Futures Expiration, Rolling, and Settlement

What happens when a futures contract expires?

Each futures contract has an expiration date. If a position remains open through expiration, it is settled according to the contract’s rules, either financially or through physical delivery.

Webull does not support physical delivery. Deliverable contracts must be closed or rolled prior to 11 AM ET on the contract's Last Holding Date.

Financially settled contracts may have an earlier closing time on their Last Trading Date.

Where can I find a contract’s expiration and holding deadlines?

Open Contract Specs to review the Last Trading Date, First Notice Date, and Last Holding Date, where applicable. Select Spec Link to review additional details on the exchange’s website.

The Last Holding Date may be earlier than the exchange’s Last Trading Date, so check both before holding a position near expiration.

What does it mean to roll a futures position?

Rolling means closing your position in an expiring contract and opening a position in a later expiration month of the same product.

For example, to roll a long December contract to March, you sell the December contract and buy the March contract. Rolling involves separate trades, each subject to applicable fees and margin requirements.

Does rolling a position affect my profit or loss?

Closing the original position realizes its gain or loss. The later-dated contract opens at its own market price, which may be higher or lower than the expiring contract’s price.

Rolling does not erase a loss or guarantee a profit. Price differences, execution prices, and transaction fees affect the overall result.

What is the difference between financial settlement and physical delivery?

Financial settlement settles the remaining gain or loss in cash using the contract’s final settlement price. No underlying asset changes hands. Settlement occurs following the Last Trading Date.

Physical delivery involves delivering or receiving the underlying asset. Because Webull does not support this process, you must close or roll deliverable positions by the applicable holding deadline. Positions that remain open after 11 AM ET on the Last Holding Date may be liquidated.