--- title: "Futures rollover: when, why and what it costs, Nifty" description: "How a Nifty futures roll works, when traders do it and what it costs in spread, STT and charges, worked on the June and July 2026 contracts." source_url: "https://www.rupeecase.com/learn/path-13/module-13-4-futures-rollover" --- [Path 13 4 of 7](/learn/path-13/)Rollover: when, why and what it costs[Next 13.5](/learn/path-13/module-13-5-nifty-futures-fair-value) On Monday 29 Jun 2026 the June Nifty future settled at 23,972.90. The July future settled at 24,037.70. Anyone long June who wanted to stay long after the June contract expired on Tuesday had to sell June and buy July. The gap between the two, 64.80 points, came to Rs 4,212 a lot. By that close about two thirds of all Nifty futures open interest already sat in later months. A future ends on a set date. A view or a hedge that outlasts it needs a roll, and a roll is two trades with a price of their own. I treat it as a trade with a cost, not as housekeeping. This lesson covers when traders roll, why they do, and what it costs. Every figure comes from NSE end of day files and is dated, not live. 3By the end you can 1. Describe a roll for a long and for a short, and say when most of it happens. 2. Work out what a roll costs: the spread between months and the charges on two trades. 3. Explain why a high rollover share says where positions sit and not which way they point. Watch in the terminal: what do estimated costs take? A short tutorial on sample data. ## The idea, plainly Every Nifty future expires on the last Tuesday of its month, or the trading day before when that Tuesday is a holiday, and NSE lists three at a time: the near month, the next month and the far month. A trader who wants the same exposure after expiry has to close the old contract and open the next one. That is a rollover. A long rolls by selling the near month and buying the next. A short rolls by buying the near month and selling the next. Most of the June roll came in the last few sessions before expiry Rollover share is open interest in every Nifty future except the expiring one, divided by open interest in all of them. The last point is expiry day, 30 Jun 2026. Source: NSE end of day data, computed by RupeeCase. As of 30 Jun 2026. Read 3 more paragraphs, 122 words Who rolls, and why? An investor hedging a share portfolio for longer than a month. A trader whose view has not changed. A fund running cash and carry, which must keep its futures leg alive to match its shares. None of them is sending a signal. Each is keeping a position, not making a new one. When? Mostly late. The rollover figure is the share of all Nifty futures open interest that already sits in later months. Here it is for the June 2026 expiry, session by session. The share stays modest for the first week and then climbs steeply. By two sessions before expiry about half of the open interest had moved on, and by expiry day most of it had. ### What a roll costs Three things. The first is the spread between the two months, the price of one more month of carry, the same carry as in [module F08](/learn/path-13/module-13-2-futures-basis-and-carry). It is not a fee that anyone keeps. If the cash you did not spend sits in a bill, it earns the interest that the spread is made of. The second is the charges on two trades. The third is slippage, the cost of trading a month that may be thin, which an end of day file cannot show. A roll is two trades, and the gap between the two prices is what it costs Settlement prices of 29 Jun 2026, one lot of 65 units. A short rolls the other way, buying June and selling July. Source: NSE end of day data, computed by RupeeCase. As of 29 Jun 2026. Read one more paragraph, 65 words A roll does not create a new gain or loss by itself. The old contract's gains and losses have already moved in cash every evening, as [module F07](/learn/path-13/module-13-1-futures-basics-mark-to-market) showed, and the new contract starts at the settlement price of the day you open it. What the roll adds is the spread and the charges. The short answer is on the [rollover cost question page](/learn/questions/futures-rollover-cost). ### The calendar spread, and a margin note A calendar spread is a long in one month and a short in another, held as one position. A roll is a calendar spread that closes the old leg as it opens the new one. NSE Clearing treats a calendar spread of index futures more kindly than two separate positions: extreme loss margin is levied on one third of the value of the far month leg, and the spread treatment lasts until the day before expiry. On expiry day the expiring leg falls outside it. [Module I02](/learn/path-13/module-13-6-futures-calendar-spreads) takes the spread as a trade in itself. ## Worked example: rolling one lot on 29 Jun 2026 A trader is long one lot of 65 units of the June future and wants to stay long after Tuesday's expiry. On Monday 29 Jun 2026 the trader sells June at 23,972.90 and buys July at 24,037.70. The price of the roll is the difference, 64.80 points. It was not the same on every date of the month: | Settlement | Spread, points | One lot | | --- | --- | --- | | Wed 10 Jun: June 23,240.10, July 23,344.90 | 104.80 | Rs 6,812.00 | | Tue 16 Jun: June 24,001.00, July 24,087.90 | 86.90 | Rs 5,648.50 | | Mon 29 Jun: June 23,972.90, July 