Take price direction off the table.

Pair long spot with an equal short future. Then move the market and watch basis, funding, and fees decide the result.

The market moves. The hedge answers.

Educational model only. Inputs are hypothetical and no live price, execution, or yield is implied.

Net modelled P&L

$245.75

29.90% annualized on notional

Quantity100.0000

Spot P&L-$2,500.00

Short P&L+$2,700.00

Basis captured+$200.00

Funding+$65.75

Four-fill fees-$20.00

A 25% fall changes each leg, not the $200.00 combined directional result.

The model assumes equal quantity and convergence at exit.

Buy the underlying asset. Its value rises or falls one-for-one with the market.

Sell the same quantity at a premium. The short offsets the spot's directional move.

If both legs close at the same price, the entry premium remains before funding, fees, and operational risk.

Price direction can cancel while funding flips, basis widens, margin tightens, and counterparties still fail.

The calculator closes spot and futures at the same hypothetical exit price. Real basis can widen before expiry or fail to converge on your schedule.

A positive annual funding input adds receipts; a negative input models payments. Neither is guaranteed to persist for the holding period.

Slippage, liquidation, custody, counterparty failure, borrow constraints, taxes, and mismatched contract sizing can overwhelm the modelled spread.

"Delta-neutral describes the price slope, not the absence of risk."Basis Trade Lab principle

Stress the inputs, inspect every leg, and carry the useful result into your own diligence.