Futures GTD vs. GTC Orders Explained
Learn how Good 'Til Date and Good 'Til Canceled futures orders differ, when each stops working, how contract expiration limits both, and what to check after partial fills.
Direct answer
A GTD futures order remains eligible through a specified trade date unless it executes, is canceled, or the contract expires. A GTC order has no chosen end date and remains until execution, cancellation, or contract expiration.
GTD adds a specific ending date
CME defines Good 'Til Date as an order that remains in force through a specified trade date unless it executes, is canceled, or the contract expires.
The date is therefore part of the order instruction.
A GTD order can carry across trading sessions before that date.
It does not need to be manually canceled every day.
But it is not intended to continue past the specified trade-date boundary.
GTC continues until another ending event
Good 'Til Canceled does not use a chosen date as its normal end point.
CME says GTC remains in force until it is executed, canceled, or the contract expires.
That makes GTC useful for a longer-lived instruction.
It does not mean the order can survive the futures contract itself.
A GTC order tied to a specific contract month still ends when that contract expires.
Worked example: September 30 GTD versus GTC
Assume two identical buy limit orders are entered in the same futures contract.
Order A is GTD through September 30 trade date.
Order B is GTC.
If neither order fills and neither is manually canceled before September 30:
The difference is order duration, not the limit price.
- Order A should end after its specified GTD boundary
- Order B can remain working under the applicable rules
- both can still end earlier if the contract expires first
Contract expiration can end both orders early
GTD and GTC describe how long an eligible order may remain in force.
Neither qualifier extends the life of the underlying futures contract.
If the named contract expires before a GTD date, the order cannot continue beyond that contract's lifecycle.
Likewise, GTC does not roll automatically into the next contract month.
Futures contract month codes explains why each expiry is a separate tradable instrument.
What happens when a futures contract expires covers the lifecycle boundary.
Partial fills split the trade from the remaining order
Suppose a 10-contract GTD order fills 4 contracts.
Those 4 contracts are already part of the position.
The remaining 6 contracts continue under the GTD instruction until another event ends them.
The same separation applies to GTC.
Always reconcile executed quantity and leaves quantity separately.
Do not assume the original order size is still fully working after a partial fill.
Why futures orders fill at multiple prices explains fill and remainder reconciliation.
GTD dates follow the venue's trade-date convention
On CME Globex, GTD is defined through a specified trade date.
That may differ from the user's local calendar date around overnight sessions.
A GTD expiration should therefore be read with the exchange trade-date convention and current trading calendar.
Futures trade date versus calendar date explains that distinction.
Do not assume a local midnight is the GTD boundary. [!TRYMARK] Compare two identical orders Create two hypothetical buy limits in the same contract: one GTD through September 30 and one GTC. Assume no fills. Write what ends each order and what happens if the contract expires first.
Use a duration checklist
Confirm the exact contract month.
Confirm whether the order is GTD or GTC.
For GTD, record the specified trade date.
For GTC, record the intended review or cancellation process.
Check contract expiration separately.
After partial fills, record executed and remaining quantity.
Check the current order status after session and holiday boundaries.
Do not assume either qualifier guarantees a fill or queue position.
This guide explains order duration, not a recommendation to leave orders working.
Common questions
What is the difference between GTD and GTC futures orders?
GTD has a specified trade-date endpoint. GTC remains active until execution, cancellation, or contract expiration.
Does a GTC futures order last forever?
No. It ends if it executes, is canceled, or the futures contract expires.
Does GTD expire at my local midnight?
Not necessarily. On CME Globex, GTD uses a specified trade date, which can differ from the local calendar date.
What happens to GTD or GTC after a partial fill?
The executed portion becomes part of the position. The remaining quantity continues under its duration instruction until another ending event occurs.