Futures ETF roll cost

How to read this

Futures-based funds such as BITO hold dated futures and swap into the next contract before expiry. If the next contract is priced above spot, the fund buys high and the gap bleeds out of returns as the contract converges to spot. Annualized basis is the premium divided by days to expiry, scaled to a year.

These numbers come from Binance quarterly futures, a liquid proxy. The funds roll CME contracts, whose basis is usually close but not identical, so treat the cost as an estimate. Leveraged funds are shown at leverage × basis. Solana and XRP have no dated Binance futures, so only perpetual funding is shown for them.