--- title: "10 Year Treasury Futures | ProFuturesTrader" url: https://profuturestrader.com/education/futures-markets/10-year-treasury-note-futures description: "Plain-English 10 year treasury futures guide: contract size, ticks, settlement, expiration, and risk. Educational only." lang: en --- Interest Rates and Volatility # 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. - Official contract specifications: https://www.cmegroup.com/markets/interest-rates/us-treasury/10-year-us-treasury-note.contractSpecs.html - CME Treasury futures education: https://www.cmegroup.com/education/courses/introduction-to-treasuries.html 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: https://www.cmegroup.com/markets/interest-rates/us-treasury/10-year-us-treasury-note.contractSpecs.html · Margin and Leverage in Futures: https://profuturestrader.com/education/margin-and-leverage ## 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 (https://profuturestrader.com/education/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 (https://profuturestrader.com/education/contract-rollover). ## 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? ### 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. 28-day demo: https://profuturestrader.com/demo Platforms: https://profuturestrader.com/platforms 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 (9499964611) · drathgeber@profuturestrader.com We use cookies, including X (Twitter) advertising cookies, to measure sign-ups and improve the site. ## Structured data ```json [ { "@context": "https://schema.org", "@type": "FinancialService", "name": "ProFuturesTrader", "description": "Professional futures trading platform with advanced charting, real-time data, and powerful tools for serious traders.", "url": "https://profuturestrader.com", "logo": "https://profuturestrader.com/favicon.png", "sameAs": [ "https://twitter.com/profuturestrader" ], "address": { "@type": "PostalAddress", "addressCountry": "US" }, "contactPoint": { "@type": "ContactPoint", "telephone": "+1-888-776-6359", "contactType": "customer service", "availableLanguage": "English" }, "offers": { "@type": "Offer", "description": "Professional futures trading accounts" } }, { "@context": "https://schema.org", "@type": "WebSite", "name": "ProFuturesTrader", "url": "https://profuturestrader.com", "potentialAction": { "@type": "SearchAction", "target": "https://profuturestrader.com/?search={search_term_string}", "query-input": "required name=search_term_string" } }, { "@context": "https://schema.org", "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://profuturestrader.com/" }, { "@type": "ListItem", "position": 2, "name": "Education", "item": "https://profuturestrader.com/education" }, { "@type": "ListItem", "position": 3, "name": "Futures Markets and Contracts", "item": "https://profuturestrader.com/education/futures-markets" }, { "@type": "ListItem", "position": 4, "name": "Interest Rates and Volatility", "item": "https://profuturestrader.com/education/futures-markets/interest-rates-volatility" }, { "@type": "ListItem", "position": 5, "name": "10 Year Treasury Futures", "item": "https://profuturestrader.com/education/futures-markets/10-year-treasury-note-futures" } ] }, { "@context": "https://schema.org", "@type": "Article", "headline": "10 Year Treasury Futures", "dateModified": "2026-11-10", "author": { "@type": "Person", "name": "Drew Rathgeber", "jobTitle": "President, Series 3 since 2006", "worksFor": { "@type": "Organization", "name": "ProFuturesTrader LLC" } }, "publisher": { "@type": "Organization", "name": "ProFuturesTrader LLC" }, "mainEntityOfPage": "https://profuturestrader.com/education/futures-markets/10-year-treasury-note-futures" }, { "@context": "https://schema.org", "@type": "Organization", "name": "ProFuturesTrader LLC", "identifier": { "@type": "PropertyValue", "propertyID": "NFA ID", "value": "0552506" }, "url": "https://profuturestrader.com" }, { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [ { "@type": "Question", "name": "What is the contract size and tick value?", "acceptedAnswer": { "@type": "Answer", "text": "ZN: $100,000 face value; ½ of 1/32 point = $15.625." } }, { "@type": "Question", "name": "Is there a smaller related contract?", "acceptedAnswer": { "@type": "Answer", "text": "No smaller equivalent is verified here. Check the exchange; other Treasury products are not interchangeable with ZN." } }, { "@type": "Question", "name": "How does settlement and expiration work?", "acceptedAnswer": { "@type": "Answer", "text": "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." } }, { "@type": "Question", "name": "Does a smaller contract or a stop remove risk?", "acceptedAnswer": { "@type": "Answer", "text": "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." } } ] } ] ```