S&P 500, live, as a continuously traded contract

Signals, right now

An index is not a thing you can own

The S&P 500 is a calculation: a float-weighted average of 500 companies, published by S&P Dow Jones Indices. Every way of trading it, whether a futures contract, an ETF, a CFD or the perpetual quoted here, is a separate instrument with its own price, its own costs and its own counterparty. They track the index to different tolerances, and the gap between them is where most of the confusion about the number lives.

The weekend quote is the interesting one

US cash equities close and this contract does not, so between Friday's close and Monday's open the price here is formed entirely by people positioning against news with no reference market to check against. Those quotes are thinner and the spread above is usually wider. A weekend move is not wrong, but it is a different kind of information from a Tuesday afternoon move, and the cost-to-cross figure tells you which you are looking at.

Basis is the crowd's carry, not an error

The basis above is the mark against the venue's oracle in basis points. A persistent premium on an index perpetual usually means the long side is paying to hold exposure, which is a positioning read rather than a pricing mistake. It is also what the funding rate is there to correct. Watch the two together: a large premium with a small funding rate is a market that has not yet charged for the crowding.

The part we cannot verify

Pacifica publishes the symbol, the book and hourly candles for this contract. It does not publish how the SP500 reference is constructed, nor its funding interval, so the funding figure above is per interval and not annualised. This page is about what the derivative is doing. For the index itself, use S&P Dow Jones Indices.