Contract Expiration — What Happens and What to Do

When a Slay Markets futures contract expires, it is settled in one of two ways depending on the product: cash-settled contracts (equity indexes and crypto — ES, NQ, MES, MNQ, YM, MYM, RTY, M2K, BTC, ETH) close automatically and credit or debit your cash, while physically-settled contracts (energy, metals, agriculture — CL, NG, RB, HO, GC, SI, HG, ZC, ZS, ZW) carry a delivery obligation and must be closed or rolled BEFORE the First Notice Day (not just the Last Trading Day). Slay Markets does not automatically roll your positions — you are responsible for managing your own roll schedule. This article explains what happens to your position at expiration for each settlement type and what to do to avoid unintended physical delivery.

⚠️ Important: You are responsible for monitoring your positions and rolling or closing them before expiration. Physically-settled Slay Markets contracts (energy, metals, agriculture) must be closed or rolled BEFORE the First Notice Day — the first day a long position holder can be assigned a notice to take delivery of the physical commodity — to avoid a delivery obligation. Do not rely on Slay Markets to manage your expiration risk.

Tradeify Brokerage LLC d/b/a Slay Markets is an Introducing Broker registered with the CFTC and an NFA Member (NFA ID 0575972), guaranteed by NinjaTrader Clearing, LLC. Tradeify Brokerage LLC d/b/a Slay Markets does not accept or hold customer funds; all customer accounts are carried and maintained by NinjaTrader Clearing, LLC (NFA ID 0309379).

Which Slay Markets products are cash-settled and which are physically settled?

Slay Markets futures fall into two settlement types at expiration. Cash-settled contracts are ES, NQ, MES, MNQ, YM, MYM, RTY, M2K, BTC, and ETH (the equity index and crypto futures); when these expire, the gain or loss is calculated against the exchange settlement price and credited or debited to your account in cash, the position closes automatically, and no physical delivery ever occurs. Physically-settled contracts are CL, NG, RB, HO, GC, SI, HG, ZC, ZS, and ZW (the energy, metals, and agriculture futures); when these expire, the actual underlying commodity is delivered to or by the contract holder, so most retail traders must close or roll them before the First Notice Day to avoid a delivery obligation. To answer common product-level questions directly: ES, NQ, MES, MNQ, YM, MYM, RTY, M2K, BTC, and ETH are cash-settled; CL (crude oil), NG (natural gas), RB and HO (refined energy), GC (gold), SI (silver), HG (copper), and ZC, ZS, ZW (corn, soybeans, wheat) are physically settled.

Settlement Type	Slay Markets Products	Action Required Before Expiration
Cash settled (equity indexes, crypto)	ES, NQ, MES, MNQ, YM, MYM, RTY, M2K, BTC, ETH	None strictly required — a cash-settled position settles automatically against the exchange settlement price. Most traders still roll before expiration to avoid SOQ risk (the Special Opening Quotation, the index-stock-based settlement price for equity index futures, which can produce an unexpected value on expiration Friday).
Physically settled (energy, metals, agriculture)	CL, NG, RB, HO, GC, SI, HG, ZC, ZS, ZW	Must close or roll BEFORE the First Notice Day (FND) — the first day you can be assigned a delivery notice — not the Last Trading Day. Waiting until the Last Trading Day is too late for many physical contracts.

What happens when a cash-settled Slay Markets contract expires?

When a cash-settled Slay Markets contract (ES, NQ, MES, MNQ, YM, MYM, RTY, M2K, BTC, ETH) expires, it settles automatically in cash and no physical delivery occurs. The sequence is:

Trading in the expiring contract stops at the Last Trading Day.
The exchange calculates the final settlement price (for equity index futures this is the Special Opening Quotation, or SOQ — explained in the next section).
The difference between your position's entry price and the settlement price is credited or debited to your cash account.
The position is removed from your Positions tab automatically.

Because cash-settled contracts close themselves, you do not have to act to avoid delivery on ES, NQ, MES, MNQ, YM, MYM, RTY, M2K, BTC, or ETH. Many experienced traders still roll these before the Last Trading Day to avoid the SOQ settlement risk described below.

What is the SOQ (Special Opening Quotation) settlement price for index futures?

Slay Markets equity index futures (ES, NQ, YM, RTY and their micros MES, MNQ, MYM, M2K) settle on a Special Opening Quotation, abbreviated SOQ. The SOQ is calculated from the individual opening prices of the stocks in the underlying index on expiration Friday morning — it is not the same as the futures price at the open. Because late-opening stocks or unusual opening gaps can pull the SOQ away from where the futures were trading, the final settlement value on expiration Friday can be unexpected. This is the main reason many experienced traders roll their equity index positions before the Last Trading Day even though these contracts are cash-settled and require no action to avoid delivery.

What is the delivery risk on physically-settled Slay Markets contracts?

For physically-settled Slay Markets contracts (CL, NG, RB, HO, GC, SI, HG, ZC, ZS, ZW), the date that matters is the First Notice Day (FND) — not the Last Trading Day. The two dates are different and are easy to confuse:

First Notice Day (FND) — the first day a long position holder can be notified of intent to deliver the physical commodity. Once FND passes, you may receive a delivery notice even if trading is still technically open, and you cannot simply close your position to avoid delivery once a notice has been assigned.
Last Trading Day (LTD) — the final day the contract can be traded. For most physical contracts the First Notice Day comes BEFORE the Last Trading Day, so waiting until the Last Trading Day to exit is too late.

