Term Structure
What Is Term Structure?
The curve showing futures contract prices across different expiration dates. Shows the relationship between spot price and forward delivery prices at various maturities.
How to Interpret
Contango (upward sloping) = bullish baseline, markets expect prices to rise. Backwardation (downward sloping) = bearish or indicating spot demand outpacing futures.
More Derivatives Metrics
Spot Volume CVD
Cumulative Volume Delta for spot markets — the running total of the difference between taker buy and taker sell volume on exchanges.
Futures Volume
The total daily trading volume of Bitcoin futures contracts across all exchanges. Measures the level of speculative activity and leveraged trading.
Futures Open Interest
The total number of outstanding futures contracts across all exchanges. Represents the total amount of capital committed to Bitcoin futures positions.
Futures Basis
The annualized spread between Bitcoin futures prices and the spot price. Represents the cost of carry and reflects market sentiment about future prices.