Is the contract value of stock index futures used to maintain margin calculated at the settlement price of the day or the settlement price of the previous day?

During trading hours

Margin = real-time price * coefficient * margin ratio * number of positions.

Outside trading hours

Margin = settlement price * coefficient * margin ratio * number of positions.

Take the stock index as an example

If the current price is 2500 and the margin ratio is 10%, hold 5 lots.

Gross profit =2500*300* 10%*5

If the current settlement price is 3000, the margin ratio of 5 lots is 10%.

Gross profit =3000*300* 10%*5