One question, did you review the theoretical value of the forward based on the spot and the rate differential?
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One question, did you review the theoretical value of the forward based on the spot and the rate differential?
In my experience, that's normal.
Did you notice if the forward has a weekend adjustment or holidays? Those extra days add up to the P/L.
If you're going to continue operating forwards, it's imperative that you understand how forward prices are formed. Otherwise, you're going to operate blindly.
Don't mess with the numbers. It's simple: in spot you're paying just spread, in forward you pay interest as well.
Your mistake is to assume that the forward is equal to the spot plus the time.
Something similar happened to me and it turned out that the platform used different sources for the spot and the forward.
Did you check the interest rate implied in the forward contract? That’s what makes that difference.
Your explanation of understanding the basics seems to fall short. I recommend reading about forwards calculation with interest rates.
The best thing you can do is compare that difference with what the forward formula says: F = S * (1 + i_d