10 Year Treasury Futures
10 year treasury futures describes ZN contract mechanics, not a forecast or a recommendation.
Educational only, not a recommendation to buy or sell any contract or a solicitation to open an account. Futures and options trading involves substantial risk of loss. You can lose more than your initial deposit.
Contract specifications
| Specification | ZN |
|---|---|
| Exchange | CBOT |
| Symbol | ZN |
| Contract size | $100,000 face value |
| Tick size / value | ½ of 1/32 point = $15.625 |
| Trading hours | Official product page: Sunday–Friday 6:00 p.m.–5:00 p.m. ET. Confirm on the live table. |
| Listed months | Confirm current listed months on the official exchange contract specifications page. |
| Settlement | Physical delivery of notes meeting the current official deliverable-basket rules, with a conversion factor. |
Last verified November 10, 2026.
This is the supplied source-note date, not confirmation of every live field. Dated sources and fields requiring exchange confirmation are identified below.
Quotes use points and fractions, with par at 100. No specific remaining-maturity window is stated: use the current official deliverable basket, not conflicting educational summaries.
Micro, mini, and related smaller contracts
No smaller equivalent is verified here. Check the exchange; other Treasury products are not interchangeable with ZN.
Worked tick and 1% example
Hypothetical arithmetic illustration only — not a current price, projection, trading result, or recommendation.
One outright tick changes one ZN contract by $15.625. Four ticks change it by 4 × $15.625 = $62.5, in either direction, before costs.
Assume a made-up quotation of 112 points (par = 100). A 1% price change is 1.12 in those quote units. Multiplying by 1,000 gives $1,120 for one contract. The same move against a position produces a loss of that amount before costs.
For ZN, one full quotation point is $1,000 on $100,000 face value. At the invented 112-point quotation, a 1% price move is 1.12 points × $1,000 = $1,120. This is a price move, not a one-percentage-point yield move; real exchange quotes use permitted fractions and the exact 1% illustration may lie between ticks.
Commissions, fees, bid-ask spreads, and slippage are excluded. Leverage can lead to losses larger than your deposit; a 1% price move is not a 1% account-equity move.
Margin and leverage
Margin is a performance bond, not the purchase price or a limit on loss. Exchange requirements and carrying-firm requirements can change; the firm may require more and may liquidate positions when requirements are not met. No margin dollar amounts are quoted here.
Official exchange product and margin information · Margin and Leverage in Futures
What moves the market
Inflation, Federal Reserve policy, Treasury supply, growth, and demand for duration can move prices. Bond prices and yields generally move inversely, but this is not a forecast.
Reading the Economic Calendar explains scheduled-release timing. Unscheduled news can also move prices; stops do not guarantee an exit price.
Rollover and expiration
CME Treasuries education states seven business days before the last business day of the month. Confirm current last-trade rules and delivery dates.
A roll closes one contract month and opens another; spreads, costs, and execution risk remain. Firm deadlines may be earlier than exchange deadlines. See Contract Rollover, First Notice Day, and Last Trading Day.
Frequently asked questions
What is the contract size and tick value?
ZN: $100,000 face value; ½ of 1/32 point = $15.625.
Is there a smaller related contract?
No smaller equivalent is verified here. Check the exchange; other Treasury products are not interchangeable with ZN.
How does settlement and expiration work?
Physical delivery of notes meeting the current official deliverable-basket rules, with a conversion factor. CME Treasuries education states seven business days before the last business day of the month. Confirm current last-trade rules and delivery dates.
Does a smaller contract or a stop remove risk?
No. Futures remain leveraged; you can lose more than your initial deposit. Smaller contracts change dollar exposure, not market direction. Stops do not guarantee a fill at the stop price.
Talk it through, if that would help
Ask about contract mechanics or practicing with simulated funds. There is no obligation to open an account.
Demo accounts use simulated funds. Demo results do not reflect real trading and are not indicative of future results. Features, terms, and availability can change.
Drew Rathgeber, President
949-996-4611 · drathgeber@profuturestrader.com