BTC: Perpetual Premium Index
Shown as its 2–31 Oct 2026 sample; the latest readings and full history are included with Plus.
How far BTC perpetual swaps trade above or below their venues' spot index, in percent, by venue.
Why use it. The premium is what drives funding: perpetuals trade rich when leveraged buyers are eager and cheap when sellers press, and funding follows to pull them back. It moves within minutes, ahead of the next funding settlement. How to read it. Above zero, perpetuals trade above spot (eager longs); below zero, below spot (eager shorts). A venue far from the others shows where positioning is most stretched. The summary value is the open-interest-weighted premium over every venue.
Calculation. For every minute sample of every perpetual: premium = (the mid of its best bid and best ask / the venue's own index price - 1) x 100. The period's value averages the samples weighted by each contract's open interest in USD (its latest published value), per venue and over every venue; quotes wider than 1% of the index are left out. Source: our own minute-by-minute collection of public futures data from Binance, Bybit, OKX, Deribit, Kraken, Bitfinex, Bitget, Gate, Hyperliquid, KuCoin, HTX, Crypto.com and Coinbase. Open interest counts one side of each position (Hyperliquid and Bybit publish both sides, which we halve). Coinbase's figures come from Coinbase Derivatives, Coinbase's US futures exchange: its nano perp-style futures (hourly funding) and monthly futures, converted from contracts at each contract's size, from 23 October 2026. Venues we do not collect are not included, so totals understate the whole market. History starts when our collection began on 14 October 2026; no earlier values are reconstructed.