You must close or roll a physically-settled contract (CL, NG, RB, HO, GC, SI, HG, ZC, ZS, ZW) BEFORE the First Notice Day — not the Last Trading Day. Physical delivery involves significant costs, logistics, and regulatory obligations that retail traders are not equipped to handle, so exiting ahead of the First Notice Day is essential.

What does Slay Markets do with your position at expiration?

Slay Markets does not automatically roll your positions — the trader is responsible for managing their own roll schedule. Slay Markets does monitor client positions for approaching expiration dates, and what happens if you take no action depends on the settlement type:

For cash-settled Slay Markets contracts (ES, NQ, MES, MNQ, YM, MYM, RTY, M2K, BTC, ETH): positions that remain open at the Last Trading Day are allowed to settle naturally through the exchange's settlement process, and the cash gain or loss is credited or debited to your account.
For physically-settled Slay Markets contracts (CL, NG, RB, HO, GC, SI, HG, ZC, ZS, ZW): accounts holding an open position that approaches the First Notice Day are subject to liquidation and associated fees, to prevent unintended physical delivery. Trading in physically deliverable futures contracts is prohibited beginning on the business day preceding the earlier of the Last Trade Date or the First Notice Date, and continues through the Last Trade Date. Any account that holds a position or places an order after this roll date is subject to liquidation and the associated fees.

Do not rely on anyone else to manage your expiration risk. You are responsible for monitoring your positions and rolling or closing them before expiration. An expiration-driven liquidation may occur at an unfavorable price.

How do I close or roll a cash-settled Slay Markets contract before it expires?

Cash-settled Slay Markets contracts (ES, NQ, MES, MNQ, YM, MYM, RTY, M2K, BTC, ETH) settle automatically, so no action is strictly required to avoid delivery. If you want to stay in the market and avoid SOQ settlement risk, close or roll before the Last Trading Day — do not wait until expiration day, when the SOQ can produce an unexpected settlement value.

Rolling is a manual two-step process — close the expiring contract, then open the next contract month; the full step-by-step procedure is in How Rollovers Work. Expiration dates and contract month codes for every Slay Markets product are listed in the Contract Expiration Calendar.

How do I close or roll a physically-settled Slay Markets contract before First Notice Day?

Physically-settled Slay Markets contracts (CL, NG, RB, HO, GC, SI, HG, ZC, ZS, ZW) must be exited before the First Notice Day (FND), the first day you can be assigned a delivery notice — and for physical contracts the First Notice Day usually comes BEFORE the Last Trading Day. Identify the contract's First Notice Day in the Contract Expiration Calendar and plan to close or roll at least 2 business days before it so you have a buffer.

Rolling is a manual two-step process — close the expiring contract, then open the next contract month; the full step-by-step procedure is in How Rollovers Work.

Frequently asked questions about Slay Markets contract expiration

Q: I forgot to roll my ES contract and it expired. What happens to my money?

A: ES is a cash-settled Slay Markets contract, so your position closed automatically at the Special Opening Quotation (SOQ) — the index-stock-based settlement price calculated on expiration Friday morning. The gain or loss relative to your entry price was credited or debited to your cash balance, and no physical delivery occurred. You can view the result in your account statement under Cash Activity.

Q: I am holding a CL (crude oil) contract and just realized the First Notice Day is tomorrow. What should I do?

A: CL (crude oil) is a physically-settled Slay Markets contract, so if the First Notice Day is tomorrow you need to close your position today — do not wait, because once the First Notice Day passes you can be assigned a delivery notice you cannot close out of. Close the position yourself first, then email support@slaymarkets.com — replies within 1 business day, so do not wait for a human reply before acting. If a delivery notice has already been assigned, flag it as urgent so the Trade Desk can escalate. For full support hours and contact details, see How to Contact Slay Markets Support.

Q: Does Slay Markets automatically roll my contract before it expires?

A: No. Slay Markets does not automatically roll positions — you are responsible for managing your own roll schedule. Rolling is a manual two-step process: close the expiring contract, then open the next month. For physically-settled contracts (CL, NG, RB, HO, GC, SI, HG, ZC, ZS, ZW), accounts holding an open position approaching the First Notice Day are subject to liquidation and associated fees, to prevent unintended delivery delivery, but you should not rely on this as a substitute for rolling.

Q: Does Slay Markets charge a fee for auto-liquidation at expiration?

A: Yes - standard commissions and fees apply to auto-liquidation trades.

Q: Is GC (gold) cash-settled or physically settled? What about SI (silver)?

A: GC (gold) and SI (silver) are both physically-settled Slay Markets contracts, along with CL, NG, RB, HO, HG (copper), ZC, ZS, and ZW. Because they are physically settled, you must close or roll them before the First Notice Day to avoid a delivery obligation. By contrast, ES, NQ, MES, MNQ, YM, MYM, RTY, M2K, BTC, and ETH are cash-settled and close automatically.

Slay Markets contract expiration at a glance

Cash-settled Slay Markets contracts (ES, NQ, MES, MNQ, YM, MYM, RTY, M2K, BTC, ETH — equity indexes and crypto) settle automatically: your gain or loss is credited or debited to your cash account, and no delivery occurs, though equity index futures settle on the Special Opening Quotation (SOQ) so many traders still roll before expiration Friday. Physically-settled Slay Markets contracts (CL, NG, RB, HO, GC, SI, HG, ZC, ZS, ZW — energy, metals, agriculture) carry a delivery obligation and must be closed or rolled BEFORE the First Notice Day, not the Last Trading Day. Slay Markets does not automatically roll positions, so you are responsible for your own roll schedule; accounts holding a physical contract approaching the First Notice Day are subject to liquidation and associated fees to prevent unintended delivery.