Pick a contract to load approximate initial and maintenance margins, enter how many contracts you want to trade, and see the margin required and how many contracts your account can afford. All margin values are approximate — verify with your broker.
Nothing here is financial advice. Margin requirements are approximate ballpark figures and change frequently — always confirm the current initial and maintenance margins with your broker before trading.
Initial vs maintenance margin
Initial margin is the cash you must have in your account to open a futures position — think of it as the good-faith deposit the exchange and your broker require per contract. Maintenance margin is the lower amount you must keep in the account to hold that position once it's open. If losses drag your equity below the maintenance level, your broker issues a margin call: you either add funds or the position gets liquidated. Maintenance margin is always at or below initial margin, and the gap between the two is the cushion you have before a margin call hits.
How much margin do I need?
Total margin scales with the number of contracts: multiply the per-contract initial margin by how many contracts you're trading. To hold overnight you need the full initial margin; many brokers offer far lower intraday (day-trading) margins, sometimes a few hundred dollars per micro contract, but those revert to full exchange margins near the close. The "max contracts" figure below divides your account by the initial margin — but trading right up to that limit leaves no room for losses. A common rule of thumb is to use only a fraction of your buying power so a single bad move doesn't trigger a margin call.
Contract margin presets (approximate)
| Contract | Initial margin | Maintenance margin |
|---|---|---|
| ES — E-mini S&P 500 | $13,200 | $12,000 |
| MES — Micro E-mini S&P 500 | $1,320 | $1,200 |
| NQ — E-mini Nasdaq-100 | $18,000 | $16,000 |
| MNQ — Micro E-mini Nasdaq-100 | $1,800 | $1,600 |
| YM — E-mini Dow | $9,500 | $8,600 |
| CL — Crude Oil | $6,000 | $5,500 |
| GC — Gold | $11,000 | $10,000 |
Figures above are approximate, rounded ballpark values for illustration only. Actual margins are set by the exchange and your broker and change with volatility.
FAQ
What is initial margin?
Initial margin is the amount of money you must have in your account to open a futures position. It's a performance bond, not a down payment — you're not borrowing the rest. The exchange sets a base level and your broker can require more. To carry a position overnight you generally need the full initial margin per contract.
What is maintenance margin?
Maintenance margin is the minimum equity you must keep in your account to hold an open position. It's lower than the initial margin. As long as your account equity stays above the maintenance level, you can hold the trade; drop below it and you'll get a margin call.
What happens on a margin call?
When your equity falls below the maintenance margin, your broker asks you to add funds to bring the account back up to the initial margin requirement. If you don't add money promptly, the broker can liquidate some or all of your position — often automatically and at whatever price the market is at — to bring you back into compliance.
Why do margin requirements differ between brokers?
The exchange sets a minimum, but brokers are free to require more. They also offer their own reduced intraday day-trading margins to compete for active traders. On top of that, margins move up during volatile periods. Two traders on the same contract can face very different requirements depending on their broker, account type, and the time of day.
Are these margin values exact?
No. The presets here are approximate, rounded ballpark figures meant to illustrate the math, not quote live requirements. Actual initial and maintenance margins are set by the exchange and your broker and change frequently — sometimes daily during volatile markets. Always verify the current numbers with your broker before placing a trade.
Disclaimer: All margin values on this page are APPROXIMATE and change frequently. They are provided for illustration only and are not a quote of current requirements. Exchanges and brokers set the actual initial and maintenance margins, which can rise sharply during volatile markets. Always verify the current margins with your broker before trading. Trading futures involves substantial risk of loss.
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