30-Day Federal Funds Futures Contract Specifications (ZQ)

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

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 0.005 in the quoted price, which is $20.84 per contract. A move of one full point (1.00 in the quoted price) is worth $4,167, so there are 200 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

All. 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.

Ten ticks on a ZQ contract is a move of 0.005 × 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.

On a $5 mil contract, a 20-tick stop at one contract ties up $416.70 of risk before costs. At five contracts it is $2,083.50. 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 30-Day Federal Funds 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 ZQ contract.

What is fixed by the spec is the notional exposure: $5 mil 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 30-Day Federal Funds 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

• Euro-Buxl (FGBX) — 100,000 €, €20 per tick
• ASX 90-Day Bank Bill (IR) — A$1,000,000, $24 per tick
• Eurodollar (GE) — $1 mil, $25 per tick
• Ultra 10-Year U.S. Treasury Note (TN) — $100K Note, $15.62 per tick
• 10-Year U.S. Treasury Note (ZN) — $100K note, $15.62 per tick
• ASX 3-Year Aus Interest Rate Swap (YT) — A$100,000, $30 per tick

Full list: all 135 contract specifications. Sizing maths: tick value calculator, margin calculator.

Frequently asked

What is the contract size of 30-Day Federal Funds futures?

One ZQ contract represents $5 mil. Every tick value and point value on this page follows from that quantity.

How much is one tick worth in ZQ futures?

One tick is a price move of 0.005, worth $20.84 per contract. A full point move (1.00 in the quoted price) is worth $4,167.

Which delivery months does ZQ trade?

All The front month carries most of the liquidity and open interest migrates a few weeks before expiry.