Futures tool

SPX ⇌ ES Converter

Move a level between SPX and ES futures with the actual gap between them from the latest close, not a fixed number. The gap shrinks every day into expiry, so the page shows its date and lets you set your own.

Dated 4:00 PM offset · Not live data

Convert a level

ES ≈ SPX + the offset, where the offset is the front-month ES price at 4:00 PM ET minus the SPX close from the latest session. Edit either input to update the other.

SPX price or level

ES price or level

Loading the reference offset…

SPX level list

Separate levels with spaces, line breaks or semicolons. 7,800 is read as one number. Up to 200 levels.

Approximate ES levels

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ES results are rounded to the 0.25 tick, SPX results to the cent. Converted with the offset shown above, from the latest close, not live quotes; for exact levels, take the live ES quote minus the live SPX quote.

See the SPX levels the desk maps every morning.

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Educational tool. Converted levels use a dated 4:00 PM ET offset, an estimate rather than live market data, and nothing here is a recommendation to buy or sell any security or futures contract.

One index, two prices

Why ES and SPX don’t match

SPX is the S&P 500 Index. ES is the E-mini future on it, and it trades above or below the index by a few dozen points: roughly the cost of financing the index until the contract expires, minus the dividends it pays along the way. That gap is the basis, and it is why an SPX level from a morning plan or a GEX map does not line up with the same number on an ES chart.

The basis is not fixed. It shrinks a little every day and reaches about zero at the quarterly expiry, then jumps wider when the next contract takes over. So this page converts with the offset from the latest session, ES minus SPX at 4:00 PM ET, shown with its date, and you can type in your own at any time.

Worked conversion

At an offset of +49.46, SPX 7,800.00 is roughly ES 7,849.50 (to the 0.25 tick), and an ES level of 7,900.00 is roughly SPX 7,850.54.

How the gap works

Why the offset shrinks into expiry

Buying ES instead of the stocks in the index means you don’t pay for the stocks today and you don’t collect their dividends. The future’s price builds in both: it sits above SPX by about the interest on the index value until expiry, less the dividends due before then. Each day that passes takes one day of interest and some dividends out of the gap, so it narrows fairly steadily and is about zero on expiry day, when ES settles to a special opening price of the index.

Roll dates and the jump

ES contracts expire on the third Friday of March, June, September and December. Most traders move to the next contract on the roll date, the Thursday eight days before expiry. The new contract has about three months to run, so its offset is several times wider. After the roll, an offset taken from the old contract can be tens of points off: check which contract your chart shows and use that contract’s offset.

Why SPX traders convert ES levels

ES trades nearly around the clock, so overnight highs and lows, and a lot of futures commentary, are framed in ES. SPX options are priced off the index. Converting keeps one price map for both. Expect small differences intraday, because the index and the future are quoted separately and the gap moves a point or two through the day.

For related context, convert ETF levels with the SPY to SPX converter, estimate the day’s range with the expected move calculator, see how dealer positioning shapes the levels in the GEX guide, or read the SPX trading strategy framework.

FAQ

SPX and ES conversion questions

What is the difference between ES and SPX?

SPX is the S&P 500 Index. ES is the E-mini S&P 500 future, which settles to the index at expiry. Before expiry ES trades at a gap to SPX called the basis: roughly the interest cost of holding the index until expiry, minus the dividends the index pays over that time. With rates above the dividend yield, the front month usually sits a few dozen points above SPX early in its life.

Why does the ES premium shrink into expiry?

The basis pays for the time left until expiry. Each day that passes there is one less day of financing and fewer dividends left to subtract, so the gap shrinks roughly in a straight line and reaches about zero on expiry day, when ES settles to a special opening price of the index. That is why a fixed offset goes wrong: a gap that loses about 0.7 points a day is some 20 points narrower a month later.

When does ES roll to the next contract?

ES contracts expire on the third Friday of March, June, September and December. Most traders move to the next contract about eight days earlier, on the Thursday of the week before expiry (the roll date). The next contract has about three more months to run, so its offset is much wider; after the roll, use that contract’s offset. The converter shows the current contract’s expiry and roll date under the offset.

Can ES trade below SPX?

Yes. When the dividends the index pays before expiry are worth more than the financing cost, the basis is negative and ES sits below SPX. That happened when short-term rates were near zero. It can also flip for a moment in a fast market, because the index updates more slowly than the future.

Does this converter use live prices?

No. It uses the SPX official close and the front-month ES price at 4:00 PM ET from the same session, so both prices are from the same moment, refreshed after each close and shown with their date. You can enter your own offset at any time. For an exact conversion intraday, subtract the live SPX quote from the live ES quote and enter that.

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