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What is the market value of an (index) futures?

I guess the market value is either:

  1. quantity * contract size * price
  2. zero, if the daily unrealized PnL is disregarded

The contract is entered at zero cost, so should the market value also be considered zero? I can see arguments for both alternatives. Is there a common consensus for this?

Thanks in advance

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    $\begingroup$ If it is marked to market at some frequency (so that the unrealized P/L is realized by both parties who have entered the contract) then after each marking the value will be zero, and in between markings the value will be whatever the unrealized P/L is. $\endgroup$
    – rubikscube09
    Commented Sep 19, 2022 at 14:26
  • $\begingroup$ @rubikscube09 Thanks! $\endgroup$
    – Tomas
    Commented Sep 27, 2022 at 7:58

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