Learn the mechanics.
Start with the contract, not a price prediction. Three foundational guides make the market pages easier to read.
Notional & margin ↗
Understand the difference between contract exposure, collateral requirements, and possible loss.
Settlement & expiry ↗
Follow the contract from its last trading time through exercise, delivery, and final cash flows.
Execution & costs ↗
Separate a displayed quote from an executed trade and compare the full cost of maintaining exposure.
What is a derivative?
A derivative is a contract whose value or payments depend on an underlying asset, reference price, index, rate, or other specified measure. The contract defines the relationship. Owning a derivative does not automatically mean owning the underlying asset.
The useful starting questions are what is referenced, how much exposure is created, what supports the position, and how it ends. A future, an option, and a perpetual can reference the same market while producing different cash flows. Read the contract comparison before assuming they are interchangeable.
A three-step reading path
Begin with notional and margin, so that the quantity is clear. Next, follow settlement and expiry to understand the end of the contract. Finally, examine execution and costs over the full holding period. Then use the market directory to study a particular underlying.
📉 These materials are educational. They do not establish that derivatives are suitable for you, and they do not provide personalized financial, legal, or tax advice.
Start with the contract.
Not the noise.
Learn the language, read the specification, and understand what can go wrong before comparing access to a market.