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Why Is Perfect Convergence Critical for a Perfect Hedge?

Perfect convergence is critical for a perfect hedge because a perfect hedge requires that the loss or gain on the spot position is exactly and completely offset by the gain or loss on the futures position. If the basis does not converge perfectly to zero at the time the hedge is lifted, the resulting basis risk means the offset is imperfect, leaving the hedger with an unexpected residual profit or loss.

How Is a Short Futures Contract Used for Hedging a Long Spot Position?
What Is the Difference between Payment Netting and Close-out Netting?
How Does the Basis between Perpetual Futures and Spot Price Relate to the Funding Rate?
How Does the Basis between the Perpetual Swap and Spot Price Relate to Inventory Risk?