Delivery (quarterly) futures
Also called: quarterly futures · dated futures · expiry futures · fixed-term futures
Definition
Delivery futures are crypto futures contracts with a fixed expiry date, such as a weekly or quarterly contract, that settle at a set price when they expire.
How delivery futures works
Unlike perpetual futures, a delivery contract has an end date written in its name, for example a BTC contract expiring at the end of a quarter. On that date the position closes automatically and settles. On most crypto exchanges settlement is in cash, using an average index price over a short window, rather than physical delivery of coins.
Because there is a set expiry, there is no funding rate. Instead, the contract usually trades at a premium or discount to spot, called the basis. In normal conditions longer-dated contracts trade at a premium, reflecting borrowing costs and demand for leveraged longs. As expiry approaches, that gap shrinks toward zero.
Traders use delivery futures to lock in a price for a known date, to hedge, or to earn the basis by buying spot and selling the future. If you want to keep exposure after expiry, you must roll the position into the next contract, which can cost fees and a different basis. Expiry times and settlement rules differ by exchange.
Example
Suppose BTC spot is 60,000 USDT and the quarterly contract expiring in 90 days trades at 61,200, a 2% premium. You buy 1 BTC spot and short 1 BTC of the quarterly contract. At expiry the future settles at the spot price. Whether BTC ends at 50,000 or 70,000, your combined position earns about the 1,200 USDT premium, roughly 2% over the quarter, before fees.
Common mistakes
- Forgetting the expiry date and being surprised when the position settles automatically.
- Assuming the futures price must equal spot before expiry.
- Rolling into the next contract without checking how wide its premium is.
Learn and practise
FAQ
What happens when a crypto futures contract expires?
The exchange closes all open positions at the settlement price, which is usually based on an index average shortly before expiry, and credits or debits your profit and loss.
Do delivery futures have funding fees?
No. They converge with spot through the expiry itself, so their price difference from spot shows up as a premium or discount instead.