Basis / Cash & Carry
FYOS supports basis trading (also called cash and carry) as a second strategy family alongside perpetual funding arbitrage.
What Is Basis?
A basis trade captures the spread between a spot asset and its delivery futures contract.
When the futures price exceeds the spot price (contango), you can:
- Buy the spot asset
- Sell the delivery futures contract
- Hold until expiry when prices converge
- Capture the spread as profit
This is called cash and carry because you carry the spot position against the futures hedge.
How FYOS Models Basis
FYOS computes basis opportunities across:
- Binance, Bybit, and OKX delivery futures
- Mapped spot instruments on the same exchange
- Quarterly and other listed expiry contracts
The core computation flow:
spot price + futures price
→ basis spread (%)
→ gross basis APR (annualized)
→ fee + slippage adjustments
→ trust + capacity qualification
→ model_adjusted_basis_aprWhat FYOS Does Not Promise
Basis opportunities are not risk-free:
- Execution costs (fees, slippage) reduce realized returns
- Dual-leg capacity limits deployable size
- Trust qualification gates surface-ready opportunities
- Exchange, liquidity, and operational risks remain
FYOS presents basis opportunities with reality-adjusted metrics, not raw spreads.
Key Principle: Gross Is Not Deployable
The visible basis spread (gross_basis_apr) is not the same as the return you can capture.
The primary execution-aware metric is:
model_adjusted_basis_apr— basis APR after fee, slippage, and trust adjustments
Always interpret basis opportunities through model_adjusted_basis_apr, not raw gross spreads.