How Futures Quotes Work: Bid, Ask, Last, Mark, and Indicative Price
Every futures platform shows a cluster of numbers—bid, ask, last, mark, indicative—but most beginners only look at the last price. That’s a mistake. Each number has a specific purpose, and if you don’t know what they mean, you’re trading blind.
Bid Price: What Buyers Are Willing to Pay
This is the highest price someone is currently willing to buy at. If you sell at market, your fill will usually hit the bid.
- high bid = strong buying interest
- thin bid = easy for price to drop
Ask Price: What Sellers Are Demanding
The ask is the lowest price someone is willing to sell at. If you buy at market, you hit the ask.
- tight bid/ask = liquid market
- wide bid/ask = thin, risky market
To understand why spreads blow out at certain times, read Intraday Liquidity Cycles.
Last Traded Price
This is the most recent trade that hit the tape. It does NOT mean that’s the “value” — it’s just the last match between a buyer and seller.
- can be a single-lot print
- can be outside fair value
- doesn’t affect your margin
Mark Price (Settlement Reference)
The mark price (or marking price) is the number used to calculate:
- margin
- unrealized P/L
- liquidation thresholds on prop accounts
Different brokers may calculate mark price differently, but it's usually based on:
- mid-price between bid and ask
- fair value models
- spread-adjusted quotes
To understand the official end-of-day number, check Settlement vs Last Trade.
Indicative Price
The indicative price shows where the contract is expected to open or where price is estimated to settle. It’s not a real trade — it's a signal.
Examples:
- after-hours price indication
- pre-open auction indication
- settlement estimate before final calculation
Why Understanding All These Numbers Matters
| Quote Component | Purpose |
|---|---|
| Bid | Shows buy-side liquidity |
| Ask | Shows sell-side liquidity |
| Last | Shows the most recent match |
| Mark | Controls margins and P/L |
| Indicative | Shows upcoming pricing estimates |
When you understand these numbers, your fills improve, your risk becomes clearer, and you stop making beginner mistakes like chasing random last-price spikes.
Final Takeaway: Know What You’re Looking At
The futures quote isn’t one number — it’s a set of signals about liquidity, value, and risk. Learn how each part works and you instantly level up your execution awareness.