What Specific Components Constitute the Cost of Carry for a Bitcoin Futures Contract?

The primary components are the financing cost and the custody cost. The financing cost is the interest rate paid on the funds borrowed to purchase the spot Bitcoin (or the opportunity cost of capital).

The custody cost is the expense of securely storing the Bitcoin until the futures expiration, including any insurance or security fees. Unlike traditional commodities, there are no physical storage costs, but there can be income from staking or lending that reduces the net cost of carry.