MARKTPRODUCT
What Are Futures?
Wat zijn futures?
Standardized contracts to buy or sell an asset at a predetermined price on a future date.
Ontdek hoe termijncontracten werken, wie ze gebruikt en wat het verschil is met opties.
Definition
A futures contract is a legally binding agreement to buy or sell a specific asset at a predetermined price on a specified future date. Unlike options, both the buyer and seller are obligated to fulfill the contract at expiration (though most positions are closed before delivery).
How Futures Work
Futures contracts are standardized and traded on regulated exchanges like the CME Group, ICE, or Eurex. Key mechanics include:
- Margin: You don't pay the full contract value upfront. Instead, you deposit a fraction called "initial margin" (typically 3-12% of the contract value).
- Mark-to-market: Profits and losses are settled daily. Your account is credited or debited each day based on price changes.
- Expiration: Contracts have specific expiration dates. Most traders close positions before expiration to avoid physical delivery.
- Contract specifications: Each futures contract specifies the quantity, quality, delivery location, and delivery date of the underlying asset.
Example: One E-mini S&P 500 futures contract (ES) represents $50 × the S&P 500 index value. If the S&P 500 is at 4,800, one contract controls $240,000 worth of exposure — but you might only need ~$12,000 in margin.
Types of Futures
| Category | Examples | Exchange |
|---|---|---|
| Stock index futures | E-mini S&P 500 (ES), Nasdaq 100 (NQ), DAX | CME, Eurex |
| Commodity futures | Crude oil (CL), gold (GC), wheat (ZW) | NYMEX, CBOT |
| Currency futures | Euro FX (6E), Japanese Yen (6J) | CME |
| Interest rate futures | Treasury bonds (ZB), Eurodollar (GE) | CBOT |
| Crypto futures | Bitcoin (BTC), Ethereum (ETH) | CME, Binance |
Who Uses Futures?
- Hedgers: Companies that want to lock in prices. An airline might buy oil futures to protect against rising fuel costs. A farmer might sell wheat futures to guarantee a price for their crop.
- Speculators: Traders who aim to profit from price movements without any interest in the underlying asset.
- Arbitrageurs: Traders who exploit price differences between related markets for risk-free profit.
Futures vs. Options
| Feature | Futures | Options |
|---|---|---|
| Obligation | Both buyer and seller are obligated | Only the seller is obligated |
| Upfront cost | Margin deposit (refundable) | Premium (non-refundable) |
| Risk profile | Unlimited profit and loss potential | Buyer: limited loss; Seller: unlimited loss |
| Daily settlement | Yes (mark-to-market) | No |
| Complexity | Moderate | High (Greeks, strategies) |
Perpetual Futures (Crypto)
In cryptocurrency markets, perpetual futures (or "perps") are a special type of futures contract with no expiration date. They use a "funding rate" mechanism to keep the contract price close to the spot price. Perpetuals are the most traded derivative in crypto markets.
Caution: Crypto perpetual futures often offer extremely high leverage (up to 100x or more). This makes them extremely risky — a 1% adverse move with 100x leverage means total liquidation of your position.
Risks
- Leverage risk: Small price movements can result in large gains or losses relative to your margin.
- Margin calls: If your account falls below the maintenance margin, you must deposit more funds or your position will be liquidated.
- Unlimited loss potential: Unlike options (where buyers have limited loss), futures can lose more than your initial margin.
- Liquidity risk: Some futures contracts have low volume, making it hard to enter or exit positions.
- Delivery risk: If you hold a contract to expiration, you may be required to take or make physical delivery.
Warning: Futures trading involves substantial risk of loss and is not suitable for all investors. The high degree of leverage can work against you as well as for you. You should carefully consider whether futures trading is appropriate for your financial situation.
Key Takeaways
- Futures are binding contracts to buy/sell assets at a set price on a future date.
- Both parties are obligated (unlike options where only the seller is).
- Margin requirements allow controlling large positions with small capital.
- Used by hedgers, speculators, and arbitrageurs.
- Perpetual futures in crypto have no expiration but use funding rates.
- Futures carry significant leverage risk and potential for unlimited losses.
Definitie
Een future is een gestandaardiseerd contract om een asset te kopen of verkopen op een toekomstige datum tegen een vooraf bepaalde prijs. Futures zijn verplichtingen, geen rechten.
Hoe futures werken
- Gestandaardiseerd: Contractgrootte en leveringsdatum zijn vastgelegd.
- Marge: Je hoeft slechts een fractie als onderpand te storten.
- Mark-to-market: Winsten en verliezen worden dagelijks verrekend.
Wie gebruikt futures?
- Hedgers: Producenten die prijsrisico willen afdekken.
- Speculanten: Traders die profiteren van prijsbewegingen.
- Arbitrageurs: Profiteren van prijsverschillen tussen markten.
Belangrijkste punten
- Futures zijn verplichtingen om te kopen of verkopen op een toekomstige datum.
- Hefboom maakt futures krachtig maar ook risicovol.
- Dagelijkse afrekening (mark-to-market) is uniek voor futures.
- Gebruikt door zowel hedgers als speculanten.