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This is the CFD contract that you are trading. Our leveraged contracts are quoted in pairs. With the first instrument (base currency) as the one you are buying and the second (quote currency) is the one that you are using to buy the base currency.
Instrument Name
Symbol
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The actual buying power of your margin.
Current Leverage
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Leveraged CFD Contracts are quoted in pairs like ES/USD or YM/USD. When trading a leveraged CFD contract long you are actually using the quote currency to buy the base currency. For example, with ES/USD you are using USD to buy ES. Since there is leverage involved you are technically borrowing the quote currency to buy the base currency and paying/receiving interest on each, respectively.

The difference between these two rates is known as the financing rate. It is also sometimes called the SWAP, rollover, or funding rate and these terms are used interchangeably. The financing rate is charged/paid once a day at 5 pm NYC time. If you do not have an open position at this time, you will not pay/receive the financing rate. The rate is dynamic and can change at all times depending on the financing rates quoted by Monfex’s liquidity providers.

The rate is displayed in the table on our instruments page and in the instrument details on the trading platform. Please keep in mind that the financing rate may change while you are in a trade, so please monitor it carefully as you are trading.

Financing rates are quoted as a percentage paid/received daily. A negative financing rate means you will pay the financing rate and a positive financing rate means you will receive it.

Financing Rate Long
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Leveraged CFD contracts are quoted in pairs like ES/USD or YM/USD. When trading a leveraged CFD contract short you are actually using the base currency to buy the quote currency. For example, when shorting ES/USD you are using ES to buy USD. Since there is leverage involved you are technically borrowing the base currency to buy the quote currency and paying/receiving interest on each, respectively.

The difference between these two rates is known as the financing rate. It is also sometimes called the SWAP, rollover, or funding rate and these terms are used interchangeably. The financing rate is charged once a day at 5 pm NYC time. If you do not have an open position at this time, you will not pay the financing rate. The rate is dynamic and can change at all times depending on the financing rates quoted by Monfex’s liquidity providers.

The rate is displayed in the table on our instruments page and in our live quote ticker. Please keep in mind that the financing rate may change while you are in a trade, so please monitor it carefully as you are trading.

Financing rates are quoted as a percentage paid daily. A negative financing rate means you will pay.

Financing Rate Short
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Monfex leveraged CFD contracts are divisible. However, there is a minimum trade size for each instrument.
Minimum Trade size
Lot size
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The hours a contract is available to be traded. If a contract trades 24 hours a day, 7 days a week, hours will be displayed 24/7. If a contract only trades 5 days a week, hours will be displayed as 24/5. If a contract only trades certain hours, it will be displayed with those hours (NYC time) followed by the number of days it trades during the week. For example, 9am-5pm/5.
Trading hours
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Commission
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Definitions and Rules
Instrument
This is the CFD contract that you are trading. Our leveraged contracts are quoted in pairs. With the first instrument (base currency) as the one you are buying and the second (quote currency) is the one that you are using to buy the base currency.
Example: ES/USD means that you are buying S&P 500 with US Dollars.
Leverage
The actual buying power of your margin.
Example: 10x leverage means that the buying power of your dollars is multiplied by 10. If the price of S&P 500 is $2,500, you ONLY need to put up $250 in margin to control 1 ES/USD.
Average Spread
A spread is a difference between the ask and bid price for a trading instrument. We track a 24-hour average spread of all the leveraged CFD contracts that we offer and display it on our instruments page. This will give you an idea of the spread cost that you will pay.
Margin
The amount of capital required to enter into a trade.
Example: If S&P 500 is trading at $2,500 and you have 10x leverage, you will need to put up $250 in margin to enter into 1 ES/USD contract.
Available Balance
The amount of money you have in your account that is not tied up as margin on other trades.
Example: If you have a $2,000 account and $500 is used as margin on open positions, your available balance is $1,500.
Financing Rate Long

Leveraged CFD Contracts are quoted in pairs like ES/USD or YM/USD. When trading a leveraged CFD contract long you are actually using the quote currency to buy the base currency. For example, with ES/USD you are using USD to buy ES. Since there is leverage involved you are technically borrowing the quote currency to buy the base currency and paying/receiving interest on each, respectively.

The difference between these two rates is known as the financing rate. It is also sometimes called the SWAP, rollover, or funding rate and these terms are used interchangeably. The financing rate is charged/paid once a day at 5 pm NYC time. If you do not have an open position at this time, you will not pay/receive the financing rate. The rate is dynamic and can change at all times depending on the financing rates quoted by Monfex’s liquidity providers.

The rate is displayed in the table on our instruments page and in the instrument details on the trading platform. Please keep in mind that the financing rate may change while you are in a trade, so please monitor it carefully as you are trading.

Financing rates are quoted as a percentage paid/received daily. A negative financing rate means you will pay the financing rate and a positive financing rate means you will receive it.

