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The difference in futures basis between CME and Deribit reflects the differing risk appetite in various regions.
This is reflected on an annualized one-month basis, essentially the premiums for futures compared to spot prices, which remain higher than its offshore counterpart, Deribit.
The pronounced decline in the offshore underlying asset indicates a lower willingness for leveraged long positions,” wrote Cipolaro. “The widening spread between the CME and Deribit underlying asset serves as a real-time indicator of geographic risk appetite.