Fabric: Light to medium weight knit fabric, for example cotton/lycra jersey, with good stretch and recovery. Heavier knit, such as college or sweatshirt, is also good, but for the binding you should use light-weight knit.
This is an estimate of how much fabric you’ll need, based on pre-washed/pre-shrunk fabrics with 150 cm width (60”).
Sewing machine with a stretch needle. You can also use a serger/overlocker, but you don’t need to.