EODHD Academy

Futures & Forwards

The contract that runs commodity and index markets — standardisation and clearing, margin and the daily settle, the carry curve, and how hedgers and speculators actually use it.

4 units · 16 lessons · 64 min read · plus hands-on practice, at your pace

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What is a forward contract, and who actually uses one?

Forwards vs Futures · 4 min read · practitioner

Start the first lesson

Unit 1 Forwards vs Futures

  1. What is a forward contract, and who actually uses one? 4 min
  2. Why did exchanges turn the forward into a standardised future? 4 min
  3. What exactly are you agreeing to when you buy one contract? 4 min
  4. What happens if you are still holding the contract at expiry? 4 min
Practice Check · Unit 1 A short check · cannot be failed Start

Unit 2 Margin & Mark-to-Market

  1. Why do you only post a fraction of what the contract is worth? 3 min
  2. Why does a futures position cost you money every single day it moves against you? 4 min
  3. What does a margin call actually look like, day by day? 4 min
  4. How can you lose more than everything you put up? 4 min
Practice Check · Unit 2 A short check · cannot be failed Start

Unit 3 The Curve — Carry, Contango & Roll

  1. Where does a futures price come from before anyone has traded it? 4 min
  2. What is basis, and why must it collapse to zero? 4 min
  3. What does the shape of the futures curve tell you? 4 min
  4. Why does long-dated commodity exposure quietly bleed away? 4 min
Practice Check · Unit 3 A short check · cannot be failed Start

Unit 4 Hedging and Speculating

  1. How does a producer lock in a price months before the harvest? 4 min
  2. Why is no hedge ever perfect? 4 min
  3. What do open interest and the COT report say about positioning? 4 min
  4. Futures and forwards — course checkpoint 5 min
Practice Check · Unit 4 A short check · cannot be failed Start

Last Course exam

One exam, the whole course Unlocks when you have read all 16 lessons

Passing it earns the course certificate. It also counts toward the Trader track (course 7 of 9): pass every course exam in a track to earn its track certificate.