Example: Financing rate long can be -0.027%. If S&P 500 is trading at $6,000, you will pay $6,000 X 0.027% = $1.62 for each day that you are long 1 ES/USD contract at 5pm NYC time.
Financing Rate Short

Leveraged CFD contracts are quoted in pairs like ES/USD or YM/USD. When trading a leveraged CFD contract short you are actually using the base currency to buy the quote currency. For example, when shorting ES/USD you are using ES to buy USD. Since there is leverage involved you are technically borrowing the base currency to buy the quote currency and paying/receiving interest on each, respectively.

The difference between these two rates is known as the financing rate. It is also sometimes called the SWAP, rollover, or funding rate and these terms are used interchangeably. The financing rate is charged/paid once a day at 5 pm NYC time. If you do not have an open position at this time, you will not pay/receive the financing rate. The rate is dynamic and can change at all times depending on the financing rates quoted by Monfex’s liquidity providers.

The rate is displayed in the table on our instruments page and in our live quote ticker. Please keep in mind that the financing rate may change while you are in a trade, so please monitor it carefully as you are trading.

Financing rates are quoted as a percentage paid/received daily. A negative financing rate means you will pay the financing rate and a positive financing rate means you will receive it.

Example: Financing rate short can be 0.027%. If S&P 500 is trading at $6,000, you will receive $6,000 X 0.027% = $1.62 for each day that you are short 1 ES/USD contract at 5pm NYC time.
Minimum Trade Size
Monfex leveraged CFD contracts are divisible. However, there is a minimum trade size for each instrument.
Example: For ES/USD contracts, the smallest possible trade size is 0.01 ES. If the price of ES is $6,000, then the contract value will be $60.
Position Limit
Maximum notional position that a trader can hold at any given time for a particular instrument. Position limits are quoted in notional USD. Monfex has to apply position limits in order to properly route trades to liquidity providers.
Example: ES/USD may have a position limit of $100,000. This means that the notional dollar value of your position at any given time can not exceed $100,000. If ES is trading at $6,000, you can have a maximum position of $100,000 / $6,000 = 16.67 ES.
Maximum number of trades
The maximum number of trades that a trader can make in a 24-hour period for a given instrument. For example, ES/USD can have a 200 daily trade limit. This means that someone can make up to 200 trades in ES/USD. The maximum trade limit is per instrument. If a trader reaches the maximum trade limit on ES/USD, he can still trade other contracts such as YM/USD and BRN/USD. Monfex is continuously striving to increase daily limits. If you need higher trade limits, please email [email protected]. We will consider requests on a case-by-case basis.
Liquidation Level
If your trade goes against you and you do not have enough money in your account to support your position, your trade will be closed at the best available market price. The liquidation level is the percentage of the initial margin used to enter into your position at which your position will be liquidated if your available account balance drops below that level. Please keep in mind that you will be liquidated at the best available market price at the time of the liquidation. This means that you will not always be liquidated right at the liquidation level.
Example: S&P 500 is trading at $2,500 and you have 10x leverage. In order to trade 1 ES/USD contract, you need $250. If the liquidation level is 90%, your position will be liquidated at 90% of your initial margin - in this case 90% of $250 which is $225. This means that if the available margin balance of your account falls below $225, your entire position will be liquidated. Please keep in mind that you will pay exit commissions if your position is liquidated.
Maintenance Margin
Margin required to stay in the trade above the liquidation level.
Example: If you are long 1 ES/USD contract at $2,500 with 10x leverage and a 90% liquidation level, your initial margin requirement will be $2,500 (ES/USD) price / 10x (leverage) = $250. Please be aware that commissions and financing charges need to be considered in the calculation.
Maximum Adverse Movement
Maximum price movement that your open position can take, based on your available balance, before you will be liquidated due to falling below the maintenance margin requirement. The maximum adverse price movement does not include financing costs because it is not clear how long you will be in a trade at the time of entry. This is why you will need to pay attention to the financing costs when monitoring your available balance and liquidation levels.
Example: If you are long 1 ES/USD contracts at $2,500 and you have a $1,500 available margin balance, your maintenance margin is $450 and your Maximum Adverse Movement is $1,500 (available balance) - $450 (maintenance margin) = $1,050.
Settlement fee
The fee you pay to close out a trade for a particular instrument. Monfex does not charge a settlement fee on most instruments.
