Profit and Loss (P&L) on Futures CFDs is calculated based on the difference between the opening and closing price, multiplied by the contract size and the number of lots traded.
Expiry
You open a Buy position on Gold August Futures (GC.Q26) on July 10. On July 22 (T-5), the contract enters close-only mode, meaning you can no longer open new Gold August positions. On July 29 (expiry), your position is automatically closed at the last available market price. If you want to continue trading Gold Futures, you open a new position on the next contract (GC.Z26), which becomes available when close-only mode begins on the expiring one.
P&L Calculation (Closed Before Expiry)
Contract size: 100 (1 lot = 100 oz)
You buy 0.5 lots of Gold August Futures (GC.Q26) at $4,025.00. Price moves to $4,045.00 and you close the position.
Profit = (Close Price − Open Price) × Contract Size × Lots
Profit = ($4,045 − $4,025) × 100 × 0.5 = $1,000
If instead the price dropped to $4,010:
Loss = ($4,010 − $4,025) × 100 × 0.5 = −$750
No commission is charged. The spread (difference between bid and ask at entry) is your only trading cost.
P&L Calculation (Position Held Until Expiry)
Contract size: 100 (1 lot = 100 oz)
You buy 1 lot of Gold August Futures (GC.Q26) at $4,030.00 on July 10. You do not close the position. On July 22, the contract enters close-only mode. On July 29 (expiry), your position is automatically closed at the last available market price of $4,058.50.
Profit = ($4,058.50 − $4,030.00) × 100 × 1 = $2,850
If the last available price at expiry was $4,012.00:
Loss = ($4,012.00 − $4,030.00) × 100 × 1 = −$1,800
The position is closed regardless of whether it is in profit or loss. No action is required from you, but you may close early at any time before expiry. After automatic closure, you can open a new position on the next available contract (e.g. GC.Z26) if you wish to maintain exposure.