Thanks for your answers. I sell a delta 100 call against the future. The position is delta neutral. It does not lose money. It does not matter whether the future contract goes up or down. However, the nearest future contract is always cheaper than the farthest future contract. I will not recover my loss at the next rollover in March 2025.
You don't get something for nothing. That's interest my friend. If you held on to your december for a day or two longer, it would just implicitly lose value due to interest as well. You are not borrowing for free.
if you trade only to profit from implied iv but not the directional movement, that’s calculation you have to take, including perfect timing. no easy trades regardless.