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Spot Price

  • Most common in relation to commodity futures
  • Futures prices derived from spot price

Outright

Naked Futures

  • NOT HEDGED

An outright futures position is an unhedged futures trade that is taken on its own and is not part of a larger or more complex trade.

  • An outright futures position is a single directional bet position on a futures contract and is not part of a larger or more complex strategy.
  • An outright position exposes the trader to greater risk than a hedged position, although the outright position has theoretically greater profit potential.
  • If a hedge or offsetting position is added to an outright position, then it is no longer an outright position, but rather a hedged or partially-hedged position

From <https://www.investopedia.com/terms/o/outrightfuturesposition.asp>

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