Robinhood

Futures fundamentals

The fundamentals

of futures

A comprehensive guide to

getting started with futures

01
Futures Trading
Introduction to futures

Introduction to futures

Futures—a dynamic and essential part of the global financial system. As you begin your journey, we’re here to help.
02
Futures Trading
What's the futures market?

What's the futures market?

Futures markets provide access to a wide array of investment and trading opportunities–like commodities, currencies, and metals–that aren’t available in the traditional stock market.
03
Futures Trading
What’s a futures contract?

What’s a futures contract?

Before you start trading, learn the basics of futures contracts.
04
Futures Trading
Trading futures—a primer

Trading futures—a primer

Futures trading is a long-term game of continuous learning, where mastering both market dynamics and emotional discipline can set you apart from the crowd.
05
Futures Trading
Decoding futures symbols

Decoding futures symbols

A futures symbol is a shorthand code used to reference a specific futures contract. Here’s what else you need to know.
06
Futures Trading
What are futures contract specs?

What are futures contract specs?

Because the terms and conditions can vary from one futures contract to another, understanding all of the details, or “specs,” is essential.
07
Futures Trading
How does futures margin work?

How does futures margin work?

Margin is an essential part of futures trading. It's the amount of money you need to open a futures position. Here's what you need to know about margin, margin requirements, and margin calls.
08
Futures Trading
Navigating futures expiration

Navigating futures expiration

Futures contracts only last a set amount of time. After expiration, they’re settled and cease to exist. Find out why futures are often closed before expiration.
09
Futures Trading
Using futures market data

Using futures market data

Futures market data is crucial for traders before buying or selling. Learn about key data points like bids, asks, volume, open interest, daily highs and lows, and more.
010
Futures Trading
Futures order types: Using market, limit, and stop orders.

Futures order types: Using market, limit, and stop orders.

In futures trading, market, limit, and stop orders are the key order types every trader needs to know.
11
Futures Trading
Going long or short a futures contract

Going long or short a futures contract

Traders can profit from both rising and falling prices by going long or short futures contracts. Here are a couple of examples to help you understand how it all works.
12
Futures Trading
What’s the active futures contract?

What’s the active futures contract?

The active contract in futures trading is the one with the highest volume and liquidity, making it the favored contract among traders. Here’s why.
13
Futures Trading
What’s futures mark to market?

What’s futures mark to market?

Mark to market is key in futures trading, as it updates the value of open futures positions daily and adjusts the gains or losses.
14
Futures Trading
What’s a futures margin call?

What’s a futures margin call?

Margin calls occur when your account balance drops below required levels. Here's what to do if you face one and how to avoid it.
15
Futures Trading
Futures risk management

Futures risk management

Effective risk management—stop-loss orders, managing position sizes, and controlling leverage—is key to protect capital and minimize losses when trading.
16
Futures Trading
What are stock index futures?

What are stock index futures?

E-mini and Micro E-mini stock index futures offer powerful tools for speculation, hedging, and risk management in the equity markets. Here's how they work.
17
Futures Trading
What are energy futures?

What are energy futures?

Energy futures play a key role in the energy sector. Learn what they are as well as their risks and benefits.
18
Futures Trading
What are currency futures?

What are currency futures?

Currency futures reflect the value of the dollar against other major currencies like the Euro, Pound, and Yen. Learn what they are as well as their risks and benefits.
19
Futures Trading
What are metals futures?

What are metals futures?

Metals futures reflect the value of gold, silver, and copper in the global market. Learn how traders use them to speculate and to hedge.
20
Futures Trading
What are crypto futures?

What are crypto futures?

Crypto futures, including Bitcoin and Ether, are tools for managing risk and speculating in the evolving cryptocurrency markets. Here’s your handy primer.
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Futures, options on futures and cleared swaps trading involves significant risk and is not appropriate for everyone. Please carefully consider if it's appropriate for you in light of your personal financial circumstances.

Please read the Futures Risk Disclosure Statement prior to trading futures products, and please read the Event Contract Risk Disclosure for more information about the risks associated with forecast event contracts.

RHD accounts are not protected by the Securities Investor Protection Corporation (SIPC) and are not Federal Deposit Insurance Corporation (FDIC) insured. RHD is not a bank.

Prior to trading virtual currency Futures products, please review the NFA Investor Advisory & CFTC Advisory providing more information on these potentially significant risks.

Futures, options on futures and cleared swaps trading is offered by Robinhood Derivatives, LLC, a registered futures commission merchant with the Commodity Futures Trading Commission (CFTC) and Member of National Futures Association (NFA).

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This information is educational, and is not an offer to sell or a solicitation of an offer to buy any security. This information is not a recommendation to buy, hold, or sell an investment or financial product, or take any action. This information is neither individualized nor a research report, and must not serve as the basis for any investment decision. All investments involve risk, including the possible loss of capital. Past performance does not guarantee future results or returns. Before making decisions with legal, tax, or accounting effects, you should consult appropriate professionals. Information is from sources deemed reliable on the date of publication, but Robinhood does not guarantee its accuracy.

Options trading entails significant risk and is not appropriate for all customers. Customers must read and understand the Characteristics and Risks of Standardized Options before engaging in any options trading strategies. Options transactions are often complex and may involve the potential of losing the entire investment in a relatively short period of time. Certain complex options strategies carry additional risk, including the potential for losses that may exceed the original investment amount.

