Cryptocurrency Futures Basis Trading: Calendar Spreads, Cash-and-Carry Arbitrage, and Risk Management Fundamentals
Introduction: Why Basis Trading Matters in Crypto Markets
Cryptocurrency futures have rapidly matured from a niche derivative to a staple of digital-asset trading desks. Central to their appeal is the concept of the “basis” — the price difference between a futures contract and the underlying spot cryptocurrency. Basis trading allows disciplined