An over-the-counter (OTC) swap that is cash-settled based on the settlement price of a similar exchange-traded futures contract on a certain trading day. This swap functions similarly like a futures contract in exception of the financial settlement after expiration of the underlying futures in the case of the swap. Financial settlement involves the exchange of payments, rather than physical delivery.

It is also known as a futures lookalike swap, a fixed-float futures swap, or simply as a futures swap.