Futures, options on futures and cleared swaps trading involves significant risk and is not appropriate for everyone. Please carefully consider if it's appropriate for you in light of your personal financial circumstances. Please read the Futures Risk Disclosure Statement prior to trading futures products, and please read the Event Contract Risk Disclosure for more information about the risks associated with forecast event contracts. RHD accounts are not protected by the Securities Investor Protection Corporation (SIPC) and are not Federal Deposit Insurance Corporation (FDIC) insured. RHD is not a bank. Prior to trading virtual currency Futures products, please review the NFA Investor Advisory & CFTC Advisory providing more information on these potentially significant risks. Futures, options on futures and cleared swaps trading is offered by Robinhood Derivatives, LLC, a registered futures commission merchant with the Commodity Futures Trading Commission (CFTC) and Member of National Futures Association (NFA).

Commission-free trading of stocks, ETFs and their options refers to $0 commissions for Robinhood Financial self-directed brokerage accounts that trade U.S. listed securities and certain OTC securities electronically. Index options are subject to a per contract fee. Keep in mind, other fees such as trading (regulatory/exchange) fees, wire transfer fees, and paper statement fees may apply to your brokerage account. Please see Robinhood Financial’s Fee Schedule to learn more regarding brokerage transactions. Please see Robinhood Derivative’s Fee Schedule to learn more about commissions on futures transactions.

Brokerage services are offered through Robinhood Financial LLC, (RHF) a registered broker dealer (member SIPC) and clearing services through Robinhood Securities, LLC, (RHS) a registered broker dealer (member SIPC). Cryptocurrency services are offered through Robinhood Crypto, LLC (RHC) (NMLS ID: 1702840). Robinhood Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. The Robinhood spending account is offered through Robinhood Money, LLC (RHY) (NMLS ID: 1990968), a licensed money transmitter. A list of our licenses has more information. The Robinhood Cash Card is a prepaid card issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard®. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. RHF, RHY, RHC and RHS are affiliated entities and wholly owned subsidiaries of Robinhood Markets, Inc. RHF, RHY, RHC and RHS are not banks. Products offered by RHF are not FDIC insured and involve risk, including possible loss of principal. RHC is not a member of FINRA and accounts are not FDIC insured or protected by SIPC. RHY is not a member of FINRA, and products are not subject to SIPC protection, but funds held in the Robinhood spending account and Robinhood Cash Card account may be eligible for FDIC pass-through insurance (review the Robinhood Cash Card Agreement and the Robinhood Spending Account Agreement).

2784249

Robinhood, 85 Willow Road, Menlo Park, CA 94025.© 2025 Robinhood. All rights reserved.
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This information is educational, and is not an offer to sell or a solicitation of an offer to buy any security. This information is not a recommendation to buy, hold, or sell an investment or financial product, or take any action. This information is neither individualized nor a research report, and must not serve as the basis for any investment decision. All investments involve risk, including the possible loss of capital. Past performance does not guarantee future results or returns. Before making decisions with legal, tax, or accounting effects, you should consult appropriate professionals. Information is from sources deemed reliable on the date of publication, but Robinhood does not guarantee its accuracy.

Options trading entails significant risk and is not appropriate for all customers. Customers must read and understand the Characteristics and Risks of Standardized Options before engaging in any options trading strategies. Options transactions are often complex and may involve the potential of losing the entire investment in a relatively short period of time. Certain complex options strategies carry additional risk, including the potential for losses that may exceed the original investment amount.

Futures, options on futures and cleared swaps trading involves significant risk and is not appropriate for everyone. Please carefully consider if it's appropriate for you in light of your personal financial circumstances. Please read the Futures Risk Disclosure Statement prior to trading futures products, and please read the Event Contract Risk Disclosure for more information about the risks associated with forecast event contracts. RHD accounts are not protected by the Securities Investor Protection Corporation (SIPC) and are not Federal Deposit Insurance Corporation (FDIC) insured. RHD is not a bank. Prior to trading virtual currency Futures products, please review the NFA Investor Advisory & CFTC Advisory providing more information on these potentially significant risks. Futures, options on futures and cleared swaps trading is offered by Robinhood Derivatives, LLC, a registered futures commission merchant with the Commodity Futures Trading Commission (CFTC) and Member of National Futures Association (NFA).

Commission-free trading of stocks, ETFs and their options refers to $0 commissions for Robinhood Financial self-directed brokerage accounts that trade U.S. listed securities and certain OTC securities electronically. Index options are subject to a per contract fee. Keep in mind, other fees such as trading (regulatory/exchange) fees, wire transfer fees, and paper statement fees may apply to your brokerage account. Please see Robinhood Financial’s Fee Schedule to learn more regarding brokerage transactions. Please see Robinhood Derivative’s Fee Schedule to learn more about commissions on futures transactions.

Brokerage services are offered through Robinhood Financial LLC, (RHF) a registered broker dealer (member SIPC) and clearing services through Robinhood Securities, LLC, (RHS) a registered broker dealer (member SIPC). Cryptocurrency services are offered through Robinhood Crypto, LLC (RHC) (NMLS ID: 1702840). Robinhood Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. The Robinhood spending account is offered through Robinhood Money, LLC (RHY) (NMLS ID: 1990968), a licensed money transmitter. A list of our licenses has more information. The Robinhood Cash Card is a prepaid card issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard®. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. RHF, RHY, RHC and RHS are affiliated entities and wholly owned subsidiaries of Robinhood Markets, Inc. RHF, RHY, RHC and RHS are not banks. Products offered by RHF are not FDIC insured and involve risk, including possible loss of principal. RHC is not a member of FINRA and accounts are not FDIC insured or protected by SIPC. RHY is not a member of FINRA, and products are not subject to SIPC protection, but funds held in the Robinhood spending account and Robinhood Cash Card account may be eligible for FDIC pass-through insurance (review the Robinhood Cash Card Agreement and the Robinhood Spending Account Agreement).

2784249

Robinhood, 85 Willow Road, Menlo Park, CA 94025.© 2025 Robinhood. All rights reserved.