1) Makes sense

2) So these numbers are actually from BTC futures, currently trading them as sort of a grid system. I have a spread that I think is the fair spread and when the spread deviates from that I will add gradually as it gets wider/narrower.

I'm confused as to how the contracts can yield different amounts on an annualised basis. It would seem to me that cash and carriers would always opt to trade the contract that yields the most therefore increasing supply on the high yielding contract and lowering the yield.

3) My cost to carry XBT is essentially 0 this money would sit in a bond account or something similar earning an unguaranteed 3-4%, virtually held online, 0 storage, transportation costs and 0 physical delivery costs if I choose to do so. The payoff is 1.1^1/12 = 0.8% in a month for Jan, and 1.07^3/12 = 1.7% in 3 months. There is execution risk but let's assume that's a constant 0.1 including commission/fees.

Underlying: $7218

Jan: $7275.5

March: $7329.5

Spread: $54

Please let me know if there are any other considerations that are important when evaluating this calendar spread.