Thank you for this! Extremely helpful. I do believe the Expiry column for Cash-and-Carry premia is one day ahead of the actual Time to delivery displayed on Binance. This kinda skews the annualised premiums a little bit as compared to https://bitcoinfuturesinfo.com/market-share-and-futures-curve …
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For linear futures you receive your funding payments in USD so by default your exposure stays the same (simple annualization) but if you used the USD to increase your position size you should use CAGR.
For dated futures you can only guarantee positive P&L if you hold to expiry, so your compounding opportunities are limited to once/month or once/quarter. So either simple annualization, or (1+x)^12 (monthly) or (1+x)^4 (qtrly) depending on whether you compound or not.
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To err on the side of caution I would just use simple annualization everywhere since it applies to every type of contract, requires the least action on the part of the trader, and is more easily understood.
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The system I set up to track premiums uses simple annualization everywhere for this reason. Compounding 8 hour interest to annual is useful primarily for generating eye-popping numbers when you need to impress someone.
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