What this tool helps you investigate
Use synthetic future analysis to compare an options-implied futures-equivalent price with spot and the actual futures quote. The displayed calculation is strike plus call premium minus put premium for the same strike and expiry.
This quoted-price comparison is not an executable arbitrage test. Bid-ask spreads, quote timing, carry, transaction costs and the contract conventions affect any actionable comparison. The historical screenshot shows an earlier interface; the current tool presents the same three series in an updated chart.
Read the workspace
- Instrument. Select the underlying before selecting its available contract.
- Expiry and strike. The call and put inputs must share the same expiry and strike.
- Three price series. The chart compares synthetic future, spot and the actual futures contract.
- Matched observation. The tooltip shows sampled values at a selected timestamp; inspect timing before interpreting a gap.
How to use Synthetic future analysis
- Choose the underlying and expiry supported by the tool.
- Choose a strike or confirm the ATM-selection setting.
- Compare synthetic, spot and actual futures at a matched timestamp.
- Inspect the gap over multiple observations and check the underlying option quotes before interpreting it.
Understand the measurements
| Measurement | How to read it |
|---|---|
| Synthetic quote | Strike + call premium − put premium, using the selected matching options. |
| Actual futures | The sampled traded futures quote for the relevant contract. |
| Spot | The underlying price overlay. |
| Gap | A price difference that depends on which two series are compared. |
A worked example
At strike 23,000, a call premium of 140 and put premium of 100 give a synthetic quote of 23,040. If actual futures quote 23,045, the displayed synthetic-minus-futures gap is -5 points. A five-point last-price difference does not establish a tradeable profit.
This example explains the calculation or reading process. It is not a current market observation or a trade recommendation.
Checks before drawing a conclusion
- Match expiry, strike and timestamp across all inputs.
- Last traded prices need not be simultaneously executable bid and ask prices.
- ATM strike changes can affect a series unless a fixed strike is maintained.