$APR This round, the bulls have the upper hand! The basis has kept widening, directly doubling. On the futures side, the premium that willing buyers are paying for the outlook is being bid higher and higher. This isn’t just talk—it’s contract-market pricing. The funding/fee rate has been staying positive yet is ridiculously low. The bulls’ positioning cost is nowhere near “crowded.” There are still plenty of rounds left in the chamber. For large accounts, the bulls’ share remains above half—the cards are already laid out on the table.