First of all, the basis is the difference between futures and spot. Under normal circumstances, the futures price is higher than the spot price, because the storage fee will be involved before the futures delivery, so it will generally be higher. The later, the shorter this time, the lower the storage fee, so it will gradually approach the spot price. If the basis is 0, it means it is close to the spot price. It has nothing to do with hedging. Because the basis is shortened, it can be said that spot futures are rising, but their spread is shortened. Does not affect any ups and downs, nor does it affect hedging.