Contract Specifications

Commodities

Find important information regarding contract specifications for commodities, including expiration times, trading hours, underlying markets and more.

Please ensure that you understand the relevant contract specifications before trading. If you need any clarification, please contact Nadex and our trading support team can advise you further.

All times below are in Eastern (EST) and trading hours are subject to holidays. You can also see the rollover schedule for the futures underlying markets comprising Nadex’s contracts.

Binary option contracts

Our metals contracts are based on the underlying COMEX/NYMEX® Futures:

Nadex product Underlying market Lead months
GOLD COMEX/NYMEX® Gold Futures Feb., April, June, Aug., Dec.
SILVER COMEX/NYMEX® Silver Futures March, May, July, Sept., Dec.

Gold

Position limit: 2,500

Duration Expiration Strike width No. of contracts Trading hours
Intraday Mon-Fri: 10am, 11am, 12pm, 1pm 1.0 9 For 2 hours preceding expiration
Daily Mon-Fri, 1:30pm 1.5 21 Mon, 3am-1:30pm; Mon-Fri, 6pm-1:30pm
Weekly Fri, 1:30pm 10.0 13 Mon, 3am-5pm; Mon-Thu, 6pm-5pm; Thu-Fri, 6pm-1:30pm

Silver

Position limit: 2,000

Duration Expiration Strike width No. of contracts Trading hours
Intraday Mon-Fri: 10am, 11am, 12pm, 1pm 0.03 9 For 2 hours preceding expiration
Daily Mon-Fri, 1:25pm 0.05 15 Mon, 3am-1:25pm; Mon-Fri, 6pm-1:25pm
Weekly Fri, 1:25pm 0.25 13 Mon, 3am-5pm; Mon-Thu, 6pm-5pm; Thu-Fri, 6pm-1:25pm

Our energies contracts are based on NYMEX® Futures:

Nadex product Underlying market Lead months
CRUDE OIL NYMEX® Crude Oil Futures Every calendar month
NATURAL GAS NYMEX® Natural Gas Futures Every calendar month

Crude oil

Position limit: 2,500

Duration Expiration Strike width No. of contracts Trading hours
Intraday Mon-Fri: 10am, 11am, 12pm, 1pm, 2pm 0.2 9 For 2 hours preceding expiration
Daily Mon-Fri, 2:30pm 0.10 23 Mon, 3am-2:30pm; Mon-Fri, 6pm-2:30pm
Weekly Fri, 2:30pm 1.00 13 Mon, 3am-5pm; Mon-Thu, 6pm-5pm; Thu-Fri, 6pm-2:30pm

Natural gas

Position limit: 2,500

Duration Expiration Strike width No. of contracts Trading hours
Intraday Mon-Fri: 10am, 11am, 12pm, 1pm, 2pm 0.01 9 For 2 hours preceding expiration
Daily Mon-Fri, 2:30pm 0.02 15 Mon, 3am-2:30pm; Mon-Fri, 6pm-2:30pm
Weekly Fri, 2:30pm 0.10 13 Mon, 3am-5pm; Mon-Thu, 6pm-5pm; Thu-Fri, 6pm-2:30pm

Knock-out contracts

Gold

Position limit: 60,000

Duration Expiration Range No. of contracts Trading hours Minimum tick size
Weekly Earlier of 1:30pm or when Gold Index Value = or is > than the ceiling, or = or is < the floor 50 4 Mon, 3am-5pm; Mon-Fri, 6pm-1:30pm 0.1

Crude oil

Position limit: 100

Duration Expiration Range No. of contracts Trading hours Minimum tick size
Weekly Earlier of 2:30pm or when Crude Oil Index Value = or is > than the ceiling, or = or is < the floor 5 4 Mon, 3am-5pm; Mon-Fri, 6pm-2:30pm 0.01

Call spread contracts

Our metals contracts are based on the underlying COMEX/NYMEX® Futures:

Nadex product Underlying market Lead months
GOLD COMEX/NYMEX® Gold Futures Feb., April, June, Aug., Dec.
SILVER COMEX/NYMEX® Silver Futures March, May, July, Sept., Dec.
COPPER COMEX/NYMEX® Copper Futures March, May, July, Sept., Dec.

