10-Year U.S. Treasury Note Futures Contract Specifications (ZN)
Interest rate futures quote in price points that map to a fixed dollar value per contract. Small quote increments matter here more than in most markets, because a rate move of a few basis points translates into a meaningful P/L swing on a full-size contract.
Specifications
| Contract unit | $100K note |
| Exchange | CBOT/CME |
| Symbol | ZN |
| Tick size | 1/64 |
| Tick value | $15.62 |
| Point value | $1,000 |
| Delivery months | H,M,U,Z |
| Sector | Financials |
| Quote currency | $ |
Margin is not listed here on purpose — the exchange revises it and every broker adds its own buffer. Check your broker's platform for the live figure. Use the margin calculator to estimate what a position will tie up.
Doing the tick math
One tick is 1/64 in the quoted price, which is $15.62 per contract. A move of one full point (1.00 in the quoted price) is worth $1,000, so there are 64 ticks in a point. Get those two numbers wrong and every risk calculation downstream is wrong, which is the point of the tick value guide.
Enter your own prices in the tick value and P/L calculator to see the dollar result for this contract without doing the arithmetic by hand.
Delivery months
H,M,U,Z — March, June, September, December. Liquidity concentrates in the nearest active month; open interest migrates over a few weeks before expiry, which is what the roll mechanics guide walks through.
What one tick is worth at different position sizes
The per-tick figure scales linearly, which is the part most traders get wrong when they add contracts without re-checking risk.
| Position | Value of 1 tick | Value of 10 ticks |
|---|---|---|
| 1 contract | $15.62 | $156.25 |
| 2 contracts | $31.25 | $312.50 |
| 5 contracts | $78.12 | $781.25 |
| 10 contracts | $156.25 | $1,562.50 |
Ten ticks on a ZN contract is a move of 1/64 × 10 in the quoted price. If you want the P/L for a specific entry and exit rather than a tick multiple, put the prices into the tick value calculator.
Converting your stop into a dollar risk
Stops are set in price terms but risk is booked in dollars. Multiply the stop distance in ticks by the tick value — and then add commission, which is charged per contract per side and is not in the numbers below.
| Stop distance | 1 contract | 5 contracts |
|---|---|---|
| 5 ticks | $78.12 | $390.62 |
| 10 ticks | $156.25 | $781.25 |
| 20 ticks | $312.50 | $1,562.50 |
| 40 ticks | $625 | $3,125 |
On a $100K note contract, a 20-tick stop at one contract ties up $312.50 of risk before costs. At five contracts it is $1,562.50. This is why position size should follow the stop, not the other way round — the arithmetic is laid out in choosing a futures contract.
How margin is set on 10-Year U.S. Treasury Note futures
Margin is not a property of the contract spec — it is a risk parameter the exchange recalculates periodically and that your broker then marks up. Two consequences follow:
- The figure moves when volatility moves, so a margin number copied from a blog post is usually stale.
- Two brokers can require different amounts for the same ZN contract.
What is fixed by the spec is the notional exposure: $100K note multiplied by the price. Margin is a percentage of that notional, which is why a higher price or a wider exchange buffer raises the cash requirement without the contract itself changing. The margin calculator takes your broker's number and converts it into "how many contracts can I hold"; the mechanics are in how futures margin works.
Where these numbers come from
Contract unit, tick size and delivery months are taken from the contract specifications published by CBOT/CME. Exchanges occasionally change tick sizes and listing months, so before relying on this page for a live position, check the current spec sheet on the exchange's own product page or on your broker's platform. This page was last rebuilt on 15 November 2026.
What moves 10-Year U.S. Treasury Note prices
- The policy rate path — expectations for central bank decisions drive the front end
- Inflation prints — the main input to that path
- Supply and auctions — issuance calendars move the long end
- Flight to quality — risk-off flows bid the complex regardless of fundamentals
This is context, not a recommendation. Nothing here tells you which way the market is going.
More financials contracts
- Ultra 10-Year U.S. Treasury Note (TN) — $100K Note, $15.62 per tick
- Euro-Buxl (FGBX) — 100,000 €, €20 per tick
- 30-Day Federal Funds (ZQ) — $5 mil, $20.84 per tick
- ASX 90-Day Bank Bill (IR) — A$1,000,000, $24 per tick
- Long-Term Euro-BTP (FBTP) — 100,000 €, €10 per tick
- Short-Term Euro-BTP (FBTS) — 100,000 €, €10 per tick
Full list: all 135 contract specifications. Sizing maths: tick value calculator, margin calculator.
Frequently asked
What is the contract size of 10-Year U.S. Treasury Note futures?
One ZN contract represents $100K note. Every tick value and point value on this page follows from that quantity.
How much is one tick worth in ZN futures?
One tick is a price move of 1/64, worth $15.62 per contract. A full point move (1.00 in the quoted price) is worth $1,000.
Which delivery months does ZN trade?
H,M,U,Z — March, June, September, December. The front month carries most of the liquidity and open interest migrates a few weeks before expiry.