Futures Contract Specs
Tick size, tick value, point value and contract unit for the most-traded CME futures. The numbers you need before you can size a position, and the ones most commonly misremembered.
By Joey van Diest, founder and editorUpdated
Equity index
| Symbol | Contract | Unit | Tick size | Tick value | Point value |
|---|---|---|---|---|---|
| ES | E-mini S&P 500 CME | $50 x S&P 500 Index | 0.25 index points | $12.50 | $50 |
| MES | Micro E-mini S&P 500 CME | $5 x S&P 500 Index | 0.25 index points | $1.25 | $5 |
| NQ | E-mini Nasdaq-100 CME | $20 x Nasdaq-100 Index | 0.25 index points | $5 | $20 |
| MNQ | Micro E-mini Nasdaq-100 CME | $2 x Nasdaq-100 Index | 0.25 index points | $0.50 | $2 |
| YM | E-mini Dow CBOT | $5 x Dow Jones Industrial Average | 1.00 index point | $5 | $5 |
| RTY | E-mini Russell 2000 CME | $50 x Russell 2000 Index | 0.10 index points | $5 | $50 |
Metals
| Symbol | Contract | Unit | Tick size | Tick value | Point value |
|---|---|---|---|---|---|
| GC | Gold COMEX | 100 troy ounces | 0.10 per troy ounce | $10 | $100 |
| MGC | Micro Gold COMEX | 10 troy ounces | 0.10 per troy ounce | $1 | $10 |
| SI | Silver COMEX | 5,000 troy ounces | 0.005 per troy ounce | $25 | $5,000 |
| HG | Copper COMEX | 25,000 pounds | 0.0005 per pound | $12.50 | $25,000 |
Energy
| Symbol | Contract | Unit | Tick size | Tick value | Point value |
|---|---|---|---|---|---|
| CL | WTI Crude Oil NYMEX | 1,000 barrels | 0.01 per barrel | $10 | $1,000 |
| NG | Henry Hub Natural Gas NYMEX | 10,000 MMBtu | 0.001 per MMBtu | $10 | $10,000 |
Interest rates
| Symbol | Contract | Unit | Tick size | Tick value | Point value |
|---|---|---|---|---|---|
| ZB | 30-Year U.S. Treasury Bond CBOT | Face value at maturity of $100,000 | 1/32 of one point (0.03125) | $31.25 | $1,000 |
| ZN | 10-Year U.S. Treasury Note CBOT | Face value at maturity of $100,000 | 1/2 of 1/32 of one point (0.015625) | $15.625 | $1,000 |
| ZF | 5-Year U.S. Treasury Note CBOT | Face value at maturity of $100,000 | 1/4 of 1/32 of one point (0.0078125) | $7.8125 | $1,000 |
Currencies
| Symbol | Contract | Unit | Tick size | Tick value | Point value |
|---|---|---|---|---|---|
| 6E | Euro FX CME | 125,000 euro | 0.000050 per euro (Globex outright) | $6.25 | $125,000 |
| 6J | Japanese Yen CME | 12,500,000 Japanese yen | 0.0000005 per yen (Globex outright) | $6.25 | $12,500,000 |
| 6B | British Pound CME | 62,500 British pounds | 0.0001 per pound (Globex outright) | $6.25 | $62,500 |
How to use these numbers
risk per contract = stop distance in ticks × tick value
contracts = (account × risk %) ÷ risk per contract
That is the whole job these specifications do. Suppose you trade the E-mini S&P 500 with a stop 12 points away. Twelve points is 48 ticks, and each tick is $12.50, so one contract risks$600. On a $30,000 account risking 1%, that is $300, which means one contract is already double your intended risk and the Micro at $60 per 12 points is the contract that fits. Working that out beforehand is the difference between a considered position and an accidental one.
The tick-versus-point distinction is where most errors happen. A trader who assumes a tick is a point on the E-mini is out by a factor of four; on the 10-year Treasury note, where a tick is half of one thirty-second, the error is larger still. Once you have the risk per contract, theposition size calculatorturns it into a position for a fixed percentage of account, and therisk/reward calculatortells you whether the target justifies that stop.
Where these figures came from
Every value on this page was read from CME Group's own contract-specification data for the product concerned on 2026-07-23, rather than reproduced from memory or copied from another site. That distinction matters more than it sounds: exchange specifications do change, published summaries go stale, and a wrong tick value silently multiplies or divides someone's risk. Two details in particular are easy to get wrong and are handled explicitly here. Several products quote a finer tick for calendar spreads than for outright trades, and the outright figure is the one shown. The currency futures quote different minimum ticks on CME Globex than on CME ClearPort, and the Globex outright is shown, because that is the venue a screen trader is on.
Margin requirements are deliberately absent. They change often, differ by clearing firm, and differ again between day-trade and overnight positions, so publishing them would create exactly the kind of confidently-wrong reference this page exists to avoid. As a cross-check on the table itself, tick value equals tick size multiplied by point value for all 18 contracts listed.
Frequently asked questions
- What is the difference between tick value and point value?
- A tick is the smallest price increment the contract can move; a point is a full 1.00 move in the quoted price. Tick value is what one tick is worth in dollars, point value what a whole point is worth. For the E-mini S&P 500 a tick is 0.25 index points worth $12.50, and a full point is worth $50, four ticks. Confusing the two is a four-fold sizing error on that contract, and much larger on others.
- Why do some contracts show a different tick for spreads?
- Exchanges often allow a finer minimum increment for calendar spreads and certain venues than for outright trades, because spread prices are differences and need finer granularity. Everything on this page is the OUTRIGHT tick on CME Globex, which is what you face trading the contract on a screen. If you trade spreads, check the spread tick separately.
- Do these numbers change?
- Yes. Exchanges revise contract specifications, and have made meaningful changes to tick sizes and contract units over the years. That is exactly why every figure here was read from the exchange's own specification data on the date shown rather than reproduced from a reference. Treat the date as part of the data, and confirm with the exchange before sizing a real position.
- What about margin requirements?
- Deliberately omitted. Initial and maintenance margins change frequently, vary between clearing firms, and differ for day-trade versus overnight positions, so any figure published here would be stale and misleading almost immediately. Your broker's current margin schedule is the only reliable source for that.
- Are the micros the same contract?
- Same underlying index, one tenth the size. The Micro E-mini S&P 500 is $5 per index point against the E-mini's $50, with the same 0.25 tick, so a tick is $1.25 rather than $12.50. They exist so that a position can be sized sensibly on a smaller account, which is often the difference between a survivable risk per trade and an impossible one.
Method and limitations
Specifications were read from CME Group's own contract-specification data for each product on 2026-07-23. Where a product quotes different minimum ticks by venue or by spread type, the outright tick on CME Globex is shown. Contract specifications change: this page is a static reference verified on the date given, not a live feed, and the exchange is the authority. Margin requirements are not published here because they vary by broker and change frequently. This is reference information, not trading advice.
Data sources
- CME Group contract specifications — contract specifications read on 2026-07-23
For general information and education only. This is not financial advice and not a recommendation to buy or sell anything. Trading and investing carry risk, including the risk of losing more than your initial outlay. Always verify figures against your broker or the original source before acting on them.
Spotted an error? Email[email protected]and it will be corrected. Maintained byJoey van Diest.