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An investor opens a short futures position in 2 contracts for gold at a delivery price of $1,610 per oz. The size of one futures contract is 100 units. At the end of the first day of trading, the delivery price of the contract settled at $1,595. On the second day, the delivery price settled at $1,606. On the third day, the price settled at $1,598. What is the total gain/loss in their margin account over the three days (Assuming a margin call cannot be triggered)?

An investor opens a short futures position in 4 contracts for silver at a delivery price of $22 per oz. The size of one futures contract is 5,000 units. At the end of the first day of trading, the delivery price of the contract settled at $21. On the second day, the delivery price settled at $22. On the third day, the price settled at $18. What is the total gain/loss in their margin account over the three days (Assuming a margin call cannot be triggered)?

Arbitrage is prevented in commodity markets (both spot and futures markets) if the delivery price of the futures contracts fall within a range of prices that includes the future value of the spot price. The lower bound of the range is below the FV of the spot price because of the commodity’s [LowerBound] and the upper bound is above the FV of the spot because of the commodity’s [UpperBound].

The annualized, continuously compounded risk-free rates for U.S. dollars (USD) and French euros (EUR) are 5.25 percent and 4.25 percent, respectively. The spot price of an EUR in USD is 1.05 USD per EUR. If the five-year forward price is 1.12 USD per EUR and required delivery of 1,000,000 EUR, what arbitrage profits (in USD) can we immediately earn? (Enter your answer as a number of USD, rounded to the nearest 0.01 USD)  

The spot price of soybeans is $13.57 per bushel, which costs $0.14 per bushel to store per month (payable at the start of the month). The risk-free rate has a flat term structure with a rate of 4.10 percent per year for all maturities. What is the highest possible arbitrage-free price for a two-month contract?

The annualized, continuously compounded risk-free rates for U.S. dollars (USD) and French euros (EUR) are 5.25 percent and 3.00 percent, respectively. The spot price of an EUR in USD is 1.15 USD per EUR. If the five-year forward price is 1.33 USD per EUR and required delivery of 1,000,000 EUR, what arbitrage profits (in USD) can we immediately earn? (Enter your answer as a number of USD, rounded to the nearest 0.01 USD)  

Consider the following three wheat futures contracts: May 2025 delivery May 2026 delivery May 2027 delivery Currently wheat has no convenience yield, but substantial storage costs. If the three contracts trade at the upper bound of their arbitrage-free trading range, which of the following is true regarding their delivery prices?

Derivative traders, like all traders that are required to post margin, realize their loses daily as their margin accounts are marked-to-market.

Challenge Currently, the futures price for 10-year Treasury note (T-note) with December delivery is [Fobs]. The CME group conversion factor can be calculated with: