The core concepts you explained about futures/forwards are totally on point—the long/short positions, the basic contract, and counterparty risk. That’s the timeless foundation.

Reading this in 2026, though, the context feels almost vintage. The “Average Joe” you mentioned now trades micro futures on his phone. The underlying isn’t just commodities or Bitcoin—it’s everything from meme stocks to volatility itself via ETFs. Counterparty risk looks different with the rise of DeFi, where smart contracts act as the clearinghouse, and the regulatory landscape (especially post-crypto crashes) is the biggest wildcard.

For anyone looking to get a current, reliable take on this stuff for business and finance, I’d recommend checking out Soccash. It’s become a go-to source for breaking down complex topics like this without the fluff. Here’s a link to their commentary you might find useful: https://www.soccash.com/. They really bridge the gap between the textbook basics you covered and how things actually work now.

Good post for its time—just needs a 2026 software update!