Apple Inc. (AAPL) Single-Stock Futures — the Honest Math

CME lists futures on Apple Inc.: the standard contract SAAPL covers 100 shares, and the micro contract XAAPL covers 10 shares. Cash-settled, tradeable ~23 hours a day.

What the margin requirement actually means

Initial margin is 15% of notional — but for security futures, maintenance margin equals initial margin. There is no cushion: any adverse move puts the position below requirement. To hold a swing trade with a 12% stop to its stop without a margin call, plan on posting roughly 27% of notional (margin plus the full stop distance), not 15%.

Costs and taxes

Retail round-trip fees run roughly

–$6 per contract depending on broker tier, plus bid-ask spread. Single-stock futures do not receive 60/40 futures tax treatment — short-term gains are taxed at ordinary rates, like stock.

AlphaForge's swing desk shows every evidence-gated AAPL setup with the micro-futures sizing, real capital requirement, and fee drag computed for your account size — and tells you when your account is too small for the math to work.

Open the full AAPL research report → · All single-stock futures →