Methodology
Basis
The distance between a perpetual mark and the selected reference.
Updated 2026-09-25
Basis in currency is mark price minus reference price. Basis in percent is that difference divided by the reference price, times 100.
A non-zero basis is not an arbitrage opportunity. Crossing it costs funding, fees, spread, slippage, collateral, transfer time, eligibility limits and counterparty exposure. EPIC lists those frictions and does not use the phrase risk-free.