Time-based Futures Contracts

ZMO time-based futures contracts expire on a set date, with positions settled at the moving average spot price. Available as quarterly and double-quarter contracts — no auto-rollover.

Lulu Liu

8 min

Jul 3, 2026

What is a "time-based" futures contract?

A time-based futures contract is a type of contract with a specific expiry date. This date determines when the contract position will be closed.

Contract Periods

1. Quarterly Contracts:

Definition: These contracts span from the day before the last Friday of the final month of the previous quarter, and cease to exist upon the last Friday of the current quarter.
Note: The start day may differ in some unexpected situations.
Example: The ETH contract period for Q1 2024 would exist from 28/12/2023 to 29/03/2024, and be designated as ETH-240329.

2. Double Quarter Contracts:

Frequency: These will be launched once every 3 months (at the end of March, June, September, December).
First Cycle: Begins the day before the last Friday of the previous year's December, ending on the last Friday of June in the current year.
Second Cycle: Starts the day before the last Friday of March in the current year, ending on the last Friday of September.
Third Cycle: Starts the day before the last Friday of June in the current year, ending on the last Friday of December.
Fourth Cycle: Starts the day before the last Friday of September in the current year, ending on the last Friday of March next year.
Example: The first double quarterly contract for 2026 would span from 25/12/2026 to 25/06/2027.

Expiration Settlement Process

At the expiration time (08:00 UTC on the expiration date), the system will utilize the Moving Average Price to close your position.
The Moving Average Price is calculated as the average of the Spot Index Price, collected from different data sources every second during the last hour before expiration occurs (3600 data points).

Expiration Settlement P&L Calculation

Long Positions: P&L = (Moving Average Price - Position Entry Price) × Contract Multiplier × Contract Size
Short Positions: P&L = (Position Entry Price - Moving Average Price) × Contract Multiplier × Contract Size
Note: If you exit before expiration occurs, P&L will be calculated based on entry prices and closing prices.

Q: Can I set up my time-based contracts to automatically roll over?
A: No, time-based contracts cannot be automatically rolled over. You need to manually buy or sell contracts for the next quarter when they are listed for trading.