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# Leverage Stays High as Basis Is Negative for 156 Straight Hours
- URL: https://axeladlerjr.com/leverage-stays-high-as-basis-is-negative-for-156-straight-hours/
- Published: 2026-11-12T08:04:35.000Z
- Updated: 2026-11-12T08:24:17.000Z
- Author: Axel Adler Jr.
- Tags: Derivatives & sentiment, Adler AM: Bitcoin Morning Brief, #am-ff665307-00e0-4f77-b1ff-8fe6bf8e6434, #derivatives-hourly

Perpetual Futures Discount Persists as Open Interest Rises to 367K BTC

Market sentiment

Fear

[Fear & Greed 29/100 · Nov 11, 2026 · 7-day average 32](https://axeladlerjr.com/charts/bitcoin-fear-and-greed-index/)

29

Extreme fearExtreme greed

## TL;DR

The perpetual futures discount to spot reached a weekly low of 0.04%. Open interest rose by 22,000 BTC, one of the strongest weekly increases since August.

0.047%

Perpetual futures discount

367K BTC

Current open interest

22,000 BTC

Weekly open interest increase

### Perpetual Futures Trade at a Discount

![BTC perpetual futures basis versus spot, trading at a 0.047% discount as the gap widens since November 6.](https://axeladlerjr.com/content/images/2026/11/chart-1-11.png)

BTC perpetual futures basis versus spot, trading at a 0.047% discount as the gap widens since November 6.

Over the past day, BTC perpetual futures traded 0.047% below spot. The discount has widened since November 6, reflecting selling pressure in futures alongside rising [open interest](https://axeladlerjr.com/charts/bitcoin-open-interest-btc/).

Watch the average basis. A return to zero would show that the discount has closed. A move above zero would mean futures are trading at a premium to spot.

### Open Interest Rises Over the Week

![BTC perpetual futures open interest rose over the week to 367.4K BTC, signaling a build-up in leveraged positions.](https://axeladlerjr.com/content/images/2026/11/chart-2-11.png)

BTC perpetual futures open interest rose over the week to 367.4K BTC, signaling a build-up in leveraged positions.

Open interest now stands at 367.4K BTC. The build-up in positions against a weak basis leaves the market more exposed to forced deleveraging.

A decline in open interest would signal that leverage is being reduced.

### FAQ

**What Happened After Open Interest Last Reached a Similar Level?**  
A similar level was recorded on August 19\. Bitcoin traded at $69,335 at the time. Its price was 14% higher a week later.

**How Often Has the Basis Been This Low?**  
Since tracking began, the basis was at this level or lower in 1% of hours. That makes the reading rare.

### Conclusions

Both charts point to correction risk. A negative basis is coinciding with a marked build-up in positions. The signal would turn neutral if the basis moved back into positive territory and open interest began to fall.

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### Live Charts

Explore the metrics behind this brief with live, auto-updating charts:

[Derivatives](https://axeladlerjr.com/charts/derivatives/) — All funding, open-interest, and leverage charts in one view.  
[Open Interest (BTC)](https://axeladlerjr.com/charts/bitcoin-open-interest-btc/) — Total futures positioning and 7-day BTC-denominated change.  
[Funding Rates](https://axeladlerjr.com/charts/bitcoin-funding-rates/) — Perpetual futures funding to track long-side or short-side leverage pressure.  
[Fear & Greed Index](https://axeladlerjr.com/charts/bitcoin-fear-and-greed-index/) — Composite market sentiment for risk appetite and sentiment extremes.