# Futures Trading

The Futures API lets you trade futures contracts on both US and HK exchanges, covering indices, interest rates, currencies, agriculture, metals, energies, and crypto.

## Prerequisites

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

## Supported Markets

| Market | Category Value | Exchanges |
|--------|---------------|-----------|
| US Futures | `US_FUTURES` | CME, CBOT, NYMEX, COMEX, CBOE |
| HK Futures | `HK_FUTURES` | HKEX |

All futures endpoints accept a `category` parameter to specify the market. Use `US_FUTURES` for US-listed contracts and `HK_FUTURES` for HKEX-listed contracts.

## 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 (US)
- `HSIZ5` = Hang Seng Index, December 2025 (HK)

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

### Discovering Contracts

Use the following endpoints to retrieve available products and contracts:

| Endpoint | Description |
|----------|-------------|
| [Futures Products](../reference/futures-products.api.mdx) | List all futures product codes and names |
| [Futures Products Class](../reference/futures-products-class.api.mdx) | List all futures product classification groups |
| [Futures Instrument List](../reference/futures-instrument-list.api.mdx) | Query instrument details by symbol(s) or product code |
| [Futures Instrument By Code](../reference/futures-instrument-list-by-code.api.mdx) | Query tradable contracts by product code and contract type |

Each instrument response includes key contract details such as `contract_month`, `settlement_date`, `size` (multiplier), `min_tick`, `first_notice_date`, `last_trading_date`, `settlement` method (Cash or Physical), and `contract_type` (MONTHLY or MAIN).

## 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 |

### 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 operate on extended schedules that vary by exchange and product:

- **US Futures** — Open virtually 24 hours a day, 6 days a week (Sunday evening to Friday afternoon ET). Each product has its own specific trading hours and maintenance windows.
- **HK Futures** — HKEX derivatives trade during the day session (9:15 AM – 12:00 PM, 1:00 PM – 4:30 PM HKT) and the after-hours session (5:15 PM – 3:00 AM HKT next day). Exact hours vary by product.

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) |
| 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 may 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 Examples

import Tabs from '@theme/Tabs';
import TabItem from '@theme/TabItem';

<Tabs groupId="futures-market">
  <TabItem value="us" label="US Futures" default>

Buy 1 E-mini S&P 500 December 2025 contract at a limit price of 4500.

```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"
    }
  ]
}
```

  </TabItem>
  <TabItem value="hk" label="HK Futures">

Buy 1 Hang Seng Index December 2025 contract at a limit price of 20000.

```json
{
  "account_id": "<your_account_id>",
  "new_orders": [
    {
      "combo_type": "NORMAL",
      "client_order_id": "<unique_id>",
      "symbol": "HSIZ5",
      "instrument_type": "FUTURES",
      "market": "HK",
      "order_type": "LIMIT",
      "limit_price": "20000",
      "quantity": "1",
      "side": "BUY",
      "time_in_force": "DAY",
      "entrust_type": "QTY"
    }
  ]
}
```

  </TabItem>
</Tabs>

## Futures Market Data

Futures market data is available for both US and HK contracts via the Market Data API. The following endpoints support the `HK_FUTURES` category:

| Endpoint | Description |
|----------|-------------|
| [Tick](../reference/futures-tick.api.mdx) | Tick-by-tick trade data (price, volume, direction) |
| [Snapshot](../reference/futures-snapshot.api.mdx) | Real-time snapshot including price, change, volume, open interest, bid/ask |
| [Footprint](../reference/futures-footprint.api.mdx) | Aggressive buy/sell volume breakdown by price level |
| [Depth of Book](../reference/futures-depth-of-book.api.mdx) | Level-2 bid/ask order book (up to 10 levels) |
| [Historical Bars](../reference/futures-historical-bars.api.mdx) | OHLCV candlestick bars at various time granularities |

:::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 HK Pricing](https://www.webull.hk/en/pricing).

## What's Next

- [Stock Trading](stock.md) — Stock and ETF order management
- [Options](options.md) — Options trading
- [Trading API Overview](overview.md) — Full feature matrix