2-Year U.S. Treasury Note Futures Contract Specifications (ZT)

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 1/128 in the quoted price, which is $7.81 per contract. A move of one full point (1.00 in the quoted price) is worth $2,000, so there are 256 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.

Ten ticks on a ZT contract is a move of 1/128 × 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 $200K note contract, a 20-tick stop at one contract ties up $156.25 of risk before costs. At five contracts it is $781.25. 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 2-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 ZT contract.

What is fixed by the spec is the notional exposure: $200K 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 2-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

• 3-Year U.S. Treasury Note (Z3N) — $200K note, $7.81 per tick
• 5-Year U.S. Treasury Note (ZF) — $100K note, $7.81 per tick
• 3-Month SONIA Index (SO3) — £500,000, £6.25 per tick
• Long-Term Euro-BTP (FBTP) — 100,000 €, €10 per tick
• Short-Term Euro-BTP (FBTS) — 100,000 €, €10 per tick
• Euro-Bund (FGBL) — 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 2-Year U.S. Treasury Note futures?

One ZT contract represents $200K note. Every tick value and point value on this page follows from that quantity.

How much is one tick worth in ZT futures?

One tick is a price move of 1/128, worth $7.81 per contract. A full point move (1.00 in the quoted price) is worth $2,000.

Which delivery months does ZT 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.