What Is the Difference between a “Long” and “Short” Position in Futures?

A "long" position in futures is a bet that the price of the underlying asset will increase, obligating the holder to buy the asset at the contract price on the settlement date. A "short" position is a bet that the price will decrease, obligating the holder to sell the asset at the contract price.

Long position holders profit from a price rise, while short position holders profit from a price fall.