Futures Margin Calculator
Futures trading requires posting margin, which is a good-faith performance bond with the clearinghouse. Initial margin is the amount required to open the position; maintenance margin is the floor below which the account must not fall during the life of the trade. Margin requirements vary by contract and are set by the exchange based on the volatility of the underlying asset. This calculator takes user-entered margin requirements (from the exchange's published schedule) and the number of contracts, then computes total initial margin, total maintenance margin, the margin call trigger level, and the implied leverage based on the total notional contract value. Always verify current margin requirements directly with your broker or the relevant exchange.
Futures margin formula
Total Initial Margin = contracts * initial margin per contract
Total Maintenance Margin = contracts * maintenance margin per contract
Margin Cushion = initial margin - maintenance margin (per contract)
Leverage = (contracts * contract notional value) / total initial margin
Margin cushion is the maximum per-contract adverse price move (in dollar terms) before a margin call is triggered. If the account drops below total maintenance margin, you must restore to total initial margin, not just maintenance margin.
Futures margin and risk
- Futures are marked-to-market daily: gains or losses are credited or debited to your account each evening.
- High leverage means a small percentage move in the underlying can wipe out the initial margin.
- Exchange margin requirements change with volatility: requirements typically rise during volatile markets.
- CME Group publishes current margin schedules at cmegroup.com under "Performance Bonds."
- Speculative traders should ensure account equity well exceeds the initial margin requirement to absorb normal market fluctuations without forced liquidation.
Frequently asked questions
What is futures initial margin?
Initial margin is the minimum deposit required by the exchange to open a futures position. It is a performance bond, not a down payment. The exchange (through the clearinghouse) sets initial margins based on historical price volatility of the contract.
What is maintenance margin?
Maintenance margin is the minimum account balance required to keep a futures position open. If your account balance falls below the maintenance margin due to adverse price moves, you receive a margin call and must deposit additional funds to restore the account to the initial margin level.
How is a margin call triggered?
A margin call occurs when your account equity drops below the maintenance margin level. You must deposit variation margin equal to the shortfall to bring the account back to the initial margin level, not merely the maintenance margin level.
How much leverage do futures provide?
Leverage = contract value / initial margin. For example, if a contract controls $100,000 in value and requires $5,000 in margin, leverage is 20:1. This amplifies both gains and losses relative to the margin deposited.
Where are futures margin rates set?
Margin requirements are set by the exchange and its clearinghouse (e.g. CME Group). The CFTC (Commodity Futures Trading Commission) oversees exchange-set margins. Brokers may require higher margins than the exchange minimum.
Official sources
- CFTC (Commodity Futures Trading Commission): cftc.gov.
- CME Group Performance Bond (Margin) schedules: cmegroup.com/clearing/risk-management/performance-bonds.
- Options Clearing Corporation: theocc.com.
Reviewed by the CalculatorHub team, edited by James Graham, 15 June 2026. See our methodology.