Quarterly futures are dated futures contracts whose scheduled maturities follow a quarterly cycle. “Quarterly” describes the contract’s expiry series, not a promise that every buyer receives exactly three months of exposure. A trader entering a September contract during August still holds the September maturity.
A fixed horizon changes pricing
A quarterly future has a specified final settlement process. Before that point, its price can trade above or below the reference spot market. Financing conditions, supply and demand, and time remaining can influence this difference, commonly called the basis.
Unlike a typical perpetual, a conventional quarterly future generally does not use recurring perpetual funding payments. That does not make holding it costless: the entry basis, trading fees, possible settlement charges and collateral requirements still matter. Settlement may be in cash or an asset as specified by the product.
Check the actual contract series
The venue determines listed maturities, exact dates, trading cutoffs and settlement references. “Current quarter” and “next quarter” are moving labels; the dated symbol identifies the particular contract being traded.
A position can be closed before the cutoff or carried into settlement. Continuing exposure beyond expiry normally requires opening another maturity. That roll involves new execution and potentially a different basis, so it does not simply extend the original trade at its old price.