In the first place, we understand that point instance, request instance and reserved instances are pricing models. Moving along, timely instances provide the ability for customers to purchase computing capacity without initial commitment, at hourly rates usually lower than the On-Demand rate in each region. The point instances are equal to the bids, the bid price is called the spot price.
The spot price varies according to the supply and demand of the cases, but the customers will never pay more than the maximum price that they have specified. If the spot price moves higher than the maximum price of a customer, the customer's EC2 instance will automatically close. But the opposite is not true, if Spot prices go down again, your EC2 instance will not start automatically, you have to do it manually. In Spot and On demand instance, there is no compromise for duration from the user side, however in reserved cases one has to stick to the time period you have chosen.
Nice blog post on AWS
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