---
title: "Futures Fair Value Calculator for Nifty | RupeeCase"
description: "Free Nifty futures fair value calculator: spot, rate, days and dividend points to fair value, the implied dividends, and the arbitrage band after costs."
source_url: "https://www.rupeecase.com/learn/tools/futures-fair-value"
---

* Fair value**23,240.09**spot grown at the rate, less dividends
* Traded future**23,240.10**gap 0.01 points
* Implied dividends**39.89 pts**what makes fair value equal the future
* Basis**25.15 pts**1.98% a year over spot

**Nifty future, 20 days to the 30 Jun 2026 expiry.** Spot of 23,214.95 grown for 20 days at 5.11% is 23,280.04. Dividends of 39.90 points before expiry bring that to a fair value of 23,240.09. The traded future is inside the band: on these inputs no gap survives the costs.

| Edge | Level | Built from |
| --- | --- | --- |
| Upper edge | 23,334.63 | fair value at 6.11% funding, plus 69.64 points of cash leg cost and 12.15 of futures charges |
| Fair value | 23,240.09 | spot, 5.11%, 39.90 dividend points |
| Lower edge | 23,156.71 | fair value at 4.11% lending, less 69.64 points of cash leg cost and 0.99 of futures charges |

Model, not market data

The traded future is inside the band after costs

Distance from fair value in index points. The edges are fair value moved by funding spread and costs. Inputs: spot 23,214.95, rate 5.11%, 20 days, dividends 39.90 points, cash leg cost 0.3%, funding spread 1%. Source: RupeeCase model, NSE end of day spot and future. As of 10 Jun 2026.Model, not market data

The basis is carry less dividends, and it falls to zero at expiry

Fair value minus spot, for the days left, with dividends spread evenly over the life. Inputs: spot 23,214.95, rate 5.11%, 20 days, dividends 39.90 points, cash leg cost 0.3%, funding spread 1%. Source: RupeeCase model, cost of carry. As of 10 Jun 2026.
Fair value is (spot less the present value of dividends) grown at the rate: F = (S − PV of dividends) e^(rT), with the dividends taken as received half way through the life. Dividend points are the index points of dividends going ex before expiry; NSE does not publish a figure, so the starting value is the one that makes the model equal the traded future, and a lower or higher figure shows how sensitive the gap is. The costs are an estimate: charges on the future are the NSE rates of the example date, and the cash leg and the funding spread are yours to set. Margin, slippage, the impact of trading about 50 stocks together and tracking error are not priced. This page cannot trade.

  Spot and the future are NSE end of day values of the example date. The band is a model with your costs; it is not live, not a recommendation, and this page cannot trade.

## How to read it

### Fair value

Spot less the present value of dividends, grown at the interest rate for the days left. With no dividends the future is spot times e to the rate times the time.

### Implied dividends

NSE does not publish the dividends of the Nifty stocks to a single number. The box starts at the dividend points that make the model equal the traded future, so the gap is zero by construction. Change it to see how sensitive the gap is.

### The band

A cash and carry trade buys the stocks, funded by borrowing, and sells the future. It pays only if the future is above fair value by more than funding cost over the T-bill rate, the cost of trading about 50 stocks twice, and the futures charges. The upper edge is that level. The reverse trade needs shorting stocks for a term, which retail accounts cannot do, so the lower edge is mostly theoretical.

### Where it is taught

[The module on the fair value of Nifty futures](/learn/path-13/module-13-5-nifty-futures-fair-value) derives the formula and [the cash futures arbitrage module](/learn/path-18/module-18-1-cash-futures-arbitrage) walks the band; [the basis and carry module](/learn/path-13/module-13-2-futures-basis-and-carry) has the basics.

## What it leaves out

The costs are estimates you set: the cash leg cost is a percentage of the index value for buying and later selling the stocks, and the funding spread is above or below the T-bill rate. Margin, slippage, the impact of trading the stocks together and tracking error are not priced. Dividends are modelled as received half way through the life. The band ends at expiry; a trade closed early adds the cost of that. The page cannot say whether an opportunity exists in the market today, and nothing on it is live.

## Go to the source

1. [NSE, equity derivatives contract specifications: lot sizes, expiries and cash settlement](https://www.nseindia.com/static/products-services/equity-derivatives-contract-specifications)
2. [NSE, securities transaction tax on equity derivatives](https://www.nseindia.com/static/products-services/equity-derivatives-securities-transaction-tax)
3. [FBIL, benchmark T-bill yields behind the rate input](https://www.fbil.org.in/)

Why does the future trade above the index?Holding the future instead of the stocks saves the interest on the money, so it is worth more by the carry, less the dividends the stock holder would have received.

What are dividend points?The dividends of the index stocks that go ex before expiry, expressed in index points. The Nifty is a price index, so dividends reduce it when stocks go ex and the future prices that in.

Why is the band wider than the gap I see?The band counts what a trader would pay to put the trade on: funding above the T-bill rate, costs on two sets of stock trades and the futures charges. A gap inside it does not clear those costs.

LLearn it in depth

[Module 13.5Fair value of Nifty futures with dividendsIntermediate, Path 13](/learn/path-13/module-13-5-nifty-futures-fair-value)[Module 18.1Cash futures arbitrage and the Nifty 50 Arbitrage indexIntermediate, Path 18](/learn/path-18/module-18-1-cash-futures-arbitrage)[ToolPayoff builderLegs from a dated chain](/learn/tools/payoff-builder)[Pillar guideDerivatives and QuantPaths 12 to 19](/learn/derivatives)

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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.