Key Takeaways
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Spot-Quoted Futures (SQFs) are a new way to trade benchmark indices and crypto at real spot prices, offering direct exposure to markets like the Nasdaq-100, S&P 500, and bitcoin without pricing complexity.
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SQFs are designed for accessibility, with smaller contract sizes than Micro E-mini futures and margin requirements as low as $100**, making them ideal for new or low-leverage futures traders.
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These futures offer long-dated expirations (starting with June 2026) so traders can hold positions longer without worrying about monthly or quarterly rollovers.
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With transparent pricing and no pattern day trading rules, Spot-Quoted Futures offer a regulated, efficient alternative to ETFs and stocks for active retail traders.
SQFs: A New Entry Point for Futures Traders
CME Group's Spot-Quoted Futures make it easier than ever for self-directed traders to access popular index and crypto markets with smaller capital requirements, longer-dated contracts, and real-time pricing.
Starting June 30*, CME Group is launching a new class of futures contracts called Spot-Quoted Futures (SQFs). These innovative contracts are designed to offer greater accessibility to some of the most popular benchmark markets, including:
- Nasdaq-100
- S&P 500
- Russell 2000
- Dow Jones Industrial Average
- Bitcoin
- Ether
With a significantly lower notional value and real-time spot pricing, these futures contracts make it easier for retail traders to manage exposure, scale positions, and test strategies without overcommitting capital.
What Are Spot-Quoted Futures?
Spot-Quoted Futures are smaller-sized, simplified futures contracts that trade at the spot price of the underlying index or crypto market. What you see on CNBC, Yahoo Finance, or Bloomberg is what you get in the futures quote.
Unlike traditional futures contracts, Spot-Quoted Futures apply a daily financing adjustment determined by CME Clearing. This reflects the difference between the futures and spot prices. The adjustment is applied only if you carry a position overnight. For intraday traders, this adjustment is not realized.
Why SQFs Matter
Whether you are already trading Micro E-mini contracts or looking to make your first move into futures, SQFs offer:
1. Lower Barrier to Entry
These contracts are even smaller than CME Group's popular Micro E-minis. For example:
- SQF Nasdaq-100 futures are 1/20th the size of Micro E-mini Nasdaq-100
- SQF S&P 500 and Russell 2000 are 1/5th the size of their Micro E-mini counterparts
2. Trade the Real Spot Price
SQFs eliminate the complexity of pricing futures at a premium or discount. What you see is what you trade.
3. Capital Efficiency
Trade with as little as $100 in margin** and control a position up to 20 times that amount.
4. Longer-Dated Expirations
At launch, the first expiration is June 2026. That means no need to worry about frequent contract rollovers.
5. Transparent and Regulated
Trade on CME Globex with full price transparency and no pattern day trading restrictions.
Who Should Consider Trading Spot-Quoted Futures?
These products may appeal to:
- Retail traders already trading micros who want to further scale their exposure
- First-time futures traders seeking a low-cost introduction to benchmark indices
- Strategy testers looking for longer holds without expiration pressure
- Crypto traders aiming for regulated, futures-based access to bitcoin and ether
SQF Contract Specs at a Glance
| Market | Symbol | Contract Size | Tick Size |
|---|---|---|---|
| S&P 500 | QSPX | $1 x Index | $1.00 |
| Nasdaq-100 | QNDX | $0.10 x Index | $0.10 |
| Dow Jones | QDOW | $0.10 x Index | $0.10 |
| Russell 2000 | QRTY | $1 x Index | $1.00 |
| Bitcoin | QBTC | 0.01 bitcoin | $10 |
| Ether | QETH | 0.20 ether | $0.50 |
- Listing: One active contract at launch with June 2026 expiration
- Trading Hours: Sunday 6 p.m. – Friday 5 p.m. ET with daily maintenance from 5 p.m. to 6 p.m.
Final Thoughts
Spot-Quoted Futures could be a pivotal tool for new traders looking to enter futures markets with clarity and control, and for existing traders who want to scale with precision. With real spot pricing, lower size, and longer durations, they simplify trading without sacrificing flexibility.
Want to learn how these new products could fit your trading style? Schedule a one-on-one with the StoneX Futures team or contact us to learn more.
*Pending regulatory review
**Margin requirements subject to change
Created with the assistance of AI.
