Futures and rollover
How futures are priced against the cash market, and how much open interest has moved to next month.
How to read this pageShow
- Basis
- Futures price minus spot price. Usually positive because of interest cost until expiry.
- Carry (yearly)
- The basis scaled to a year, so it can be compared with the risk-free rate (about 6–7%).
- Rollover %
- The share of futures open interest that already sits in next month's contract. It rises as expiry approaches.
- Roll cost %
- How much more (or less) next month's contract costs than this month's.
These numbers describe what has happened or what is priced right now. They are not forecasts or suggestions.