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Guide

Futures margin explained: day margin, overnight margin and margin calls

Futures margin is a deposit that lets you hold a position. It is not a fee and it is not a down payment on something you own. Misreading it is one of the quickest ways a self-funded account gets into trouble.

Margin is a deposit, not a fee

When you open a futures position, your broker sets aside part of your account as margin. It is released when you close the position, adjusted for your profit or loss. Because margin is a small share of the contract's value, a small price move can be a large share of your account.

Day margin and overnight margin

Many brokers require less margin for a position opened and closed within a trading session than for one held past the daily close. The amounts are set by each broker, often above the exchange's minimums, and can change, sometimes with little notice. Check your broker's current figures for each contract you trade.

Margin calls and forced liquidation

If your account value falls below what your broker requires, the broker can ask you to add funds or reduce positions, and can close positions without waiting for you, including at a loss. The rules and the timing differ by broker and are in your account agreement. Fillbook cannot see your broker's balance and cannot warn you of a margin call.

What to track yourself

Write down your broker's day and overnight margin for each contract you trade, the share of your account that margin takes at your usual size, and whether you hold positions overnight. Fillbook lets you enter these figures and shows the most margin you had tied up at once, worked out from your logged trades. The figures are yours and the result is a reconstruction, not a broker statement.

Track the margin you actually use

Add an own-capital account in Fillbook, enter your broker's margin, and see your peak margin and overnight holds.

See how it works

Common questions

No. Futures are leveraged: you can lose more than the margin you posted, and more than you deposited, if the market moves far enough against you.

No. You enter it. Fillbook does not read balances or margin from your broker.

In your broker's margin schedule or support pages. The figures can change.

Futures trading involves substantial risk of loss and is not suitable for everyone. This guide is general education, not advice, and it cannot account for your situation. Read the full disclosures.

To turn margin into a position size, read how to size a position from your account value.Trading your own capital? See how Fillbook works for your own capital.