Term structure
Every delivery future of a coin on one curve: the basis you would lock at your size (future minus spot, at your fills), annualised to delivery, next to the perp's funding today.
Updated 2026-10-29 13:25 UTC
How to read the term structure
Each coin gets one chart and one table. A point is one delivery future: its days to delivery across, its annualised basis up. USDT-margined futures are drawn as solid lines, coin-margined ones dashed.
Basis APR is what you would lock at your fills: the future minus spot (or minus the perp where there is no spot), ÷ the long fill × 365 ÷ days to delivery. "vs index" is the same future against its own index at mid prices; exchanges with no spot or perp here (Kraken, HTX, BitMEX futures) show only that figure.
Best net APR is the best trade on that contract at your size, held to delivery (against spot, the perp or another future), after taker fees, order-book slippage and carry. The perp rows show each exchange's current funding, annualised, for comparison.
An upward curve, with later futures priced higher, means the market pays you to hold spot and sell the future; a downward one means the opposite. The basis only converges at delivery, so closing earlier can cost more.
The method behind every number on AfterFees is published; Pro opens each figure into its line-by-line calculation. Estimates from current data, not investment advice. We never hold funds or trade for you.