Bitwise crypto carry fund yields 5.9% as futures-spot gap widens

Bitwise’s market-neutral crypto fund USCC posted a 5.9% annualized return over the past 30 days as futures basis, or the gap between futures and spot prices, widened. The fund uses a cash-and-carry strategy by buying major spot assets such as BTC and ETH while selling futures contracts to capture the premium spread without directional risk. It also adds liquid staking assets, including weETH and JitoSOL, to generate additional yield. The higher arbitrage return reflects a broader increase in futures premiums amid bullish sentiment in the crypto market. The fund currently manages about $137.7 million in assets. Bitwise acquired management rights to the tokenized fund from Superstate in June, and the product supports DeFi integration while offering higher returns than short-term Treasuries.