1. In most futures, it is normal that the spot price is higher than the futures price. Futures can be understood as "commodities" to be delivered in the future. The spot price only includes the price of the commodity itself, while the futures price includes the price of the commodity itself, as well as the storage cost, transportation cost and capital cost of the commodity, so the futures price will be higher than the spot price. The difference between futures and spot is also called basis, basis = spot price-futures price.

2. Not all futures prices include storage fees and transportation fees. And stock index futures do not include these expenses, because the stock index itself is a digital asset and has no dependence on warehousing and transportation.

In fact, investors can use the difference between futures and spot prices for arbitrage. Once the basis and holding cost deviate greatly, there will be opportunities for spot arbitrage. Specifically, when the futures contract of a delivery month is overvalued, investors can sell the futures contract and buy the constituent stocks according to the index weight to establish an arbitrage position. When the gap between spot and futures prices tends to be normal, arbitrage profits can be obtained by closing futures contracts and selling all constituent stocks at the same time.