Contract length
The duration of a contract. At contract expiration the position is closed out and trade P/L is allocated. Most Monfex contracts are PERPETUAL. This means that they do NOT expire.
Trading Hours
The hours a contract is available to be traded. If a contract trades 24 hours a day, 7 days a week, hours will be displayed 24/7. If a contract only trades 5 days a week, hours will be displayed as 24/5. If a contract only trades certain hours, it will be displayed with those hours (NYC time) followed by the number of days it trades during the week. For example, 9am-5pm/5.
Realized P/L
The amount of profit/loss that you realize upon exiting your trade.
Example: If you buy 1 ES/USD contract at $6,000 and you sell your contract at $6,300, your realized P/L will be $300.
Unrealized P/L
Open profit/loss on your open trade.
Example: If you buy 1 ES/USD contract at $6,000 and S&P 500 goes up to $6,300, your unrealized P/L will be $300.00.
Trade Examples
In order to solidify your understanding of our instruments and terminology, here are 4 trade examples.
  • 1
    Profitable long trade
  • 2
    Losing long trade with a liquidation
  • 3
    Losing short trade with a regular exit
  • 4
    Profitable short trade
Profitable Long Trade
Assumptions:
  • Dow Jones Entry Price : $300
  • Trade direction : Long
  • Trade size : 5 YM
  • Hold time : 3 days
  • Exit Price : Up to $310 (+$10)
  • Available account balance : $2,500
  • Leverage : 10x
  • Financing rate : -0.069%
  • Commission : 0.11%
Outputs:
  • Initial margin requirement: $300 (YM price) X 5 contracts / 10x leverage = $150
  • Commission on entry: $300 (YM price) X 5 contracts X 0.11% = $1.65
  • Commission on exit: $310 (YM price) X 5 contracts X 0.11% = $1.705
  • Daily financing*: -0.069% (Daily Financing) X $1,500 position notional value = $1.035 charged
  • Total financing*: 3 (days in trade) X $1.035 (Daily financing costs) = $3.105 charged
  • Profit on trade: $10 (upward price movement) X 5 (contracts) - $1.65 (commission on entry) - $1.705 (commission on exit) - $3.105 (financing) = $43.54
  • Return on margin: = $43.54 (dollar profit) / $150 (margin) = 29%
Losing Long Trade with Liquidation
Assumptions:
  • S&P 500 Entry Price: $10,500
  • Trade direction: Long
  • Trade size: 1 ES
  • Hold time: 3 days
  • Available account balance: $5,000
  • Leverage: 10x
  • Financing rate: -0.069%
  • Commission: 0.11%
  • Liquidation Level: 100%
Outputs:
  • Initial margin requirement: $10,500 (ES price) X 1 contract / 10x leverage = $1,050
  • Commission on entry: $10,500 (ES price) X 1 contract X 0.11% = $11.5
  • Daily financing*: 0.069% (daily financing rate) X $10500 (Position notional value) = $7.245 charged
  • Total financing*: $7.245 (daily financing) X 3 (days in trade) = $21.735 charged
  • Maximum adverse price movement: ($5,000 (available balance) - $11.5 (entry commission) - $1050 (margin requirement)) = $3938.5
  • Liquidation Price: $10,500 (entry price) - ($3,938.5 x 100%)(maximum adverse price movement) = $6,561.5
  • Commission on exit (liquidation): $6,561.5 (ES price) X 1 contract X 0.11% = $7.22
  • Trade P/L = - $3,938.5 - $7.22 (exit commission charged during liquidation) - $21.735 (financing charged) = - $3,968.455
Losing Short Trade with Regular Exit
Assumptions:
  • S&P 500 Entry Price: $10,500
  • Trade direction: Short
  • Trade size: 1 ES
  • Hold time: 10 days
  • Exit Price: Up to $10,600 (+$100)
  • Available account balance: $5,000
  • Leverage: 10x
  • Financing rate: -0.069%
  • Commission: 0.11%
Outputs:
  • Initial margin requirement: $10,500 (ES price) X 1 contract / 10x leverage = $1,050
  • Commission on entry: $10,500 (ES price) X 1 contract X 0.11% = $11.5
  • Commission on exit: $10,600 (ES price) X 1 contract X 0.11% = $11.66
  • Daily financing*: 0.069% (daily financing rate) X $10,500 (Position notional value) = $7.245 charged
  • Total financing*: $7.425 (daily financing) X 10 (days in trade) = $74.25 charged
  • Trade P/L: - $100 (loss per liquidated contract) X 1 contract - $23.16 (round-trip commission) - $74.25 (financing rate) = -$197.41
Profitable Short Trade with Regular Exit
Assumptions:
  • S&P 500 Entry Price: $10,500
  • Trade direction: Short
  • Trade size: 1 ES
  • Hold time: 10 days
  • Exit Price: Down to $10,000 (-$500)
  • Available account balance: $5,000
  • Leverage: 10x
  • Financing rate: -0.069%
  • Commission: 0.11%
Outputs:
  • Initial margin requirement: $10,500 (ES price) X 1 contract / 10x leverage = $1,050
  • Commission on entry: $10,500 (ES price) X 1 contract X 0.11% = $11.5
  • Commission on exit: $10,000 (ES price) X 1 contract X 0.11% = $11
  • Daily financing*: 0.069% (daily financing rate) X 10,500 (position notional value) = $7.245 charged
  • Total financing*: $7.245 (daily financing) X 10 (days in trade) = $72.45 charged
  • Trade P/L: $500 (profit per contract) X 1 contract - $22.5 (round trip commission) - $72.45 (financing rate) = $405.05

*Please note that financing rates, for the purpose of these examples, are charged on the notional value of the trade at time of entry regardless of days held.