What Historical Examples Exist of Significant Deviations between Perpetual Futures and Spot Prices?

Significant deviations, often called 'de-pegging' events, have occurred during extreme market volatility. For example, during the March 2020 crypto market crash, liquidity crises led to massive price gaps across many assets as liquidation engines were overwhelmed.

Similarly, during sharp bull runs or flash crashes for specific cryptocurrencies, overwhelming buy or sell pressure has caused the perpetual price to temporarily detach from the spot index price before the funding rate mechanism could correct the imbalance. These events highlight the systemic risks present during black swan events.