Overnight Margin
The full exchange-minimum initial margin required to carry a futures position through the close into the next session.
Overnight margin is the margin required to hold a futures position past the broker's daily cutoff time — typically 15–30 minutes before the session close. It equals or exceeds the CME's published initial margin and is higher than the reduced day-trading rate.
Carrying futures overnight exposes the account to gap risk: if the underlying gaps sharply on news (FOMC, CPI, earnings), the loss can exceed the available margin before the trader has a chance to exit. Most scalpers avoid overnight holds for exactly this reason.
Related Terms
Day-Trading Margin
A reduced intraday margin rate offered by retail brokers for futures positions opened and closed within the same session.
IntermediateGap Risk
The risk that a market reopens far from its prior close — jumping past your stop — so the actual exit is much worse than the level you set.
IntermediateInitial Margin
The minimum deposit required to open one futures contract, set by the exchange clearing house (CME, CBOT, NYMEX).
BeginnerMaintenance Margin
The minimum equity level a futures account must maintain; falling below triggers a margin call demanding top-up to initial margin.
Beginner