The futures price calculator, provided by Hesapstan, estimates a theoretical futures or forward price from spot price, annual interest rate, optional asset yield and time to maturity.
What does a futures price calculator do?
A futures price calculator estimates the price implied by carrying an asset from today until a future maturity date. In this simplified model, the spot price is adjusted by the net cost of carry: the financing rate minus any yield produced by the asset.
This page does not fetch exchange data. It does not know the current futures quote on an exchange. It only applies a user-entered theoretical model to the numbers you provide.
Real futures prices can differ from this model because of liquidity, margin rules, bid-ask spreads, expectations, taxes, transaction costs and market stress. Treat the result as an educational estimate, not as investment advice.
How the simple cost-of-carry model works
The calculator uses a simple linear cost-of-carry convention. It subtracts the asset yield from the annual interest rate, applies that net rate to days/365, and adjusts the spot price by that carry factor.
- Enter the spot price. It must be greater than zero.
- Enter the annual interest rate. The rate itself cannot be negative.
- Enter the annual asset yield if the asset produces income such as dividends, coupons or rental yield; otherwise leave it at zero.
- Enter days to maturity. The model converts days to years using days/365.
- Read the output as theoretical futures price plus carry cost, not as an exchange quote.
The implemented product scope is the simple linear convention: F = S × (1 + (r − q) × t/365). Continuous compounding is a separate pricing convention and is not included in this version.
Example without asset yield
Suppose the spot price is 100, the annual interest rate is 45%, asset yield is 0%, and maturity is 90 days. The net carry rate is 45%, so the theoretical futures price is about 111.10.
The carry cost is about 11.10. That means the simple model adds roughly 11.10 units to the spot price for carrying the asset under those assumptions.
A futures price above spot does not by itself create a trading opportunity. Funding, margin, taxes, commissions, spread and price risk are outside this simple calculation.
How asset yield changes the result
If the asset pays an expected yield, that yield reduces the net cost of carry. For example, with spot price 100, interest 45%, yield 20%, and 90 days to maturity, the net rate is 25% and the theoretical price is about 106.16.
If the yield is higher than the interest rate, the net carry can be negative and the theoretical futures price may fall below the spot price. This is allowed by the model even though individual rate inputs themselves are non-negative.
The yield field is not pulled from market data. Use it only when you have a defensible user-entered assumption for the asset income over the relevant horizon.
What this calculator does not include
The result is intentionally narrow. It is not a full derivatives pricing system and does not model every cost that may affect a real contract.
- No live futures, forward or exchange quote is used.
- No continuous compounding, storage cost, convenience yield model or margin/collateral calculation is included.
- No option pricing, volatility model or Greeks are calculated.
- No tax, commission, spread or brokerage rule is added.
- No buy/sell recommendation or fair-value signal is produced.
When should you use another calculator?
Several nearby finance questions look similar but need a different calculator.
- Use an interest calculator when your main question is the interest cost or interest income itself.
- Use a time value of money calculator when you want to move one amount from present value to future value or back.
- Use a compound interest calculator when compounding across multiple periods is the central question.
This calculator answers a futures-pricing question. It does not answer whether an investment is attractive or whether a quoted futures contract is mispriced.
Frequently Asked Questions
Is this a live futures quote?
No. It is a theoretical model based entirely on user-entered inputs. Real market prices may differ.
What is the asset yield field?
It represents expected income from the asset, such as dividends or coupons. It reduces the net cost of carry in the formula.
Can the theoretical price be below the spot price?
Yes. If the asset yield is higher than the interest rate, net carry can be negative and the theoretical price can be lower than spot.
Does the calculator use continuous compounding?
No. This version uses the simple linear convention with days/365, matching the implemented scope.
Is the result investment advice?
No. It is an educational calculation and excludes market liquidity, margin, taxes, spreads, commissions and personal suitability.