Futures Margin Requirements, Margin Calls, and Liquidation

What is a futures margin requirement?

A futures margin requirement is a deposit of an amount of money that must be posted in an account to control a futures contract. They are not down payments like stock margins. They are required to ensure that traders can meet financial responsibilities. Types include Intraday, Maintenance, and Initial.

Please note margin requirements are subject to change at any time without prior notice, regardless of if you have an open position.

What is the minimum equity requirement to trade futures?

The minimum equity required to trade futures is $100. Once your account is activated, you are not required to maintain a $100 balance. Your account will remain active even if the balance falls below this amount.

What is intraday margin?

Intraday margin is the amount of equity required to open a position during designated intraday trading hours, with no intention of holding beyond the close of intraday trading hours. It is the lowest margin requirement available for eligible contracts and generally applies between 9:00 AM ET and 4:15 PM ET.

Intraday margin increases leverage which can increase risk and may not be suitable for all investors. For a full list of intraday trading hours across all supported futures products, please visit: Futures Margin Rates.

What is initial margin?

Initial margin is the amount of equity you must hold in your account when opening a position with the intention of holding it through the end of intraday trading hours, or when opening a position outside of intraday trading hours.

Futures contracts are leveraged products, meaning you are only required to deposit a portion of the contract’s total value. The initial margin requirement is typically between 3% and 12% of the futures contract’s notional value, depending on the contract and market conditions.

What is maintenance margin?

Maintenance margin is the minimum amount of equity an investor must maintain in an account when holding a position beyond intraday trading hours, after the initial margin is met at position open. The maintenance margin requirement is lower than the initial margin requirement and varies based on the specific positions held in the account.

Intraday, initial, and maintenance margin requirements are detailed within each contract. For a full list of margin requirements across all supported futures products, please visit: Futures Margin Rates.

How can I disable intraday margin?

On any Webull platform, select your current Day Margin or Intraday Margin balance, then select Deactivate. Disabling Intraday Margin removes access to reduced intraday margin requirements, so you will need to meet the applicable initial margin requirements to trade.

What is a futures margin call?

A futures margin call occurs when your account equity is below the required maintenance margin at the close of a trading session. To meet the call, you may need to deposit funds or reduce your positions to restore your equity to the initial margin requirement.

For example, if initial margin is $12,000, maintenance margin is $10,000, and losses reduce your equity to $9,500, you would need to add $2,500 to restore the initial requirement, assuming no other changes, to meet a margin call.

To meet a margin call, you must deposit sufficient funds or close enough positions to satisfy the margin requirement. If the call remains unmet at the close of the trading session, your positions may be liquidated. Liquidation can occur without advance notice or time to deposit funds, and losses may exceed your account balance.

Where can I find current margin requirements for each futures contract?

You can find current margin requirements for each contract by visiting our Futures Margin Rates page, or by reviewing the contract specifications within your trading platform. The margin used will also be displayed on the order ticket.