How the trade works, from first principles.
Guides explain the mechanics: what a basis trade is, how perpetual funding works, and what delta-neutral removes and leaves behind. Notes are dated posts on how we work. Neither contains OpenBasis results. Those are published in Research, when each study is released.
Evergreen explainers. Each shows when it was last reviewed.
What is a basis trade?
The gap between spot and futures prices, and how to hold it without taking a view on price.
Guide · BasicsHow perpetual funding works
Why perpetuals pay funding, who pays whom, and why the rate changes.
Guide · BasicsDelta-neutral, in plain terms
What the hedge removes, what it leaves behind, and where the risk goes.
Glossary: short definitions of the terms used across the site.
Dated posts: process notes, study write-ups and commentary on funding. Newest first.
Follow the book.
Each study on the day it is released, and the notes in between.