Single stock futures (SSFs) are futures contracts on individual stocks, with each standard contract representing 100 shares of the underlying stock. Single stock futures give traders direct, leveraged exposure to a single equity without owning shares, navigating options Greeks, or paying stock borrow fees.
You follow the names driving the market. You see the moves. SSFs let you trade them futures-style, with built-in leverage, nearly 24-hour access, and none of the complexity that comes with options.
If you trade futures and want stock exposure, or trade stocks and want the efficiency of futures, SSFs may be worth evaluating as part of your trading toolkit. This guide explains what single stock futures are, how they work, how they compare to stocks and options, and what to know before trading them.
How do single stock futures work?
A single stock future (SSF) is a futures contract on a single equity that provides exposure to 100 shares of the underlying stock. Single stock futures are financially settled at expiration based on the final settlement price of the underlying stock.
Like other futures contracts, SSFs trade on regulated futures exchanges using the same long/short order structure as other futures contracts. Coverage tends to concentrate on some of the most actively traded U.S. stocks, including names like Apple, Nvidia, and Tesla.
Contract size and specs
Each standard SSF contract represents 100 shares of the underlying stock, matching the convention of standard equity options. Contracts are typically financially (cash) settled based on the final settlement price of the underlying equity, and each contract specifies the underlying stock, expiration date, and contract multiplier.
Prices are quoted per share. If a stock is trading at $200, one SSF contract has a notional value of $20,000 (100 shares × $200). Traders control that notional exposure with margins starting from a percentage of notional, with built-in leverage as a core feature of the product.
How SSFs are settled
Single stock futures are financially settled, meaning no shares change hands at expiration. The final settlement value is determined according to standard settlement procedures for the underlying stock, and profits and losses are reflected through the futures market's daily mark-to-market process. Traders may also close a position before expiration or roll it into a later contract month.
Understanding how SSF contracts are structured and settled is the foundation for comparing them to other instruments and using them effectively.
| Feature | Single stock futures (SSFs) | Stocks | Options |
|---|---|---|---|
| Underlying | 100 shares per contract | Individual shares | 100 shares per contract (standard) |
| Leverage | Built-in via futures margin | None (or via margin account) | Via premium and leverage ratio |
| Short selling | Sell to open, no borrow required | Requires locating shares to borrow | Buy puts or sell calls |
| Greeks | None | None | Delta, gamma, theta, vega |
| Time decay | None | None | Yes (theta erodes option premium) |
| Trading hours | Nearly 24 hours a day | Regular market hours (extended AH) | Regular market hours (some extended) |
| Settlement | Financially (cash) settled at expiration | Immediate delivery of shares | Cash or physical at expiration |
Single stock futures vs. stocks
SSFs and stocks give you exposure to the same underlying companies, but the mechanics of how you hold that exposure are quite different. Here's how they compare on the dimensions that matter to many active traders.
Capital efficiency and leverage
When you buy 100 shares of a stock at $200, you commit $20,000 in capital. With an SSF on the same stock, you gain equivalent notional exposure with margins starting from a percentage of notional, a fraction of the outright stock cost. This capital efficiency is one of the primary reasons futures traders use SSFs to gain equity exposure without tying up large amounts of capital.
For a deeper look at how futures margin works, see NinjaTrader's guide to margin and leverage in futures markets.
Built-in leverage is a core feature of single stock futures, and it can significantly amplify outcomes in either direction.
Margins are subject to change and pending regulatory approval. Leverage amplifies both gains and losses. Trading futures and securities futures involves substantial risk of loss and is not appropriate for all traders.
Long or short, no borrow fees
One of the practical advantages of SSFs over stocks is short selling. To short a stock, you must borrow shares from your broker, which can be difficult, costly, or sometimes unavailable for high-demand names. SSFs have no such restriction: you simply sell to open a contract. No locate or borrow fees are required because traders are not borrowing shares.
This makes SSFs particularly useful for traders who want to express a bearish view on an individual stock efficiently and without the administrative friction of traditional short selling.
For a deeper look at how short selling works in futures markets, see our guide to The Ease of Short Selling Using Futures.
Same companies, different mechanics. For active traders, those differences in capital efficiency and shorting are what can make SSFs worth a closer look.
Single stock futures vs. options
Both SSFs and options are derivatives, but they solve different problems and carry different complexity. If you've traded options, the contrast may be sharper than you expect.
No Greeks, no time decay
Unlike stock options, single stock futures have no Greeks and no time decay, so the contract's value tracks the underlying stock's price movement directly. With options, traders must manage delta, gamma, theta (time decay), and vega (volatility sensitivity) simultaneously. An option can lose value even when the underlying moves in your direction if implied volatility contracts or time erodes the premium.
SSFs eliminate that complexity. If the underlying stock rises $5, the SSF position gains $500 (100 shares × $5 move); the same could happen for a loss. The pricing relationship is direct and linear.
Cleaner directional exposure
Options offer sophisticated tools for income strategies, hedging, and volatility plays. But when all a trader wants is simple directional exposure, long if bullish, short if bearish, options involve additional factors such as implied volatility and time decay that may be relevant to a directional trade. SSFs provide more direct exposure to the underlying stock's price movement, similar in feel to trading a leveraged stock position but without the complexity of options pricing.
