RED-BASIS-2026: OKX spot-perpetual basis and funding observations for BTC, ETH and SOL

Updated version (28 September 2026): the data files are unchanged and the documentation is updated; in particular, the claims that the basis is mean-reverting and that the venue shows the signature of an efficient market are no longer reported in this updated version and should not be cited.

RED-BASIS-2026 holds OKX public market data in three files: spot and USDT-margined perpetual last-trade prices with the current funding rate for BTC, ETH and SOL; an hourly cross-section of funding rates and prices for 20 perpetual swaps; and spot, perpetual and dated-futures prices for BTC and ETH.

Notes on version 1.1 (CORRECTIONS_v1.1.md lists each change): The basis file is sampled every 60 seconds per symbol, not at second resolution. The funding field is OKX's rate for the current, not yet settled, funding period; it changes between consecutive minutes in about 80% of rows and is not a realized rate. The hourly file holds funding snapshots, not carry returns. The 1-hour and 2-hour points of the v1.0 saturation curve (0.43 and 0.73) do not reproduce; with the deposited script's definition they are 0.53 to 0.56 and 0.76 to 0.78. Internal notes, analysis logs, platform metadata files and figures remain in version 1.0 only.

Coverage: 244,719 basis rows from 2026-05-08T16:11:36Z to 2026-07-05T02:19:49Z (57.42 days), with no gap longer than about 3 minutes; 1,381 hourly rows; 16,518 term-structure rows at 5-minute intervals.

Method: the author's collection scripts requested OKX REST tickers and funding rates. The spot and perpetual prices are last-trade prices. The request order in the basis file changed on 29 June 2026; the stored definitions did not.

Known issues: annualized funding assumes three settlements per day. The perpetual trades below spot in at least 99.9% of rows. In the term file the futures leg switched on 29 June 2026 from USDT-margined June contracts to coin-margined September contracts, and 891 rows between 25 and 29 June are empty (1,004 empty rows in all). Annualized futures basis is extreme near expiry.

Licence: CC BY 4.0. Citation: Kamat, A. U. (2026). RED-BASIS-2026: OKX spot-perpetual basis and funding observations for BTC, ETH and SOL (Version 1.1) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.21211414