LoggingTradesZN contract specs
| Contract | 10-Year T-Note (ZN) |
|---|---|
| Exchange | CBOT (CME Group) |
| Contract size | $100,000 face value 10-year U.S. Treasury note |
| Tick size | 0.015625 |
| Tick value | $15.625 |
| Point value | $1,000 |
| Typical session | Sunday–Friday, 6:00 p.m.–5:00 p.m. ET (5:00 p.m.–4:00 p.m. CT) on CME Globex, with a daily break from 5:00 p.m. to 6:00 p.m. ET. Holiday hours differ. |
Specs as listed by CME Group; confirm with your broker. Margin requirements vary by broker and prop firm, so they are not listed here.
ZN tick value in dollars
ZN is the 10-year T-Note future. Prices are quoted in points and fractions of 1/32 and the minimum tick is half of a 32nd (1/64 point), worth $15.625.
Worked example. You buy 1 ZN at 110 and sell at 110.25. The move is 0.25 price units, which is 16 ticks (prices shown as decimals; Treasuries are quoted in 32nds, so 0.25 is 8/32). At $15.625 per tick that is $250 per contract; trading 2 contracts doubles it to $500. A stop the same distance away would cost the same amount, which is why you should convert every stop into dollars before you enter.
Sizing and risk
ZN is a full-size contract; use the position size calculator to see whether one contract fits your stop and risk limit.
To turn a stop distance into a contract count, use the position size calculator. Inside a prop-firm evaluation, check the result against the drawdown with the prop firm challenge calculator, and read the micro vs mini futures guide.
FAQ
What is the ZN tick value?
One ZN tick is 0.015625 and is worth $15.625 per contract. One full point is $1,000 per contract.
How many ticks are in a point for ZN?
64 ticks per point, because the minimum price increment is 0.015625.
How much do I make or lose on a 16-tick ZN move?
16 ticks × $15.625 = $250 per contract, before commissions and fees. With 3 contracts that is $750.
When does ZN trade?
ZN trades on CME Globex Sunday–Friday, 6:00 p.m.–5:00 p.m. ET (5:00 p.m.–4:00 p.m. CT) on CME Globex, with a daily break from 5:00 p.m. to 6:00 p.m. ET. Holiday hours differ. Confirm current hours with your broker and CME Group.