I see, so if I get this right, futures are valued based on the expected asset value at the future’s expiry date - which tends to be more sensitive to trends (wh

I see, so if I get this right, futures are valued based on the expected asset value at the future’s expiry date - which tends to be more sensitive to trends (which are harder to manipulate), and less sensitive to momentary price fluctuations (which are much easier to manipulate)? Except as the expiry date approaches. At that time fluctuations in assets and and derivatives must approach lock step, with the derivative having a magnified response. So there should be at least that critical time (approaching expiration) when market manipulation impacts derivatives more proportionally than base asset prices.