24,037.70 | 64.80 | Rs 4,212.00 | The price of the roll, in points, ended the window well below where it began Next month settlement less near month settlement, in points, for sessions before expiry day. On expiry day itself the near leg is the final settlement price, so that point is left out. Source: NSE end of day data, computed by RupeeCase. As of 29 Jun 2026. | One lot, 29 Jun 2026 | Rupees | | --- | --- | | Spread paid | Rs 4,212.00 | | STT, 0.05% of the June sale | Rs 779.12 | | NSE transaction charges, both trades | Rs 57.11 | | Stamp duty on the July purchase | Rs 31.25 | | SEBI fee and GST on the exchange charge | Rs 13.40 | | Statutory charges, total | Rs 880.88 | Read 3 more paragraphs, 159 words The spread moves with interest rates and with the dividends expected between the two expiries. A lower spread on a later date is not a reason to roll late: the June position carried its own risk in between. Now the charges, for the roll on 29 Jun. STT falls on the sale only. Stamp duty falls on the purchase only. The exchange charge and the SEBI fee fall on both legs. The statutory charges came to Rs 880.88. The spread was about 4.8 times that. Brokerage and slippage come on top, and the roll opens a new contract with its own mark to market from the first evening. The cost calculator below opens on one future bought and sold back. Type the July price into the buy leg and the June price into the sell leg to price this roll at the 2026 rates. How the trades are treated for tax is covered in [Learn module 11.2](/learn/path-11/module-11-2-tax-treatment-mfs-etfs-sgbs-bonds-and-fno). ## The common mistake The belief: High rollover means the market is bullish. The reasoning is that traders who roll must expect more upside. Check who rolls. A short rolls too: it buys the near month and sells the next, and it counts in the same percentage as a long. Hedgers and cash and carry funds roll because they must, whatever they think. The measure counts positions that moved house, not which way they point. The chart for June ends at a high share, and the March 2026 window below has the same shape. A high reading on expiry day is the usual state of the last session, not news. The March 2026 expiry had the same shape in a different month Same measure for the expiry on Monday 30 Mar 2026, which moved a day earlier because Tuesday 31 Mar was a holiday. Source: NSE end of day data, computed by RupeeCase. As of 30 Mar 2026. ## Key takeaways * A roll closes the near month and opens the next, so exposure continues. * Most rolling happens in the last few sessions before expiry. * The roll's price is the spread between months, which is carry for one more month. * A roll is two trades, each with charges. STT falls on the sale. * A fall in near month OI before expiry is mostly rolling, not exit. * High rollover shows where positions sit. It does not point up or down. The term this section turns on: Rollover From the module glossary; every term is in the Learn glossary too. Source: Module 13.4, Rollover: when, why and what it costs. **Before you trade.** Derivatives trading carries a high risk of loss. SEBI's study "Profitability of Individual Traders in the Equity Derivatives Segment (FY25 to FY26)" (August 2026) found that 87.7% of individual traders in equity F&O made net losses in FY26, with aggregate net losses of Rs 91,685 crore. [Read the SEBI study](https://www.sebi.gov.in/reports-and-statistics/research/aug-2026/study-profitability-of-individual-traders-in-the-equity-derivatives-segment-fy25-fy26-_103835.html) What does Rollover: when, why and what it costs cover?A future ends on a set date. A roll keeps the exposure alive, in two trades, and the gap between the two prices is its main cost. It works through The idea, plainly, Worked example: rolling one lot on 29 Jun 2026, The common mistake, Key takeaways. It is module 13.4 of Path 13, Futures, about 8 minutes of reading, free. TTry it ## F&O costs and STT, on the same example. Every statutory charge on a trade at the 2026 rates. Dated NSE end of day data, nothing live, no orders. **F&O costs and STT**. [Open the f&o costs and stt](/learn/tools/fo-cost-calculator?preset=future-round-trip) AF&O on RupeeCase ## Hedging only, in development F&O at RupeeCase will do one job: protect a portfolio you already own, by a rule published before it runs. No speculation, no naked option selling, no leveraged bets. It is not available yet. [How hedging will work](/hedging)[Sign up for RupeeCase](https://invest.rupeecase.com/signup) [No hedgeFalls with the marketWith a putA floor, for a premiumIllustration with made up numbers, not a product and not a recommendation.](/hedging) QQuick check ## 10 questions, 7 to pass. Each attempt draws 10 of the 15 questions in this module's bank, and a retake draws a fresh set. A pass gives this module's Certificate of Completion. Your result stays on this device and counts towards the Path 13 certificate. 7 of 10 correct passes module 13.4 Every answer is explained when you check; a retake is always free. Source: RupeeCase Learn quiz rules (70% to pass). Passed ### Certificate ID Download PNGPrint or save as PDF[Check the ID](/learn/certificates/verify) Self paced and unproctored. A record of completing free education by RupeeCase; not a NISM certificate and not endorsed by NISM, NSE, BSE or SEBI. It qualifies no one to deal, advise or publish research. CCheck yourself ## Path 13 so far. Your quick check results on this device, stop by stop. Stop 4 of 7 on Path 13 Futures: every live stop, this module ringed. Source: RupeeCase Learn, Path 13. 