For traders who find the options chain intimidating or who simply want a more transparent instrument, SSFs can be a practical alternative.
For traders who want straightforward directional exposure without managing time decay and volatility, SSFs can be the more transparent choice.
Who trades single stock futures?
SSFs fit a few trader profiles particularly well. The common thread: traders who want more flexibility or efficiency than their current instrument gives them.
Futures traders adding stock exposure
Experienced futures traders who are comfortable with margin, contract specs, and rolling positions often find SSFs a natural extension of their existing toolkit. Index futures capture broad market moves, but when one stock drives the action, the impact on the index may be limited. SSFs let futures traders zero in on the names actually moving the market, using the leverage, mechanics, and low commissions they already know, without opening a separate account or switching platforms.
Options traders seeking an alternative
Options traders who use long calls or long puts for directional trades know the frustration: you're right on direction, but implied volatility collapses or theta bleeds your position anyway. SSFs remove those variables entirely. There's no time decay chipping away at your position, no volatility crush to worry about, just clean, linear exposure to price movement. The position simply mirrors the stock's price movement, gaining when the stock rises and losing when it falls. For traders seeking directional exposure, SSFs may provide an alternative to options depending on their objectives, experience, and risk tolerance.
Stock day traders chasing leverage
You know the names. You see the moves. But trading big-name stocks can feel out of reach: high share prices tie up capital, shorting adds friction, and regular market hours mean overnight catalysts become missed opportunities. SSFs change that. Day traders can control the same 100-share block of Apple, Nvidia, or Tesla with margins starting from a percentage of notional, freeing up capital for other positions and removing the borrowing hurdles that slow down short selling. Increased leverage does increase risk.
SSFs are designed for traders who already understand futures mechanics or equity markets, and who want a more capital-efficient, flexible way to trade individual stocks.
Benefits of trading SSFs
Beyond leverage, SSFs come with a set of structural advantages that are easy to overlook. Two stand out.
Nearly 24-hour access
Single stock futures trade nearly 24 hours a day, letting traders react to earnings, overnight news, and global events outside of regular U.S. stock market hours. For traders who follow high-profile names like Apple, Nvidia, or Tesla, this extended window can be especially valuable; earnings releases and macro announcements often hit outside of the 9:30 am – 4:00 pm ET window, and SSFs allow for immediate positioning in response.
Transparent futures-style pricing
SSF pricing is derived from the underlying stock price plus cost of carry (interest rates and dividends), a straightforward relationship that makes fair value easy to calculate. There's no bid-ask spread on implied volatility, no skew to navigate, and no model-dependent fair value to debate. The contract's price moves in lockstep with the stock.
Simulated trading is based on hypothetical results and does not reflect actual trading. Emotional and psychological factors of real money risk are not replicated. Use simulated trading to learn the platform and markets—not as an indicator of live performance.
With nearly around-the-clock access and transparent pricing, SSFs offer structural advantages that go well beyond leverage.
Getting ready to trade single stock futures with NinjaTrader
NinjaTrader plans to support single stock futures trading, giving traders access through the same platform already used for index futures, commodities, and other futures markets. Getting started is expected to follow the same general process as any futures product: opening an account, reviewing the mandatory Security Futures Risk Disclosure Statement, funding to meet margin requirements, and placing trades once contracts become available.
For a broader overview of SSFs, learn more about single stock futures here.
NinjaTrader also plans to offer a simulated trading environment where traders can practice with live market data before risking real capital.
NinjaTrader Clearing, LLC offers security futures products. Futures and security futures trading involves substantial risk and is not suitable for everyone. Losses may exceed the initial investment. Past performance is not necessarily indicative of future results. Promo first used: 07/15/2026. View the risk disclosure statement, including the risk disclosure statement for security futures products, at ninjatrader.com/ssf-risk.
Get Ready to Trade Single Stock Futures With NinjaTrader
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FAQs about single stock futures
A single stock future (SSF) is a futures contract on a single equity that obligates the buyer to settle at a set price on a future date. Each standard SSF contract represents 100 shares of the underlying stock. The contract's value moves directly with the underlying stock's price, with no Greeks or time decay.
One standard SSF contract represents 100 shares of the underlying stock. This matches the convention of standard equity options contracts and means that a $5 move in the stock translates to a $500 gain or loss on one SSF contract.
Single stock futures previously traded on the OneChicago exchange, a joint venture between the Chicago Board Options Exchange, Chicago Mercantile Exchange, and Chicago Board of Trade, until OneChicago closed in September 2020. Interest in the product has picked back up since, and single stock futures may become available again on U.S. futures exchanges.
No. Unlike stock options, single stock futures have no Greeks and no time decay. The contract's value tracks the underlying stock's price movement directly. This is one of the key structural differences between SSFs and options for traders seeking straightforward directional exposure.
Yes. Selling a single stock futures contract short requires no share borrow. You simply sell to open a contract, expressing a bearish view on the underlying stock without locating shares, paying a borrow fee, or facing the risk of being "bought in" if shares become hard to borrow.
