Basis & Perp Quote
Two tools for cross-venue price analysis: Basis for live spread monitoring between any pair of products, and Perp Quote for cost of carry calculations across perp venues.
Basis Widget
The Basis widget compares the mid price on the current product against a reference product, expressed in basis points net of round-trip fees. Available on all venue types — CLOB perps, oracle perps, AMMs, and yield markets.
Opening the Widget
Click the Bs button on any product row in the sidebar. The reference product is selected from a dropdown that auto-populates with any overlapping instruments you have in your workspace — for example, hl:ETH will offer uni:WETH/USDC, dydx:ETH-USD, ostium:ETH/USD, and gmx:ETH as comparison options.
How Basis Is Calculated
basis = (ref_mid − base_mid) / base_mid × 10,000 − round_trip_fee_bpsThe break-even line is drawn at zero. Readings above zero mean the reference is expensive relative to the base (the base is trading at a discount). Below zero means the base is expensive.
The round-trip fee differs by reference venue type:
| Reference type | Fee included |
|---|---|
| AMM reference | HL taker fee + pool fee × 2 + estimated slippage |
| Oracle perp (Ostium/GMX) | HL taker fee + oracle spread × 2 |
| CLOB reference (dYdX) | HL taker fee + dYdX taker fee |
Charts
- Basis time series — rolling basis in bps over the current session
- Distribution histogram — distribution of basis values; shows where the basis typically clusters and what constitutes a tail reading
Basis Alert
Set a threshold in basis points and arm the alert. It fires (and plays a tone) when the basis exceeds the threshold. Use the distribution chart to set a realistic threshold — the normal cluster is noise; you want to alert at the tail.
| Control | Description |
|---|---|
| Alert threshold (bps) | Absolute basis level required to trigger |
| ON / OFF | Arms or disarms the alert |
| Cooldown | Minimum seconds between re-fires on a persistent condition |
Reading the Basis
A positive basis means the base product is trading at a discount to the reference. A negative basis means the base is at a premium.
For perp-vs-spot pairs, the basis is related to the funding rate: when longs pay shorts (positive funding), the perpetual tends to trade above spot. A persistent divergence between the observed basis and the funding rate may indicate structural flow or a temporary dislocation.
For oracle perp pairs (e.g. hl:ETH vs ostium:ETH/USD), a persistently non-zero basis means one venue is systematically cheaper than the other after fees. The break-even line tells you when the spread is wide enough to cover the round-trip cost on both legs.
Tips
- A persistently positive basis on
hl:ETHvsuni:WETH/USDCmeans the HL perp is at a discount to spot — longs on HL are structurally cheap relative to holding WETH. - Arm the basis alert just outside your round-trip break-even. When it fires you have a confirmed spread window without watching the widget continuously.
- Use the distribution chart to calibrate the alert threshold. If the basis spends 90% of its time between −5 and +5 bps, setting an alert at ±8 bps catches meaningful moves while avoiding noise.
Perp Quote — Cost of Carry Calculator
Perp Quote is a cross-venue header panel that calculates the total cost of a perpetual position across HL, GMX V2, and Vertex simultaneously: opening fee plus projected funding over your intended hold duration. Open it from the PQ button in the header.
Inputs
| Input | Description |
|---|---|
| Side | Long or short |
| Size | Notional in USD |
| Hold duration | Hours you expect to hold |
| Leverage | Optional; adjusts margin cost display |
Results
For each venue: open fee (bps), projected funding cost over the hold duration (bps), and total all-in cost (bps). Savings vs the most expensive venue are highlighted.
BestEx mode shows an optimal allocation across venues to minimize total cost — for example, if GMX has lower funding but HL has tighter spreads, BestEx may suggest splitting the size.
Tips
- Funding rate projections use the current rate. Actual funding will differ if rates change during your hold — the longer the hold duration, the less reliable the projection.
- Use Perp Quote before sizing a cross-venue basis trade: if the funding differential between venues exceeds the basis cost, the carry trade is positive expected P&L.
- For short hold durations (under 4 hours), the opening fee dominates. For longer holds, funding rate differences between venues matter more.