Back month (deferred contract)
A back month, or deferred contract, is any listed expiry of a futures product later than the front month. It trades at a different price from the front, separated by the calendar spread, and usually with a thinner book and far fewer prints until the roll brings volume to it.
Senzoukria · Glossary · Updated September 2026
Definition
The CFTC glossary treats deferred futures as back months: the contracts that expire after the nearest one. For ES in October the December contract is the front month and March, June and later expiries are back months. Each is a separate instrument with its own order book, its own trades and its own settlement price.
How a back month is priced
Futures of the same product but different expiries are tied together by carry: financing, storage, dividends or convenience yield between the two delivery dates. The difference between them is the calendar spread, and it is what you add to a front-month price to find the back-month price.
Hypothetical example: if the December ES contract trades at 5,000.00 and the March contract at 5,050.00, the spread is 50.00 index points, which is 200 ticks of 0.25. At $50 per point, one contract's worth of that gap is 50.00 × 50 = $2,500 of notional value.
What an order flow chart shows on a back month
- Sparse prints: long stretches without trades, then a burst when spread traders or rollers are active.
- A thin, wide book: few levels with size and a bid-ask spread that can exceed the front month's.
- Footprint cells with holes and a delta that swings on a handful of trades.
- Around the roll, the picture inverts: the back month becomes active and the old front thins out.
In Senzoukria
The symbol picker lists each product's current front month and, during the roll window, the contract that is expiring. Other deferred contracts are not listed, but the chart accepts a typed contract code, so a back month can still be displayed when the feed carries it. Data entitlements apply to it like any other contract.
Common mistakes
- Reading imbalances or absorption on a back month where a handful of trades make every ratio extreme.
- Comparing a back month's volume with the front month's and concluding that the market is quiet.
- Copying a price level from the front month to a back month without adding the spread.
- Confusing a back month with a continuous series built from several contracts.
Related
In the same section
Sources
- CFTC glossary (2026-09-25)
This page in other languages
Frequently asked questions
- Why does the back month trade at a different price?
- Because it settles on a later date, and the cost or benefit of holding the underlying until then is priced in. For equity index futures that carry is financing minus dividends; for storable commodities it includes storage, and for some it reflects scarcity.
- Can I trade a back month?
- Yes, it is a listed contract. Expect fewer resting orders, wider spreads and more slippage than on the front month, and remember that the order flow you read there comes from far fewer participants.