What is the problem of large basis of spot futures? The reason for the large difference between spot and futures is the lack of liquidity. Insufficient liquidity will lead to unreasonable development of futures etf. There are two reasons for moderate basis: first, the transaction cost is high. Why some people dare not speculate on basis, because basis is negative. Second, the price fluctuates greatly. Some people like hedging, they like to do spot trading, because they want to get the price fluctuation of spot objects.

The basis difference between spot etf and futures is large, but the basis difference is widely used in futures trading. Due to the delivery mode of futures, the futures price and spot price are easy to deviate.