A futures contract is an agreement to buy or sell something at a set price on a set date, traded on an exchange and settled every day. This path covers how contracts are specified, how margin and daily settlement work, why the curve slopes, and who is on the other side. It then moves to crypto futures and perpetual swaps, and finishes with spreads and hedging.
Read this first. Futures are heavily leveraged. A small move against you can lose most or all of your margin, and a large or fast move can lose more than you deposited. Brokers and exchanges can raise margin or close your position at short notice. Crypto perpetuals add liquidation and exchange risk. This is education, not advice. Rules and product access differ by country, so check your local regulator.
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1
What a future is
The contract, its specification, and the people who trade it.
2
Margin and settlement
How a futures position is funded and settled each day, and why leverage cuts both ways.
3
Pricing and the curve
Why different expiries trade at different prices, and what happens when a contract runs out.
4
Markets and positioning
The main kinds of futures, and how to see who holds them.
5
Crypto futures and perpetuals
Crypto exchanges added a contract with no expiry. Its mechanics are different from traditional futures, and so are its risks.
6
Spreads, hedging and sizing
Using futures to reduce risk, trade relationships, and size positions.
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Education, not financial advice. Nothing here says what to buy or sell, and rules and product availability differ by country. All roadmaps.