Basal and bolus insulins are different but the same.
Of course, they are the same in that they are insulin!
But they are for different BGL-managing purposes.
Basal insulin is always on board the body. Because the liver ‘drips’ out glucose in the background. I inject Basal 2x a day (morning/evening) personally, though not everyone does. The only time I adjust morning Basal for exercise is when I know I’m doing a big hike that day.
Bolus insulin is for the meals and lasts for a few hours, I’ve found. When it comes to exercise, I either make an adjustment by:
reducing bolus, or
increasing food/carbs
My Own Estimate
I’ve tried to work out a rough model of how the Bolus insulin I use actually works in my body. (This book goes into a few models).
Knowing how long the insulin lasts, and how much is left helps me with making decisions in advance.
For example, if I know my Bolus injection is basically finished, I don’t worry about eating lots of fruit for exercise. But if I injected 1 hour ago, and I work out that there’s a high percentage left of IOB, I can estimate how many carbs to eat.
I’ll go more into how I worked out my personal model on the Resources page.