Bidding Up FuturesAug 23, 2021
Apart from perpetuals, there’s also sizeable demand for ETH futures. On Aug. 22, ETH had a minor pullback, and futures basis fell almost 6%. But the dip was eaten up near-instantaneously, sending basis back up over 12% in less than a day.
From the chart below, it’s also obvious that CME is lagging big time — and this is very much expected. CME traders don’t care as much about price exposure as they do about earning a solid yield for basis trading (buy spot, sell marked-up futures). Crypto-native exchanges always lead rallies, and current demand for these assets is, for the most part, contained to crypto-native investors — be that institutions or retail.