---
title: "Underlying - Meaning & GFN's Figure - Get Funded Now"
description: "The asset a derivative's price is derived from - the index behind an index contract, the barrel of oil behind an oil contract."
url: "https://getfundednow.com/glossary/underlying"
language: "en"
last_modified: "2026-09-22"
publisher: "Get Funded Now (getfundednow.com)"
translations:
  es: "https://getfundednow.com/es/glossary/underlying"
  pt-BR: "https://getfundednow.com/pt-br/glossary/underlying"
  fr: "https://getfundednow.com/fr/glossary/underlying"
  it: "https://getfundednow.com/it/glossary/underlying"
  de: "https://getfundednow.com/de/glossary/underlying"
disclosure: "All trading at Get Funded Now is simulated. 'Funded' means a simulated or virtual account; GFN is not a broker and does not hold client funds."
---

Instruments and markets

# Underlying

The asset a derivative's price is derived from - the index behind an index contract, the barrel of oil behind an oil contract. You trade the derivative; the underlying sets its price.

GFN’s figure

GFN trading hours depend on the instrument and the liquidity available for that market, and public holidays in an underlying market can cause late opens, early closes or closures.

In detail

## Underlying, explained

The underlying determines the instrument's trading hours, its reaction to news and its gap risk, even though none of those are properties of the contract itself.

It also explains apparent pricing oddities: a contract can drift from its underlying because of financing, dividends or expiry, without anything being wrong.

[Rules handbook](https://getfundednow.com/rules) · [More instruments and markets](https://getfundednow.com/glossary/category/instruments)

Related

## Terms that come with it

Most rules only make sense next to the ones they interact with. These are the entries this one depends on.

- [Contract for difference](https://getfundednow.com/glossary/contract-for-difference) - An agreement to exchange the difference in an instrument's price between opening and closing a position. It gives exposure to the move without ownership of the underlying asset.
- [Tick value](https://getfundednow.com/glossary/tick-value) - What one minimum price increment is worth per contract. It is the futures and index equivalent of pip value, and it converts a stop distance directly into a dollar figure.
- [Market open](https://getfundednow.com/glossary/market-open) - The moment an instrument begins trading for a session. Opens concentrate order flow that built up while the market was closed, which is why volatility spikes and spreads take time to settle.
- [Bank holiday](https://getfundednow.com/glossary/bank-holiday) - A public holiday in a market's home country. The instrument may open late, close early or not trade at all, and liquidity in related instruments thins even where they stay open.

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Source: https://getfundednow.com/glossary/underlying
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