The bitcoin futures yield collapse: Once over 20%, now less than Treasury notes
Bitcoin futures’ once-rich carry has evaporated, with quarterly basis yields trailing two‑year U.S. Treasuries since February, a sign of shrinking arbitrage and a maturing market.
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Summary
- Once yielding more than 20% during the 2021 bull market, the bitcoin futures carry trade has paid less than short-term U.S. Treasuries since February.
- Slumping carry returns and a broader crypto bear market have driven bitcoin futures volumes sharply lower.
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Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Why it matters:
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
