Interest rate futures

Dear Sir, when calculating the basis for IRFs, will the futures move in accordance to LIBOR rate, or the rate the company is able to borrow at? For e.g. LIBOR is 5%, company borrowing rate is 6%, futures is 95.45 currently, do we calculate the futures movements in 1 month’s time using the difference between LIBOR and current futures or between company borrowing rate and current futures? Thanks!