1. [13.1Futures explained: long, short, leverage and daily mark to marketNot yet](/learn/path-13/module-13-1-futures-basics-mark-to-market) 2. [13.2Why futures trade above spot: basis, carry and convergenceNot yet](/learn/path-13/module-13-2-futures-basis-and-carry) 3. [13.3Open interest, volume and the four build up patternsNot yet](/learn/path-13/module-13-3-open-interest-and-build-ups) 4. [13.4Rollover: when, why and what it costsNot yet](/learn/path-13/module-13-4-futures-rollover#quiz) 5. [13.5Fair value of Nifty futures with dividendsNot yet](/learn/path-13/module-13-5-nifty-futures-fair-value) 6. [13.6Futures calendar spreads and roll yieldNot yet](/learn/path-13/module-13-6-futures-calendar-spreads) 7. [13.7Hedging with futures: beta, hedge ratio and lotsNot yet](/learn/path-13/module-13-7-hedging-with-futures) 8. [TPath test, 30 questionsNot yet](/learn/path-13/module-13-7-hedging-with-futures#pathTestSection) Explore next ## Put the module to work. * [Free module 18.4Futures calendar arbitrage and roll dynamics10 min read](/learn/path-18/module-18-4-futures-calendar-arbitrage) * [ToolOption payoff builderLegs on a dated Nifty chain, breakevens and charges](/learn/tools/payoff-builder) * [Free module 12.6The real cost of a trade: STT, exchange fees, SEBI fee, GST and stamp duty7 min read](/learn/path-12/module-12-6-cost-of-an-fo-trade) * [Free module 13.2Why futures trade above spot: basis, carry and convergence8 min read](/learn/path-13/module-13-2-futures-basis-and-carry) * [Free module 13.3Open interest, volume and the four build up patterns7 min read](/learn/path-13/module-13-3-open-interest-and-build-ups) * [Free module 13.6Futures calendar spreads and roll yield9 min read](/learn/path-13/module-13-6-futures-calendar-spreads) Community ## Join my WhatsApp group. Scan the code, fillFill one short form, and join my WhatsApp group. Slides, sources, factsheets and the rebalance logs live there, and members join a daily Google Meet with me. New to RupeeCase? [Getting started](/getting-started) [See the terminal](/terminal) [Sign up for RupeeCase](https://invest.rupeecase.com/signup) [Join the WhatsApp group](https://forms.gle/C6HMtM1Z2GfeocQV7) [One form, one group](https://forms.gle/C6HMtM1Z2GfeocQV7)Scan with your phone camera SSources ## Go to the source. 8 sources, NSE the most cited The publisher of each source listed below. Source: Module 13.4 source list. 1. [NSE, equity derivatives contract specifications (futures cycle, expiry, tick size)](https://www.nseindia.com/static/products-services/equity-derivatives-contract-specifications) NSE 2. [NSE Clearing, margins: SPAN, initial margin and extreme loss margin](https://www.nseclearing.in/risk-management/equity-derivatives/margins) NSE 3. [NSE, derivatives end of day reports: F&O bhavcopy and participant wise open interest](https://www.nseindia.com/all-reports-derivatives) NSE 4. [NSE circular NSE/FATAX/73524, securities transaction tax on equity derivatives from 1 Apr 2026](https://nsearchives.nseindia.com/content/circulars/FATAX73524.pdf) NSE 5. [NSE circular NSE/FA/73061, transaction charges from 1 Mar 2026](https://nsearchives.nseindia.com/content/circulars/FA73061.pdf) NSE 6. [NSE, stamp duty, charges and taxes for investors](https://www.nseindia.com/static/invest/first-time-investor-stamp-duty-charges-taxes) NSE 7. [NISM, Series VIII Equity Derivatives certification examination](https://www.nism.ac.in/revamp-nism/equity-derivatives/) NISM 8. Hull, J., Options, Futures, and Other Derivatives, Pearson Book GTerms ## 5 terms from this module. RolloverClosing the expiring futures contract and opening the next month's, so the exposure carries on. Rollover shareOpen interest in every Nifty future except the expiring one, divided by open interest in all of them. Roll spreadThe next month's settlement price less the near month's. It is the price of one more month of carry. Calendar spreadA long in one expiry month and a short in another, held as one position. Near, next and far monthThe three monthly Nifty futures NSE lists at a time, in order of expiry. [All 230 terms in the glossary](/learn/glossary) [Question people askWhat does futures rollover cost, and what is a futures calendar spread?A short answer with a dated chart](/learn/questions/futures-rollover-cost)[Related module12.6 The real cost of a trade: STT, exchange fees, SEBI fee, GST and stamp duty7 min, Beginner](/learn/path-12/module-12-6-cost-of-an-fo-trade)[Related module13.2 Why futures trade above spot: basis, carry and convergence8 min, Beginner](/learn/path-13/module-13-2-futures-basis-and-carry)[Pillar guideDerivatives and Quant115 modules across paths 12 to 19](/learn/derivatives) Education only, not investment advice, a research report or a recommendation to buy, sell or hold any security. RupeeCase (QC Alpha Technologies Pvt Ltd) is not registered with SEBI as an investment adviser or research analyst. Contracts and prices shown are for illustration only, come from NSE end of day files at least 30 days old, and are not recommendatory. Derivatives trading carries a high risk of loss.