Futures vs. perpetuals: expiry, funding, and margin
Compare how dated futures and perpetual contracts maintain exposure, transfer cash, and close positions.
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🗓️ Futures market guide
Futures
derivatives
marketplace.
A maturity is part of the financial agreement.
A dated futures contract defines a maturity and a settlement procedure. Maintaining exposure beyond that contract’s life generally requires a replacement position. The futures price, quantity, margin rules, and final reference method matter more than the familiarity of the underlying market.
Three things to understand
Read these before the price.
01
Notional exposure
Multiply the quoted price by the contract unit.
02
Margin mechanics
Separate deposits, maintenance requirements, and possible loss.
03
Roll and settlement
Identify the closing and replacement transactions.
A practical comparison
Record the final trading time separately from settlement. When comparing two maturities, make the calendar and units explicit. A roll does not erase the economics of the old position; it adds a transaction into a new contract with its own price and costs.
Use the learning center to clarify unfamiliar terms and the source library to continue with official documentation. This page explains mechanics, not a current product ranking or trading recommendation.
Hypothetical teaching example
Make the exposure visible.
A hypothetical $20,000 linear exposure changes $400 after a 2% underlying price movement, before costs. Its initial margin is not automatically the maximum amount that can be lost.
Examples are simplified and exclude fees unless stated. Actual payoff formulas, margin rules, and eligibility vary. Read risk information.
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Futures vs. perpetuals explained.
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