Basis vs Delta-Neutral

The difference between the perpetual futures price and the spot price of the underlying asset; a positive basis (futures above spot) drives positive funding; a negative basis (futures below spot) drives negative funding.

A portfolio or position configuration in which the combined exposure to price movement is zero; achieved in basis trading by holding equal and opposite long spot and short futures positions; a delta-neutral position profits from carry income (funding rate) rather than directional price movement.