Practical market worksheet

Spot–Futures Premium Worksheet

Put a signed number on the difference between a supplied spot and futures price.

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With hypothetical spot at 50,000 USD and futures at 50,500 USD for the same underlying, futures minus spot is +500 USD per base unit. The premium divided by spot is +1%. For one base unit, the price difference is +500 USD. Reversing the two prices reverses the sign under this convention.

What this helps you check

Two prices can look close on a chart while representing a meaningful difference per unit. This worksheet uses futures minus spot, shows that difference as a percentage of spot, and applies it to a comparable base quantity. The result describes a price relationship at your chosen reference times.

A positive result means the supplied futures price is higher. It does not measure funding paid, realized cash flow or a net arbitrage return. An opposite basis convention can report the same two prices with the opposite sign, so record the definition alongside the number.

Your worksheet

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Inputs are processed in your browser by this calculator. There is no quote lookup or file upload for the calculation. Site measurement and consent are handled separately by the site's privacy and consent controls.

Interactive calculation requires JavaScript. The method and hypothetical worked example below remain readable.

Hypothetical worked example

Check the example by hand

Futures premium: 500USD per base
Premium / spot: 1%
Price difference for quantity: 500USD

Exact example inputs

{
  "spot_price": "50000",
  "futures_price": "50500",
  "quantity": "1",
  "quote_asset": "USD",
  "spot_source": "Example",
  "futures_source": "Example"
}

The example is invented to demonstrate the method. It is not a current market quote, a provider's fee schedule or verified trading performance.

How the worksheet works

premium=futures_price-spot_price.
premium_pct=100*premium/spot_price.
difference_for_quantity=quantity*premium.

Boundaries to keep in view

The explicit convention is F-S; other sources may define basis as S-F.
Use the same underlying, quote unit and reasonably aligned price times.
No annualization, cash-and-carry net yield, future convergence guarantee or funding estimate.

Compare resources for this task

Spot–futures comparisons depend on matching units, times and contract definitions. Educational sources explain basis and notional concepts, while venue documentation and records help identify the exact instrument and price reference.

10 Resources for Spot–Futures Price Context

Official sources and scope

The sources document formats, mechanisms or record workflows. The arithmetic and editorial comparison on this page use the supplied worksheet definitions.

CME glossary
CME glossary uses cash minus nearby futures for basis; this tool explicitly uses futures minus spot.
Reference checked 2026-10-01. Consult the source for current product rules.
CME contract notional value
Contract units and multiplier concepts.
Reference checked 2026-10-01. Consult the source for current product rules.
OKX funding mechanism
Funding direction, actual assessments, instrument units and potentially changing intervals; region-specific conditions apply.
Reference checked 2026-10-01. Consult the source for current product rules.