, 1 month BTC futures are...once again trading with positive annualized basis after testing long-term support levels on Tuesday....For what it’s worth, the 3 month BTC futures are trading at a similar basis, which means mid-term expectations...

In this episode, we dive into Soulbound Tokens (SBTs) with Glen Weyl, Co-author of Decentralized Society: Finding Web3’s Soul. We discuss the definition of souls & SBTs, the concerns around SBTs,...

And he’s here today to discuss his new invention, which is yield basis....And so just before jumping into yield basis, it’d be, I think....D two use by yield basis, that’s probably the most important part....Uh, Michael, really nice to have you on to, to chat through yield basis....Uh, I think this is, the youth basis is still pretty under the radar despite.

...will be opening up shortly, the current state of the market, and the amount that MCR grows on a daily basis...

Currently, on a rolling 7-day basis, SUSHI is trading at a cheaper P/S ratio of 2.23 relative to UNI...SUSHI trades at a ~$1.6 billion circulating market cap and ~$3.1 billion on a fully diluted basis.

...of this trade is to create slightly longer-term exposure to BTC while subsidizing the trader’s cost basis...We can somewhat confirm the above thesis by looking at annualized basis for various futures expiries...Seeing a 5-10% basis opportunity is extremely attractive to them.

Looking at the annualized basis across various expiries helps us ascertain how investors are bidding...If basis jumps too high, it means a lot of traders are going long on these futures, and few are shorting...them to take advantage of the basis trade....The longer out a futures’ expiry is, the higher the futures premium vs. spot, and thus the higher the basis...

Before AMPL, however, the pioneer of the elastic token concept was Basis....In late 2018, Basis was shut down by the SEC for having too many security-like instruments....Basis had 3 tokens: a stablecoin whose supply was elastic, share tokens that played an equity-like role...in the ecosystem, and bond tokens that represented a future claim on Basis’ stablecoin.

Futures Basis On The Rise Annualized basis for futures contracts a month away from expiry saw an asymmetric...CME basis usually lags that of crypto-native exchanges since a large portion of CME traders position...But interestingly, CME futures basis saw the most aggressive reversal, indicating traders here bought...

Data Digest Over $2 billion of BTC exposure liquidated today Deribit futures trade at -75% basis Gas...Key Takeaways As demand dried across BTC markets, the annualize basis for one month futures briefly...Deribit had the worst reaction, with basis reaching -75%.

The ratio of basis trade to sDAI backing Elixir will ultimately be a function of the current size of...yield 90% -> sDAI / other yielding stables OCF reaches 20% of high water mark: 0% -> long basis...If it drains down to $1.5M, the deUSD backing would be 30% long basis yield, 70% sDAI / other yielding...

The ProShares’ ETF opened up to massive demand, causing annualized basis — the yield from buying BTC...However, as you can see, those yields were too juicy to turn down, and basis quickly reverted to normal...Note: You can see the movement of futures prices that caused the basis spike here.

An interesting trend we noticed on futures basis is that 3-month futures’ annualized basis has diverged...Despite BTC making new lows, basis inched slightly higher – indicating demand for Mar. 2022 futures....Interestingly, CME basis is a way off relative to crypto-native exchange basis.

On Aug. 22, ETH had a minor pullback, and futures basis fell almost 6%....But the dip was eaten up near-instantaneously, sending basis back up over 12% in less than a day....CME traders don’t care as much about price exposure as they do about earning a solid yield for basis...The spread on Deribit went from 60 basis points to under 30 basis points.

While at their core, both USDe and USR are backed by the same basis trade — long staked ETH (and BTC)...The next day, funding rates flip back positive and Ethena reallocates to the basis trade again....stUSR: Users can stake USR for stUSR which accrues 70% of the yield generated by the basis trade.

Futures Curve and Options There’s a bit of dislocation in futures market, with 1 month annualized basis...Deribit’s increase in basis boils down options market maker’s on the exchange being forced to hedge by...

Before AMPL, however, the pioneer of the elastic token concept was Basis....In late 2018, Basis was shut down by the SEC for having too many security-like instruments....Basis had 3 tokens: a stablecoin whose supply was elastic, share tokens that played an equity-like role...in the ecosystem, and bond tokens that represented a future claim on Basis’ stablecoin.

Given the overnight move in the Majors, ETH is now negative on a year-to-date basis (-2.6% as of 3:00...More broadly, 10 out of 13 assets within our L1 basket now have negative returns on a YTD basis.

However, looking at the limited data history we have, the effect on the 1 month futures basis from last...On the bright side, price drawdown in Mar. 2020 was less than May. 2021, but futures in May basis didn...Term check: futures basis refers to the difference between a futures contract and spot price.