Spot market

A spot market is a venue where assets are bought and sold for immediate delivery and settlement at the current price, known as the spot price. Ownership of the actual asset changes hands promptly, in contrast to derivative markets where contracts settle at a future date or track a price without transferring the underlying.

In crypto, a spot trade means exchanging one asset directly for another—say a token for a stablecoin—and holding the result. Spot transactions do not inherently involve borrowing or leverage. A common misconception is that all exchange trading is spot; many venues also offer derivatives such as futures, which behave very differently.