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BIT: Funding rate lower than SOFR, Bitcoin basis trade becomes less attractive

金色财经_
According to Jinse Finance, on June 30, BIT tweeted that unlike 2022, during this Bitcoin downtrend cycle, crypto hedge funds can no longer obtain the relatively stable arbitrage returns they once had through spot-futures basis trading. This strategy typically involves buying spot and selling futures to capture the spread between spot and futures prices. Previously, after deducting SOFR-based funding costs, such unleveraged strategies could achieve annualized returns of 5%–10%; however, as interest rates have risen and retail participation in futures trading has declined, the related premium has continued to narrow. Data also confirms this change: the current annualized Bitcoin funding rate is approximately 2.9%, below the SOFR of 3.7%, meaning that the spread of the funding rate relative to SOFR has turned negative since February 2026. This trend can be traced back to the decline in retail participation in February 2025. As arbitrage returns decline, some crypto hedge funds may choose to adopt a wait-and-see approach, while some funds may also face redemption pressure.
BTC-2.83%
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