# Futures Trading

The Futures API lets you trade futures contracts across indices, interest rates, currencies, agriculture, metals, energies, and crypto.

## Prerequisites

- A futures-enabled account (open via the Webull App if not already enabled)
- Sufficient margin in your account

## Contract Codes

Futures contracts use a standardized naming convention: **product code + month letter + year digit**.

For example, `ESZ5` = E-mini S&P 500, December 2025.

| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|-----|
| F   | G   | H   | J   | K   | M   | N   | Q   | U   | V   | X   | Z   |

To retrieve all available contracts, use the [Futures Products](../reference/futures-products.api.mdx) and [Futures Contracts](../reference/futures-instrument-list.api.mdx) endpoints.

## Supported Order Types

| Order Type | Description |
|------------|-------------|
| `MARKET` | Execute immediately at the best available price |
| `LIMIT` | Execute at the specified price or better |
| `STOP_LOSS` | Trigger a market order when the stop price is reached |
| `STOP_LOSS_LIMIT` | Trigger a limit order when the stop price is reached |
| `TRAILING_STOP_LOSS` | Stop price trails the market by a set amount |

### Time in Force

| Value | Description |
|-------|-------------|
| `DAY` | Valid for the current trading session only |
| `GTC` | Good till cancelled |

:::tip
Combo orders (OTO, OTOCO, OCO) are not supported for futures trading at this time.
:::

## Trading Hours

Futures markets are open virtually 24 hours a day, 6 days a week. However, each product has its own specific trading hours. Check the exchange specifications for the exact schedule of the contract you're trading.

## Margin

| Margin Type | Description |
|-------------|-------------|
| Initial Margin | Cash required to open a position (typically 3–12% of contract value) |
| Intraday Margin | Reduced margin available during regular hours (9:30 AM – 4:00 PM ET) |
| Maintenance Margin | Minimum equity required to keep a position open |

:::caution
If your equity falls below the maintenance margin, you will receive a margin call. You must deposit funds to restore the initial margin level, or your position will be liquidated.
:::

## Settlement & Expiry

- Most traders close positions before expiration to avoid physical delivery
- Physical delivery is **not permitted** through Webull — you must close or roll your position before expiration
- If a position is not closed by expiration, Webull will attempt to liquidate the position on your behalf. Failure to close before expiration may result in forced liquidation or additional fees

:::caution
Webull does not support physical delivery of the underlying commodity. Always close or roll your futures positions before the contract expiration date to avoid forced liquidation.
:::

## Request Example

```json
{
  "account_id": "<your_account_id>",
  "new_orders": [
    {
      "combo_type": "NORMAL",
      "client_order_id": "<unique_id>",
      "symbol": "ESZ5",
      "instrument_type": "FUTURES",
      "market": "US",
      "order_type": "LIMIT",
      "limit_price": "4500",
      "quantity": "1",
      "side": "BUY",
      "time_in_force": "DAY",
      "entrust_type": "QTY"
    }
  ]
}
```

## Futures Market Data

Futures market data is available via the [Market Data API](../market-data-api/overview.md). See [Futures Market Data](../reference/futures-market-data.tag.mdx) for tick, snapshot, depth-of-book, and historical bar endpoints.

:::tip
Access to futures market data via OpenAPI requires a paid subscription. For details on how to subscribe, see [Subscribe Advanced Quotes](../market-data-api/subscribe-quotes.md).
:::

## Fees

For the current fee schedule, see [Webull Pricing](https://www.webull.com/pricing#top).

## What's Next

- [Crypto](crypto.md) — Crypto trading
- [Event Contracts](event-contract.md) — Outcome event trading
- [Orders](stock.md) — Stock and ETF order management