Futures contract specifications
Tick size, tick value, point value and contract size for 28 of the most traded futures contracts.
Every futures calculation starts here. The cash value of a price move is fixed by the contract specification rather than by the price, so one point on the E-mini S&P 500 is $50 whether the index trades at 3,000 or 6,000. Tick value follows directly:
tick value = point value × tick size
These are the standard exchange specifications. Exchanges do revise them, and brokers set their own margin requirements on top, so treat this as a reference and verify anything you are about to trade against your broker or the exchange. Use them in the tick value calculator, position size calculator and margin calculator.
Equity indices
| Symbol | Contract | Exchange | Tick size | Tick value | Point value | Contract size |
|---|---|---|---|---|---|---|
| ES | E-mini S&P 500 | CME | 0.25 | $12.50 | $50.00 | $50 × index |
| MESmicro | Micro E-mini S&P 500 | CME | 0.25 | $1.25 | $5.00 | $5 × index |
| NQ | E-mini Nasdaq-100 | CME | 0.25 | $5.00 | $20.00 | $20 × index |
| MNQmicro | Micro E-mini Nasdaq-100 | CME | 0.25 | $0.5000 | $2.00 | $2 × index |
| YM | E-mini Dow | CBOT | 1 | $5.00 | $5.00 | $5 × index |
| MYMmicro | Micro E-mini Dow | CBOT | 1 | $0.5000 | $0.50 | $0.50 × index |
| RTY | E-mini Russell 2000 | CME | 0.1 | $5.00 | $50.00 | $50 × index |
| M2Kmicro | Micro E-mini Russell 2000 | CME | 0.1 | $0.5000 | $5.00 | $5 × index |
Energy
| Symbol | Contract | Exchange | Tick size | Tick value | Point value | Contract size |
|---|---|---|---|---|---|---|
| CL | Crude Oil (WTI) | NYMEX | 0.01 | $10.00 | $1,000.00 | 1,000 barrels |
| MCLmicro | Micro WTI Crude Oil | NYMEX | 0.01 | $1.00 | $100.00 | 100 barrels |
| NG | Natural Gas | NYMEX | 0.001 | $10.00 | $10,000.00 | 10,000 MMBtu |
| RB | RBOB Gasoline | NYMEX | 0.0001 | $4.20 | $42,000.00 | 42,000 gallons |
Metals
| Symbol | Contract | Exchange | Tick size | Tick value | Point value | Contract size |
|---|---|---|---|---|---|---|
| GC | Gold | COMEX | 0.1 | $10.00 | $100.00 | 100 troy ounces |
| MGCmicro | Micro Gold | COMEX | 0.1 | $1.00 | $10.00 | 10 troy ounces |
| SI | Silver | COMEX | 0.005 | $25.00 | $5,000.00 | 5,000 troy ounces |
| SILmicro | Micro Silver | COMEX | 0.005 | $5.00 | $1,000.00 | 1,000 troy ounces |
| HG | Copper | COMEX | 0.0005 | $12.50 | $25,000.00 | 25,000 pounds |
| PL | Platinum | NYMEX | 0.1 | $5.00 | $50.00 | 50 troy ounces |
Interest rates
| Symbol | Contract | Exchange | Tick size | Tick value | Point value | Contract size |
|---|---|---|---|---|---|---|
| ZB | 30-Year U.S. Treasury BondQuoted in points and 32nds. One tick is 1/32 of a point. | CBOT | 0.03125 | $31.25 | $1,000.00 | $100,000 face value |
| ZN | 10-Year U.S. Treasury NoteQuoted in points and half-32nds. One tick is 1/64 of a point. | CBOT | 0.015625 | $15.63 | $1,000.00 | $100,000 face value |
| ZF | 5-Year U.S. Treasury NoteQuoted in points and quarter-32nds. One tick is 1/128 of a point. | CBOT | 0.0078125 | $7.81 | $1,000.00 | $100,000 face value |
Agriculture
| Symbol | Contract | Exchange | Tick size | Tick value | Point value | Contract size |
|---|---|---|---|---|---|---|
| ZC | CornQuoted in cents per bushel. One point is one cent. | CBOT | 0.25 | $12.50 | $50.00 | 5,000 bushels |
| ZS | SoybeansQuoted in cents per bushel. One point is one cent. | CBOT | 0.25 | $12.50 | $50.00 | 5,000 bushels |
| ZW | WheatQuoted in cents per bushel. One point is one cent. | CBOT | 0.25 | $12.50 | $50.00 | 5,000 bushels |
Currencies
| Symbol | Contract | Exchange | Tick size | Tick value | Point value | Contract size |
|---|---|---|---|---|---|---|
| 6E | Euro FX | CME | 0.00005 | $6.25 | $125,000.00 | €125,000 |
| 6B | British Pound | CME | 0.0001 | $6.25 | $62,500.00 | £62,500 |
| 6A | Australian Dollar | CME | 0.00005 | $5.00 | $100,000.00 | A$100,000 |
| 6J | Japanese Yen | CME | 0.0000005 | $6.25 | $12,500,000.00 | ¥12,500,000 |
Conventions worth knowing
Treasuries are quoted in points and 32nds rather than decimals. The 30-year bond’s tick is 1/32 of a point — 0.03125 — and at $1,000 per point that makes one tick $31.25. The 10-year note trades in half-32nds and the 5-year in quarter-32nds, which is why their tick values fall on awkward fractions.
Agricultural contracts are quoted in cents per bushel, so a “point” is one cent. Corn at 5,000 bushels moves $50 per cent, and its quarter-cent tick is worth $12.50 — the same tick value as the E-mini S&P, arrived at completely differently.
Micro contracts are the same contract at a fraction of the size, usually a tenth. Price, tick size and behaviour are identical; only the multiplier changes. They are what make risk-based position sizing workable on a smaller account, because the rounding step is a tenth as coarse.
Margin is not listed here because it is not a contract specification. Exchanges set it from recent volatility and revise it, and brokers commonly require more than the exchange minimum. Take the figure from your broker and use the margin calculator.
Specifications are provided for reference and are occasionally revised by the exchange. Verify against your broker or the exchange before trading. Nothing on this page is financial advice.