A futures (futures contract) that is out of the money (OTM); a futures contract is out of the money for a buyer when the futures price (as defined in the contract) is above the spot price on delivery date. The opposite holds true for a futures  seller, i.e., when the futures price is below the spot price on delivery date.

The futures may become out of the money but does not become worthless after expiration date because the parties remain contractually committed to fulfill their respective obligations either by physical delivery or cash settlement. In futures, a party must close its positions on or before the last trading day in order to avoid the obligation to fulfill the contract as per the set terms.