CBOT
Ultra 10-Year T-Note (TN) Tick Value & Contract Specs
Tick value $15.625 per tick — $100,000 face value of original-issue 10-year US Treasury notes.
The Ultra 10-Year Note future (TN) exists to track the true 10-year point of the yield curve more closely than the classic 10-Year Note contract (ZN). ZN's deliverable basket runs from about six and a half to ten years, so its price tends to follow notes nearer seven years. TN delivers only original-issue 10-year notes with at least nine years and five months remaining, so it behaves much more like the benchmark 10-year Treasury quoted in the news.
Each contract is $100,000 face value, quoted in points and 32nds. The minimum tick is half of 1/32 of a point, worth $15.625 per contract, the same tick value as ZN. Because TN carries more duration, though, it moves further for each basis point of yield, so the same stop distance in ticks covers a smaller yield move. That distinction matters for anyone trading around the 10-year auction, CPI or an FOMC decision: a position sized for ZN is effectively larger in TN. Write the tick value as $15.625 rather than rounding it to $15.63; across many ticks and contracts the difference adds up. The calculator below is pre-filled with TN's specs.
- Exchange
- CBOT
- Contract size
- $100,000 face value of original-issue 10-year US Treasury notes
- Tick size
- 0.015625
- Tick value
- $15.625
- Point value (multiplier)
- $1000
- Trading hours
- Sun–Fri 6:00pm–5:00pm ET, with a daily trading halt 5:00pm–6:00pm ET
- Margin
- Margin varies by broker and runs above ZN's, reflecting TN's longer duration.
How TN tick value works
Tick value is the dollar amount one futures contract gains or loses when the price moves one minimum increment (one tick).
tick value = tick size × multiplier. For TN, that is 0.015625 × $1000 = $15.625 per tick, per contract.
One contract represents $100,000 face value of original-issue 10-year US Treasury notes. P&L for a move from entry to exit is (exit − entry) ÷ tick size × tick value × contracts.
TN contract months and ticker symbols
A futures ticker is three parts: the root, a one-letter delivery month, and the year. TNZ2026 is the December 2026 TN contract. The month letters skip I and L, which would read as 1 and 7 on a ticker.
| Code | Month | Listed for TN? |
|---|---|---|
| F | January | No |
| G | February | No |
| H | March | Yes — TNH |
| J | April | No |
| K | May | No |
| M | June | Yes — TNM |
| N | July | No |
| Q | August | No |
| U | September | Yes — TNU |
| V | October | No |
| X | November | No |
| Z | December | Yes — TNZ |
Which TN contract am I looking at?
Most charts default to the continuous front-month series rather than a dated contract — one stitched-together chart that rolls to the next month as the current one nears expiry. Every platform spells it differently, which is why the same contract appears under so many names.
| Written as | Platform | Meaning |
|---|---|---|
| TN1! | TradingView | Continuous front-month contract. "2!" is the next one out, and a dated contract is written in full, e.g. TNZ2026. |
| TN00 | Barchart | Continuous front-month series. "TNZ26" style codes name a specific month and year instead. |
| TNc1 | Refinitiv / Reuters | Continuous front month; c2 is the second month out. |
| /TN | thinkorswim, tastytrade | The leading slash marks it as a future rather than a stock. A specific month is /TNZ26. |
| TN=F | Yahoo Finance | The "=F" suffix denotes the front-month futures series. |
| $TN | StockTwits, social | A cashtag, not an exchange symbol. It usually means the front month, but it is informal and ambiguous. |
A dated code such as TNZ26 always means one specific contract; the continuous forms never do. Check which you are quoting before comparing a price to someone else’s — around a roll they differ.
Frequently asked questions
- What is the tick value for TN?
- $15.625 per tick — a 0.015625 tick size × a $1000 multiplier (point value).
- What is one TN contract worth?
- One contract represents $100,000 face value of original-issue 10-year US Treasury notes. Notional value = price × $1000; use the tick value calculator with the current price for an exact figure.
- Which exchange lists TN?
- Ultra 10-Year T-Note (TN) trades on the CBOT.
- What are the trading hours for TN?
- Sun–Fri 6:00pm–5:00pm ET, with a daily trading halt 5:00pm–6:00pm ET.
- How much margin do I need to trade TN?
- Margin varies by broker and runs above ZN's, reflecting TN's longer duration.
- What are the TN contract months?
- TN lists March, June, September and December.
- What does TNZ2026 mean?
- It is one specific TN contract: the root TN, the delivery-month code Z, and the year. Z is December, so TNZ2026 is the December 2026 contract. The codes run F G H J K M N Q U V X Z for January through December — I and L are skipped because they read as 1 and 7 on a ticker.
- What is TN00, TN1! or /TN?
- All three name the same thing: the continuous front-month TN contract, written differently by different platforms. Barchart uses TN00, TradingView TN1!, thinkorswim and tastytrade /TN, Yahoo Finance TN=F, and TN on social media is usually written $TN. None of them is a separate instrument — each stitches together whichever dated contract is currently the front month.
- How is P&L calculated for TN?
- P&L = (exit price − entry price) ÷ 0.015625 tick size × $15.625 tick value × number of contracts. Use the tick value calculator to compute this directly.
More futures contract specs
- ZB — 30-Year T-BondTick value $31.25 · CBOT
- ZN — 10-Year T-NoteTick value $15.625 · CBOT
- ZF — 5-Year T-NoteTick value $7.8125 · CBOT
- ZT — 2-Year T-NoteTick value $7.8125 · CBOT
See all futures contract specs or use the futures contract & tick value calculator with any symbol or custom specs.
Specs last reviewed 2026-10-30. Exchanges can amend contract specs — always confirm against the exchange or your broker before trading.