> For the complete documentation index, see [llms.txt](https://support.backpack.exchange/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://support.backpack.exchange/support-docs/es/exchange/trading/spot/margen-spot-al-contado/margen-al-contado-spot-margin-vs.-futuros.md).

# Margen al Contado (Spot Margin) vs. Futuros

#### ¿Cuáles son las diferencias entre el margen spot y los futuros?

| Característica             | Margen Spot                                                                                  | Futuros                                                                                |
| -------------------------- | -------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------- |
| **Instrumento**            | Mantienes el **activo subyacente** (prestado o propio)                                       | Operas un **contrato derivado** que sigue un precio de índice                          |
| **Apalancamiento**         | Rangos típicamente más bajos (por ejemplo, \~2×–5×), varía según el activo y el colateral    | Rangos típicamente más altos (por ejemplo, \~10×–75×), varía según el mercado          |
| **Costos continuos**       | Comisiones de trading **+ intereses del préstamo**                                           | Comisiones de trading **± pagos de financiación (funding)** (puedes pagar o recibir)   |
| **Liquidación/Settlement** | Liquidación spot; el inventario cambia en tu billetera                                       | Contrato perpetuo; el PnL se liquida continuamente mediante el funding                 |
| **Caso de uso**            | Exposición direccional al activo, ventas en corto mediante préstamo, cobertura de inventario | Exposición direccional sin mantener el activo, cobertura, estrategias de basis/funding |


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