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DERIVATIVES · ANNUALISED CARRY

Annualized Futures Carry in Crypto: How to Read the Data With Price Context

The carry trade buys spot and sells a future to capture the premium. Annualised carry looks attractive until fees, funding of capital and execution are included.

By ChartsPod Editorial Team · Reviewed by ChartsPod Research
Published · Updated · 5 min read

Short answer

Annualised carry is the futures premium converted to a yearly rate. A cash-and-carry trade (buy spot, sell the future, hold to expiry) earns the premium if both legs are executed at quoted prices. With a 2.5% premium and 90 days left, gross carry is ≈ 10.1% annualised; after illustrative costs of 0.3% (spot round trip 0.2%, futures 0.1%) the net is 2.2%, ≈ 8.9% annualised — before capital costs, margin requirements and exchange risk. Read carry against funding on perps for comparison.

Gross vs net

StepValue
Premium2.5%
Days to expiry90
Gross annualised≈ 10.1%
Trading costs0.3%
Net premium2.2%
Net annualised≈ 8.9%
Annualised carry (%)Annualised carry (%): Gross 10.1 %; After trading costs 8.9 %.ANNUALISED CARRY (%)Gross10.1 %After trading costs8.9 %
Before capital cost and exchange risk. Original ChartsPod editorial graphic.

Price context

Carry rises when futures demand rises — usually in rallies. Falling carry while price rises suggests leverage demand is cooling.

Carry checkCarry check: Premium and days; All four fees; Margin on the short leg; Capital cost; Exchange and settlement risk.CARRY CHECKPremium and daysAll four feesMargin on the short legCapital costExchange and settlement risk
Not risk-free. Original ChartsPod editorial graphic.

Using it

Related: Dated Futures Premium in Crypto: How to Read the Data With Price Context, Perpetual Premium vs Funding: How to Read the Data With Price Context.

Check annualised carry beside price in ChartsPod.

Open BTC/USDT in ChartsPod

Read carry against funding on perps for comparison.

Review Annualized Futures Carry in Crypto with bar replay before using it live.

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Questions readers ask

What is annualised carry?

The futures premium expressed as a yearly rate.

Is cash-and-carry risk-free?

No; fees, margin and exchange risk apply.

How does it relate to funding?

Perps pay funding instead of converging.

Sources and methodology

Definitions follow Binance's USD-M market data documentation, Hyperliquid's funding documentation, TradingView's open-interest guide and Bybit's liquidation rules, read 17 October 2026. Examples are illustrative, not recorded market data.

  1. Deribit API: get_book_summary_by_currency — mark price, estimated delivery price, open interest units.
  2. ChartsPod: product overview, pricing and FAQ — free terminal, venues, modules, no order placement; checked 17 Oct 2026.

This article explains research tools and workflows. It is not financial advice, does not recommend buying or selling any asset and does not predict prices. Crypto derivatives carry a risk of rapid and total loss of margin.

CHARTSPOD EDITORIAL EDITION · RESEARCH AND EDUCATION ONLY · NOT FINANCIAL ADVICE.