SPI 200 Futures: Specs and Trading Hours

The SPI is how most Australian traders get exposure to the ASX 200 intraday. It is the futures contract on the S&P/ASX 200 index, it trades close to around the clock, and the night session is where a lot of the next day's gap gets decided. This is the plain version: what the contract is, what it is worth, and when it trades.

What the SPI 200 actually is

"SPI" is short for Share Price Index. The ASX SPI 200 is a futures contract whose underlying is the S&P/ASX 200 index, the benchmark of the 200 largest and most liquid ASX-listed companies. Buying one SPI contract is taking a position on where that index goes, without owning any of the shares in it.

You will see the SPI quoted alongside the cash index. They track each other closely and drift apart overnight: the futures trade outside ASX cash hours, so overnight the SPI moves while the index sits still. That gap between them at 10am is the SPI telling you what happened while Australia slept.

Contract specifications

	ASX SPI 200	Mini SPI 200
Underlying	S&P/ASX 200 index	S&P/ASX 200 index
Value per index point	A$25	A$5
Minimum tick	1 index point, so A$25	1 index point, so A$5
Contract months	March, June, September, December	March, June, September, December
Last trading day	Trading in the expiring contract ceases at midday Sydney time on the third Thursday of the settlement month
Settlement	Cash settled

The arithmetic that matters: at A$25 a point, with the index near 8000, one SPI contract carries roughly A$200000 of exposure. A 20 point move is A$500. That is a large position for a beginner, which is why the Mini exists at a fifth of the notional.

Trading hours

The SPI runs two sessions, a day session and a night session, and between them it covers most of the 24 hours. All times below are Sydney time.

• Day session: 9:50am to 4:30pm.
• Night session: 5:10pm to 7:00am while the United States is on daylight saving time, which runs from the second Sunday in March to the first Sunday in November.
• Night session: 5:10pm to 8:00am for the rest of the year, from the first Sunday in November to the second Sunday in March.

Note what the night session boundary is tied to: US daylight saving. The close shifts by an hour twice a year on American dates. If you have a rules-based process with a hardcoded session end, those are the two mornings it silently breaks.

Why the night session matters more than the day session

The ASX cash market opens at 10am with a gap already priced in. That gap was made overnight, in the SPI, reacting to Europe and then to the US session. By the time the cash index opens, the reaction has largely happened.

Practically, the overnight gap means the levels that matter for the Australian open were set hours earlier, in thin overnight trade. It is also why the ASX levels in the Australian Trade Plans are published against the SPI, since the cash index alone misses the overnight move.

How it compares to the US index futures

If you have traded ES or NQ, the SPI will feel familiar in structure and very different in liquidity. It is a smaller market. Spreads widen more in the quiet parts of the night session, and size moves price more readily than it does in ES. Position sizing that works on ES is often too aggressive on the SPI for that reason alone. The SPY vs ES vs NQ comparison covers the US side.

FAQ

What are the SPI 200 trading hours?

Day session 9:50am to 4:30pm Sydney time. Night session 5:10pm to 7:00am during US daylight saving, and 5:10pm to 8:00am outside it. The night session end follows the US clock change.

What is one SPI 200 contract worth?

A$25 per index point. With the ASX 200 near 8000 that is around A$200000 of exposure per contract. The Mini SPI 200 is A$5 per point, a fifth of that.

What is the difference between the SPI 200 and the ASX 200?

The ASX 200 is the index itself. The SPI 200 is the futures contract on that index. The index only moves during ASX cash hours; the futures keep trading overnight, which is why they diverge before the open.

What is the tick size on the SPI?

One index point, which is A$25 on the full contract and A$5 on the Mini.

When does the SPI contract expire?

Quarterly, in March, June, September and December. Trading in the expiring contract stops at midday Sydney time on the third Thursday of the settlement month, and it settles for cash.

Is the SPI cash settled or physically delivered?

Cash settled. No shares change hands at expiry.

Contract specifications are set by the ASX and can change. Confirm the current specs with the ASX or your broker before trading. Educational content only, not investment advice.

For the full contract terms, including margin and the SFE naming still used by some brokers, see the SPI 200 contract specifications.