Common U.S. Futures Tick Size and Tick Value
Posted: Tue Jun 30, 2026 11:17 pm
Understanding Tick Size vs. Tick Value of Futures Contracts
If you're new to futures trading, one of the first things that trips people up is the difference between Tick Size and Tick Value — and how wildly these vary from one contract to another. This post breaks it down with real examples so you can quickly reference what each instrument is actually worth per move.
Basics of Tick Size vs. Tick Value
Tick Size: is the smallest price increment a contract can move. It's set by the exchange and is fixed for each instrument — you can't get a price quote between ticks.
Tick Value: is how much money one tick is worth, based on the contract's multiplier: Tick Value = Tick Size × Contract Multiplier
So two contracts can have the same tick size but completely different tick values, depending on the multiplier behind them. This is the part that catches people off guard — assuming all "0.25" ticks are worth the same is a fast way to miscalculate risk.
Common U.S. Futures
E-mini S&P 500 (ES)
Tick size: 0.25 pts | Tick value: $12.50
Micro E-mini S&P 500 (MES)
Tick size: 0.25 pts | Tick value: $1.25 (1/10th size of ES)
E-mini Nasdaq-100 (NQ)
Tick size: 0.25 pts | Tick value: $5.00
Micro E-mini Nasdaq (MNQ)
Tick size: 0.25 pts | Tick value: $0.50 (1/10th size of NQ)
E-mini Dow (YM)
Tick size: 1 pt | Tick value: $5.00
E-mini Russell 2000 (RTY)
Tick size: 0.10 pts | Tick value: $5.00
Crude Oil (CL)
Tick size: $0.01 | Tick value: $10.00
Gold (GC)
Tick size: $0.10 | Tick value: $10.00
Silver (SI)
Tick size: $0.005 | Tick value: $25.00
10-Year T-Note (ZN)
Tick size: 1/64 pt | Tick value: $15.625
30-Year T-Bond (ZB)
Tick size: 1/32 pt | Tick value: $31.25
Euro FX (6E)
Tick size: 0.00005 | Tick value: $6.25
Corn (ZC)
Tick size: 1/4 cent | Tick value: $12.50
IMPORTANT: Always double-check current specs with your broker or the exchange as contract specs do occasionally change.
Why Tick Size and Tick Value Matters
1. Position Sizing: If you're risking $200 on a trade, knowing the tick value tells you exactly how many ticks of adverse movement you can tolerate before you're out.
2. Comparing Instruments: A 10-tick move in ZB ($312.50) is a very different animal from a 10-tick move in MES ($12.50), even though "10 ticks" sounds the same on the surface.
3. Micro vs. Standard Contracts: Exchanges have rolled out micro contracts (MES, MNQ, MYM, M2K, MGC, etc.) specifically so retail traders can scale tick value down without changing tick size — same granularity, smaller dollar risk per tick.
4. Bond Futures are the Oddball: Unlike index or commodity futures, Treasury futures quote in fractions (32nds or 64nths of a point), not decimals. This trips up a lot of people moving from equities/index trading into rates.
Quick Check Formula
When evaluating a new contract, ask:
- What's the minimum price increment? (tick size)
- What's the multiplier? (contract size)
- Multiply them → that's your dollar risk/reward per tick.
Once you internalize this for the handful of contracts you actually trade, position sizing and stop placement become a lot more intuitive.
If you're new to futures trading, one of the first things that trips people up is the difference between Tick Size and Tick Value — and how wildly these vary from one contract to another. This post breaks it down with real examples so you can quickly reference what each instrument is actually worth per move.
Basics of Tick Size vs. Tick Value
Tick Size: is the smallest price increment a contract can move. It's set by the exchange and is fixed for each instrument — you can't get a price quote between ticks.
Tick Value: is how much money one tick is worth, based on the contract's multiplier: Tick Value = Tick Size × Contract Multiplier
So two contracts can have the same tick size but completely different tick values, depending on the multiplier behind them. This is the part that catches people off guard — assuming all "0.25" ticks are worth the same is a fast way to miscalculate risk.
Common U.S. Futures
E-mini S&P 500 (ES)
Tick size: 0.25 pts | Tick value: $12.50
Micro E-mini S&P 500 (MES)
Tick size: 0.25 pts | Tick value: $1.25 (1/10th size of ES)
E-mini Nasdaq-100 (NQ)
Tick size: 0.25 pts | Tick value: $5.00
Micro E-mini Nasdaq (MNQ)
Tick size: 0.25 pts | Tick value: $0.50 (1/10th size of NQ)
E-mini Dow (YM)
Tick size: 1 pt | Tick value: $5.00
E-mini Russell 2000 (RTY)
Tick size: 0.10 pts | Tick value: $5.00
Crude Oil (CL)
Tick size: $0.01 | Tick value: $10.00
Gold (GC)
Tick size: $0.10 | Tick value: $10.00
Silver (SI)
Tick size: $0.005 | Tick value: $25.00
10-Year T-Note (ZN)
Tick size: 1/64 pt | Tick value: $15.625
30-Year T-Bond (ZB)
Tick size: 1/32 pt | Tick value: $31.25
Euro FX (6E)
Tick size: 0.00005 | Tick value: $6.25
Corn (ZC)
Tick size: 1/4 cent | Tick value: $12.50
IMPORTANT: Always double-check current specs with your broker or the exchange as contract specs do occasionally change.
Why Tick Size and Tick Value Matters
1. Position Sizing: If you're risking $200 on a trade, knowing the tick value tells you exactly how many ticks of adverse movement you can tolerate before you're out.
2. Comparing Instruments: A 10-tick move in ZB ($312.50) is a very different animal from a 10-tick move in MES ($12.50), even though "10 ticks" sounds the same on the surface.
3. Micro vs. Standard Contracts: Exchanges have rolled out micro contracts (MES, MNQ, MYM, M2K, MGC, etc.) specifically so retail traders can scale tick value down without changing tick size — same granularity, smaller dollar risk per tick.
4. Bond Futures are the Oddball: Unlike index or commodity futures, Treasury futures quote in fractions (32nds or 64nths of a point), not decimals. This trips up a lot of people moving from equities/index trading into rates.
Quick Check Formula
When evaluating a new contract, ask:
- What's the minimum price increment? (tick size)
- What's the multiplier? (contract size)
- Multiply them → that's your dollar risk/reward per tick.
Once you internalize this for the handful of contracts you actually trade, position sizing and stop placement become a lot more intuitive.