When Do Futures Contracts Expire? A Trader’s Guide

Futures contracts have a built-in expiration date, which makes them different from stocks and other long-term investments. If you trade futures, it’s important to understand when contracts expire, how to track those dates, and what happens if you hold a contract until expiration. Whether you trade the E-mini S&P 500 or Crude Oil, each contract has its own schedule, and missing an expiration date can lead to unwanted results.

This guide breaks down everything you need to know about futures contract expiration, including expiration cycles by asset class, how to identify expiration dates using ticker symbols, and how rollover works. It’s written for beginner and intermediate traders who want to trade futures more confidently.

Key Takeaways

• Futures contracts expire on a specific date tied to the underlying asset’s cycle. This can be monthly, quarterly, or tied to seasonality.

• Expiration, last trade, and settlement dates are not always the same. Each contract follows different rules depending on the exchange and asset class.

• Traders typically roll over positions before expiration to avoid forced liquidation or settlement.

• Tracking contract expiration helps you manage margin, avoid surprises, and stay in the most liquid contract month.

Understanding Futures Contract Expiration

A futures contract is an agreement to buy or sell an asset at a future date. That “future date” is not flexible. Each contract comes with a built-in expiration date. This is when the contract officially ends and must either be settled or closed.

Traders can choose to:

• Close the position before expiration, locking in profits or losses.

• Roll the position to a later month, continuing their trade without interruption.

• Hold to expiration, which may result in physical delivery or cash settlement.

The expiration date is one of the most important features of a futures contract. It determines when the contract becomes inactive and affects how much volume and liquidity it will have as the date approaches.

Futures expiration also signals the shift in attention to the next contract month, which is important for active traders who want to stay in the most liquid market.

Standard Expiration Cycles by Asset Class

Futures contracts follow specific expiration cycles based on the asset they represent. These are usually monthly or quarterly, and the rules vary across asset classes.

Equity Index Futures

Equity index futures, such as the E-mini S&P 500 (ES), follow a quarterly expiration cycle:

• March (H), June (M), September (U), December (Z)
• Contracts expire on the third Friday of the contract month
• Final settlement is based on the opening price of the underlying index on that day

These contracts are cash-settled. Retail traders typically roll out of these contracts before the expiration week to avoid low liquidity.

Treasury and Interest Rate Futures

Treasury futures include contracts like:

• 10-Year T-Note (ZN)
• 5-Year T-Note (ZF)
• 30-Year Treasury Bond (ZB)

Expiration cycle: Quarterly (March, June, September, December)

However, these contracts have different last trade and delivery dates:

• Last trading day is usually the seventh business day before the last business day of the contract month
• They are physically deliverable, but most traders avoid delivery by rolling early

Commodity Futures

Commodities like oil, gold, corn, and soybeans may expire monthly or seasonally depending on supply cycles. Here are a few examples:

• Crude Oil (CL): Expires 3 business days before the 25th calendar day of the month prior to delivery
• Corn (ZC): Expires in March, May, July, September, and December, with the last trade day typically the business day before the 15th of the month
• Gold (GC): Expires on the third last business day of the month prior to delivery

Each commodity contract has its own set of expiration rules, so it’s important to check the contract specs on the exchange website or your broker’s platform.

Currency Futures

Currency futures represent major global pairs like:

• Euro FX (6E)
• British Pound (6B)
• Japanese Yen (6J)

They usually expire quarterly:

• March, June, September, December
• Cash-settled contracts
• The last trading day is often two business days prior to the third Wednesday of the contract month

These contracts are widely used by traders looking to hedge or speculate on currency movements.

Crypto Futures

Crypto futures are newer but follow expiration patterns similar to other asset classes:

• Bitcoin Futures (BTC): Listed monthly with expiration on the last Friday of the month
• Ether Futures (ETH): Also monthly with cash settlement

These are regulated CME contracts, not to be confused with perpetual futures found on offshore crypto exchanges. At MetroTrade, we offer only CFTC-regulated CME-listed crypto futures.

How To Read a Futures Ticker for Expiration Info

Futures tickers contain expiration information in the symbol itself. Once you learn how to read them, you can easily identify when the contract expires.

Here’s the format:

[Root Symbol] + [Month Code] + [Year Digit]

Example:
ESU5

• ES = E-mini S&P 500

• U = September

• 5 = 2025

Month Codes

• F = January

• G = February

• H = March

• J = April

• K = May

• M = June

• N = July

• Q = August

• U = September

• V = October

• X = November

• Z = December

By decoding the ticker, you can identify the contract’s expiration month and year.

What Happens When a Futures Contract Expires?

When a futures contract reaches expiration, one of two things happens:

1. Cash settlement: The difference between the entry price and the final settlement price is paid out. No delivery occurs.

2. Physical delivery: The asset is actually delivered, usually in the form of a warehouse receipt  (corn, metals, bonds, etc.). This applies mostly to institutional traders.

Most retail traders close or roll their positions before expiration to avoid settlement, especially when the contract is physically deliverable.

If you hold a contract past its last trading day:

• Your broker may liquidate your position

• You may be charged additional fees

• You risk being assigned physical delivery (rare for retail traders)

That’s why it’s critical to understand and track expiration dates. It keeps you in control of your trading and helps avoid surprises.

Why Traders Monitor Expiration Dates

Knowing when contracts expire helps you:

• Avoid forced liquidation or delivery if holding past the last trade day

• Manage rollover timing so you stay in the most liquid front-month contract

• Track margin requirements, which can change near expiration

• Watch price behavior, as volatility often increases as volume shifts to the next contract

Expiration is more than just a date on the calendar. It affects volume, volatility, and the cost of holding a position.

Understanding Futures Rollover

Rollover is the process of closing a position in an expiring contract and opening a new one in the next active month.

For example:

• A trader holding the ESU5 contract in early September might roll into ESZ5
• This keeps their strategy active without risking expiration

When to Roll

• Before the expiration week
• When volume shifts to the next contract month
• During periods of low bid-ask spreads

Most traders use volume and open interest data to decide when to roll. On MetroTrader, these metrics are easy to track directly on the chart or through contract specs.

Contract Expiration vs Last Trade Date vs Settlement Date

These terms often get confused. Here’s how they differ:

• Expiration Date: The date the contract ceases to exist
• Last Trade Date: The final day the contract can be traded
• Settlement Date: The day the contract is settled (cash or physical)

In many cases, these dates fall close together, but not always. Here’s an example:

Always refer to your broker’s platform or the CME Group website for contract-specific calendars.

Tools and Calendars To Track Futures Expiration

To stay on top of expiration, traders use a mix of:

• CME Group’s Expiration Calendar
• MetroTrader contract data and studies
• Custom alerts or trading journal reminders

On MetroTrader, you can view:

• The front-month contract

• Volume

• Study tools like VWAP and MACD, which help track rollover periods

Conclusion

Futures contracts don’t last forever. Each one comes with a set expiration date that traders need to track closely. Understanding when contracts expire, how rollover works, and what happens at settlement can help you stay in control of your trades and avoid costly mistakes.

Before placing your next trade, take a moment to check the expiration cycle for that contract. Set reminders, monitor volume shifts, and use your platform tools to plan your exit or rollover in advance.

Ready to practice managing contract expiration with no risk?
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