Gold

Position limit: 60,000

Duration Expiration Range No. of contracts Trading hours Minimum tick size
2-hour Mon-Fri: 10am, 11am, 12pm, 1pm 15.0 3 For 2 hours preceding expiration 0.1
5.5-hour Mon-Fri, 1:30pm 40.0 3 Mon-Fri, 8am-1:30pm 0.1
Daily Mon-Fri, 1:30pm 50.0 3 Mon, 3am-1:30pm; Mon-Fri, 6pm-1:30pm 0.1
Daily Mon-Fri, 1:30pm 100.0 1 Mon, 3am-1:30pm; Mon-Fri, 6pm-1:30pm 0.1

Silver

Position limit: 100,000

Duration Expiration Range No. of contracts Trading hours Minimum tick size
2-hour Mon-Fri: 10am, 11am, 12pm, 1pm 0.50 3 For 2 hours preceding expiration 0.01
5.5-hour Mon-Fri, 1:25pm 1.50 3 Mon-Fri, 8am-1:25pm 0.01
Daily Mon-Fri, 1:25pm 2.00 3 Mon, 3am-1:25pm; Mon-Fri, 6pm-1:25pm 0.01
Daily Mon-Fri, 1:25pm 4.00 1 Mon, 3am-1:25pm; Mon-Fri, 6pm-1:25pm 0.01

Copper

Position limit: 20,833

Duration Expiration Range No. of contracts Trading hours Minimum tick size
Daily Mon-Fri, 1pm 0.30 3 Mon, 3am-1pm; Mon-Fri, 6pm-1pm 0.001
Daily Mon-Fri, 1pm 0.60 1 Mon, 3am-1pm; Mon-Fri, 6pm-1pm 0.001

Our energies contracts are based on NYMEX® Futures:

Nadex product Underlying market Lead months
CRUDE OIL NYMEX® Crude Oil Futures Every calendar month
NATURAL GAS NYMEX® Natural Gas Futures Every calendar month

Crude oil

Position limit: 25,000

Duration Expiration Range No. of contracts Trading hours Minimum tick size
2-hour Mon-Fri: 10am, 11am, 12pm, 1pm, 2pm 1.50 5 For 2 hours preceding expiration 0.01
6.5-hour Mon-Fri, 2:30pm 3.00 3 Mon-Fri, 8am-2:30pm 0.01
Daily Mon-Fri, 2:30pm 5.00 3 Mon, 3am-2:30pm; Mon-Fri, 6pm-2:30pm 0.01
Daily Mon-Fri, 2:30pm 10.00 1 Mon, 3am-2:30pm; Mon-Fri, 6pm-2:30pm 0.01

Natural gas

Position limit: 25,000

Duration Expiration Range No. of contracts Trading hours Minimum tick size
2-hour Mon-Fri: 10am, 11am, 12pm, 1pm, 2pm 0.200 3 For 2 hours preceding expiration 0.001
6.5-hour Mon-Fri, 2:30pm 0.400 3 Mon-Fri, 8am-2:30pm 0.001
Daily Mon-Fri, 2:30pm 0.500 3 Mon, 3am-2:30pm; Mon-Fri, 6pm-2:30pm 0.001
Daily Mon-Fri, 2:30pm 1.000 1 Mon, 3am-2:30pm; Mon-Fri, 6pm-2:30pm 0.001

Our agricultural contracts are based on the underlying CBOT® Futures:

Nadex product Underlying market Lead months
CORN CBOT® Corn Futures March, May, July, Dec.
SOYBEANS CBOT® Soybean Futures Jan., March, May, July, Nov.

Corn

Position limit: 62,500

Duration Expiration Range No. of contracts Trading hours Minimum tick size
Daily Mon-Fri, 2:15pm 20.0 3 Mon-Fri, 9:30am-2:15pm 0.1
Daily Mon-Fri, 2:15pm 40.0 1 Mon-Fri, 9:30am-2:15pm 0.1

Soybeans

Position limit: 31,250

Duration Expiration Range No. of contracts Trading hours Minimum tick size
Daily Mon-Fri, 2:15pm 40.0 3 Mon-Fri, 9:30am-2:15pm 0.1
Daily Mon-Fri, 2:15pm 80.0 1 Mon-Fri, 9:30am-2:15pm 0.1

Pursuant to Nadex Rule 12.1(e), in instances where a duplicate strike width would be generated under the applicable product rule, the strike width for that contract will be adjusted by the pre-determined levels described in Document this table.

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