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Does Basis Risk Increase or Decrease as the Time to Expiration Shortens?

Basis risk generally increases as the time to expiration shortens, especially if the hedge is meant to cover a period beyond the option's expiry. This is because the option's delta, or sensitivity to the underlying price, can become volatile near expiry, and the potential for a large price divergence between the option and the underlying asset increases.

How Does Time Decay Affect an In-the-Money Call Option?
What Is the Relationship between Impermanent Loss and High Volatility?
How Does the “Time Decay” (Theta) Affect the Value of an Option?
Does Gamma Increase or Decrease as an Option Approaches Expiration?