What is DFC (Deliverable Futures Contract) on the PSX?
A Deliverable Futures Contract (DFC) is a single-stock futures contract on the PSX that settles by physical delivery of shares. Contracts run monthly and expire on the last Friday of the contract month.
How it works
DFCs are the main venue for both leveraged long exposure and short selling on the PSX. Because settlement is by delivery, whoever is short at expiry must produce actual shares — which is why open interest and blank sale data around expiry matter.
PSX publishes daily per-contract open interest, including it as a percentage of the underlying's free float. Very high OI relative to float marks crowded positioning, and the monthly expiry forces those positions to roll or close.
See the live data → Futures & OI dashboard
Common questions
When do PSX futures expire?
Each monthly Deliverable Futures Contract expires on the last Friday of its contract month; the new contract month opens for trading in parallel before expiry.
What happens to a futures position at expiry?
It must either be closed, rolled into the next month's contract, or taken to physical delivery — longs pay for and receive shares, shorts must deliver them.