Let's talk about why the price of the contract is anchored to the spot price, and why the fees can bring the contract price closer to the spot price.
Because there has always been hedging and arbitrage in the market, assuming the spot price is 50, and the contract price is only 100, then there must be positive fees at this time. At this point, there will be people who specialize in arbitrage, buying the spot while shorting the contract, and the nominal values are the same.
When the price rises, the profits from the spot hedge the losses from the contract, and vice versa. This way, regardless of how the prices fluctuate, they can consistently earn the fees, and when the spot and contract prices unify, they can close all positions to avoid losses from a reversal of fees.
Thus, the spot price is the anchor point of the entire derivatives market, and ultimately, the derivatives that deviate from the spot will return to the same price as the spot. Of course, the market is not absolute and there can also be black swan events causing a decoupling, as seen last year with the black swan decoupling event.
