At the heart of this price thingy is a __fwd-starting loan__. The price is related to the interest rate on this loan, also known as FRA rate or simply fwd rate. Traders basically guess at (“bet and “trade” are less intuitive) this rate.
Implicit – loan is 3M tenor
Implicit – loan starts 2 days after expiry of the futures contract.
Implicit – this fwd interest rate is always, always, always annualized