If an opening price is determined in a futures contract, what happens to existing market orders?

When an opening price is established for a futures contract, existing market orders are executed at this price. This is because market orders are designed to be fulfilled immediately at the best available price. When a new opening price is set, it reflects the balance of supply and demand in the market at that moment.

By executing existing market orders at this opening price, the market ensures liquidity and continuity of trading. This mechanism allows traders to enter and exit positions efficiently, as they can rely on market orders being matched against the opening price without delay.

Other options, like canceling orders or leaving them pending, do not align with the standard operation of how market orders function in relation to an established opening price. This execution at the determined opening price supports the efficiency of the trading mechanism in futures markets.