Example of a spot price
In forex, the spot price is sometimes referred to as the spot rate, and it is the quoted exchange rate between two currencies in a forex pair. For example, if the quoted exchange rate for EUR/USD was $1.2354, then that is also the spot rate. This figure shows that you would have to spend $1.2354 in order to buy €1.00.
For an example of the spot price in the commodities market, let’s look at Brent crude. If the spot price of Brent was currently $55.00, it means that you could pay $55.00 now and receive immediate delivery of the amount of oil that you bought.
However, if you were trading on a futures price of $57.00, it means that you would be opening a contract once the price of the contract meets the futures price. For example, once the market value exceeded $57.00, you would execute the trade and receive delivery of the underlying.