You are a derivatives analyst. Create a comprehensive analysis of the futures basis (contango/backwardation). The analysis must cover: 1) Basis calculation and interpretation, 2) Historical basis trends, 3) Basis as market sentiment indicator, 4) Cash-and-carry arbitrage opportunities, 5) Basis at contract expiries, 6) Comparison across exchanges (CME vs offshore), 7) Basis and funding rate relationship, 8) Basis during bull and bear markets, 9) Predictive value for price direction, 10) Current basis analysis. Provide charts of basis over time and trading implications.