Futures Settlement Price: Daily Marks and Last Trades
Read daily settlement separately from the last trade and the final value of an expiring contract.
A futures settlement price is an exchange-calculated value used to mark positions for the trading day. It can differ from the most recent trade shown on a quote screen. To understand a daily cash change, identify the exact contract month, the relevant settlement date and whether the position was carried from the previous day or opened today.
Last, Settle and Prior Settle answer different questions
CME's market-data explanation defines Last as the most recent trade on its futures quote screen. Prior Settle refers to the previous trading day's final settlement value. The separate settlement-report guide defines Settle as the value calculated at the end of the trading day.
| Label | What it tells you |
|---|---|
| Last on the futures quote screen | A recent transaction price, with its update time |
| Settle | The exchange's calculated daily mark |
| Prior Settle | The previous trading day's final daily mark |
| Final settlement at expiration | The mark used as the contract reaches its settlement process |
Read the documentation for the particular screen. CME's settlement report uses a different description of Last from its quote screen. The label alone is not enough to establish which session or trading venue a number represents.
A daily mark changes cash without closing the position
CME's mark-to-market lesson explains that the exchange establishes a daily settlement price using the contract's stated methodology. Procedures differ across products. Do not apply a settlement window learned for one contract to another.
The clearing calculation distinguishes new trades from positions already open. CME's money-calculation document calls the daily cash amount settlement variation. New trades are marked from their trade price to that day's settlement; the start-of-day position is marked from the previous settlement to the new one.
A daily mark does not by itself mean that you submitted a closing order. Keep the position quantity and the cash adjustment as separate entries when checking a statement. For order execution and partial fills, see futures order types.
A two-day calculation without counting a gain twice
Consider a hypothetical contract worth $10 per price point. You buy two contracts at 100.00 and keep both open through two daily marks. This is simplified arithmetic, not a real contract specification or market quote; fees and product-specific rounding are excluded.
| Day | Price comparison | Cash change |
|---|---|---|
| Entry day | 101.00 settlement minus 100.00 entry | 1.00 × $10 × 2 = +$20 |
| Next day | 100.50 settlement minus 101.00 prior settlement | −0.50 × $10 × 2 = −$10 |
| Total | 100.50 final example mark minus 100.00 entry | +$10 before costs |
Recalculating the second day's cash change from the original entry would count part of the earlier gain again. For an equivalent short position, the signs reverse. Use the real contract's value factor and rounding rules when reconciling actual amounts; our futures tick value guide explains the price-to-money conversion.
Daily settlement is different from expiration
“Final” can describe a finalized daily report or the settlement of an expiring contract. Those uses need context. CME's Final Settlements page explains that an expiring contract is marked to its final value, then cash-settled or physically delivered on the applicable settlement date.
A normal daily mark does not mean the contract has expired. For the last trading day, delivery obligations and the choice to offset or roll, read futures contract expiration.
Check the inputs before disputing a statement
- Match the product code and contract month, not just the underlying market.
- Record the trade date and time zone of each price.
- Check whether you are comparing Last, daily Settle or the expiration settlement value.
- Separate today's trades from the quantity carried into the day.
- Apply the contract's monetary value factor and rounding method, then reconcile fees separately.
Do not use an exchange cash-marking explanation as proof of a prop programme's payout eligibility. Check that account's agreement separately, including whether trading is simulated. This page explains exchange price labels and calculation mechanics, not an individual firm's balance or withdrawal policy.
Questions
Is the futures settlement price always the last trade?
No. The exchange calculates the daily settlement using the product's methodology. Last on a quote screen records a trade.
Does daily settlement close my futures position?
A daily cash mark does not by itself close the position. Check the actual position quantity and any executed closing orders separately.
Why can a daily loss leave the position above entry?
A carried position is marked from the previous settlement. It can lose value during the second day while remaining above the original entry, as the example shows.
Can I apply the example to every futures product?
No. Use the exact contract's value factor, currency and rounding rules. The example deliberately uses a hypothetical simple dollar-per-point contract.
Sources
- CME Group: About Market Data
- CME Group: About Settlements
- CME Group: Mark-to-Market
- CME Group: Money Calculations for CME-cleared Futures and Options — updated June 11, 2015
- CME Group: Final Settlements
Official documents checked October 23, 2026. Product-specific specifications and account terms control actual calculations.