[Soultrader]

One basis point is equal to 0.01%. When the fade cut its rates recently by 25 basis points, this means by 0.25%.

Duration means the change in value of a financial instrument that will result from a 1% change in interest rate.

Long-basis means owning a commodity but being short the futures to hedge. The basis is just the difference between the price of the physical commodity and the futures.