A Futures contract is an agreement between two parties to buy or sell an underlying asset at a fixed price, on a specific future date — both the buyer and seller are obligated to complete the transaction, regardless of where the price actually ends up.
Futures vs Options
Unlike an Options contract, which gives the buyer a right without obligation, a Futures contract commits both sides. We cover Futures in full detail starting in Module 4 of the Academy.
Related Reading
See the introductory comparison in What Are Derivatives? Futures and Options Explained Simply.