Browse Financial Instruments

Futures, Forwards, and Contracts

Futures, forwards, delivery, contango, futures options, index futures, financial futures, and forward-pricing terms.

Futures, Forwards, and Contracts is the financial-instruments landing page for futures contracts, forward contracts, index futures, rate futures, currency futures, commodity futures, delivery, carry, contango, roll yield, and forward pricing. It keeps related terms in one branch so readers can move from a broad instrument question to the article that owns the contract evidence.

Use this page when a futures or forward contract changes future delivery, settlement, hedge exposure, or pricing basis. Use the parent Derivatives page when you need the broader instrument map. For an individual decision, confirm the contract, term sheet, prospectus, confirmation, exchange specification, or disclosure record before relying on the term.

Use the table below to choose the branch that matches the instrument type, payoff feature, settlement term, or risk exposure being reviewed.

What This Branch Covers

BranchUse it for
Commodity, Managed, and Specialty FuturesGold futures, managed futures, and weather-future terms.
Contract Comparisons and Futures BasicsForward-and-futures and options-versus-futures comparison terms.
Financial, Index, and Rate FuturesBond futures, currency futures, index futures, interest-rate futures, stock-index futures, and VIX futures terms.
Forward Contracts, Rates, and FX HedgesForward exchange contract, forward-rate agreement, forward-forward rate, and forward-margin terms.
Futures Contracts and Exchange-Traded FuturesFinancial future, futures contract, futures chain, futures option, futures transaction, E-mini futures, and underlying futures contract terms.
Futures Pricing, Carry, and DeliveryContango, cost of carry, roll forward, roll yield, spot price, and taking-delivery terms.

Example in Use

A business expecting to buy a commodity can use a long futures position to reduce the risk of a future price increase.

What to Check

  • Underlying asset, contract size, expiration, delivery or cash-settlement terms, margin, and exchange or OTC venue.
  • Spot price, forward price, carry cost, funding rate, income yield, storage cost, and basis.
  • Hedging objective, roll schedule, delivery risk, liquidity, and counterparty or clearing exposure.
  • Effect on price risk, cash-flow timing, leverage, margin calls, and portfolio or business exposure.

Common Mistakes

  • Treating futures and forwards as identical despite standardization, clearing, and margin differences.
  • Ignoring roll yield, delivery terms, and basis risk when using futures exposure.
  • Using leveraged derivatives without understanding margin calls and loss potential.

Futures & Forwards content is educational and does not provide personalized investment, tax, legal, accounting, valuation, derivatives, or securities advice.

In this section

Choose a subsection first. Deeper term pages live inside each subsection, which keeps large topic hubs readable.

Financial Futures

Bond futures, currency futures, index futures, interest-rate futures, stock-index futures, and VIX futures terms.

Forward Contracts

Forward exchange contract, forward-rate agreement, forward-forward rate, and forward-margin terms.

Futures Contracts

Financial future, futures contract, futures chain, futures option, futures transaction, E-mini futures, and underlying futures contract terms.

Pricing & Delivery

Contango, cost of carry, roll forward, roll yield, spot price, and taking-delivery terms.

Revised on Sunday, June 21, 2026