What is the tick value for UB?

$31.25 per tick — a 0.03125 tick size × a $1000 multiplier (point value).

What is one UB contract worth?

One contract represents $100,000 face value of US Treasury bonds with at least 25 years to maturity. Notional value = price × $1000; use the tick value calculator with the current price for an exact figure.

Which exchange lists UB?

Ultra T-Bond (UB) trades on the CBOT.

What are the trading hours for UB?

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 UB?

Margin varies by broker and runs above ZB's, reflecting the Ultra Bond's greater interest-rate sensitivity.

What are the UB contract months?

UB lists March, June, September and December.

What does UBZ2026 mean?

It is one specific UB contract: the root UB, the delivery-month code Z, and the year. Z is December, so UBZ2026 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 UB00, UB1! or /UB?

All three name the same thing: the continuous front-month UB contract, written differently by different platforms. Barchart uses UB00, TradingView UB1!, thinkorswim and tastytrade /UB, Yahoo Finance UB=F, and UB on social media is usually written $UB. None of them is a separate instrument — each stitches together whichever dated contract is currently the front month.

How is P&L calculated for UB?

P&L = (exit price − entry price) ÷ 0.03125 tick size × $31.25 tick value × number of contracts. Use the tick value calculator to compute this directly.

CBOT

Ultra T-Bond (UB) Tick Value & Contract Specs

Tick value $31.25 per tick — $100,000 face value of US Treasury bonds with at least 25 years to maturity.

The Ultra Treasury Bond future (UB) is the long end of the CBOT Treasury curve. Each contract covers $100,000 face value, and the deliverable bonds are those with at least 25 years left to maturity, longer than the classic bond contract (ZB), which accepts bonds from 15 years. Price is quoted in points and 32nds of a point; the minimum tick is 1/32, worth $31.25 per contract, so a full point is $1,000.

That extra maturity is the whole point of the contract. A longer bond has higher duration, so UB moves more than ZB for the same change in yields and is the most rate-sensitive contract in the Treasury complex. Traders use it to express views on long-term inflation and government borrowing, and portfolio managers use it to adjust duration efficiently. The flip side is size: a one-point move is $1,000 per contract, and long-end yields can shift enough on a CPI release or a Treasury refunding announcement to move UB by more than that in a single session. Reading the price correctly matters too, because 115-16 means 115 and 16/32, not 115.16. The calculator below is pre-filled with UB's specs.

Exchange: CBOT
Contract size: $100,000 face value of US Treasury bonds with at least 25 years to maturity
Tick size: 0.03125
Tick value: $31.25
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 ZB's, reflecting the Ultra Bond's greater interest-rate sensitivity.

Open in the tick value calculator, pre-filled for UB View the live UB chart on TradingView

How UB 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 UB, that is 0.03125 × $1000 = $31.25 per tick, per contract.

One contract represents $100,000 face value of US Treasury bonds with at least 25 years to maturity. P&L for a move from entry to exit is (exit − entry) ÷ tick size × tick value × contracts.

UB contract months and ticker symbols

A futures ticker is three parts: the root, a one-letter delivery month, and the year. UBZ2026 is the December 2026 UB contract. The month letters skip I and L, which would read as 1 and 7 on a ticker.

Delivery month codes, with the months UB lists marked
Code	Month	Listed for UB?
F	January	No
G	February	No
H	March	Yes — UBH
J	April	No
K	May	No
M	June	Yes — UBM
N	July	No
Q	August	No
U	September	Yes — UBU
V	October	No
X	November	No
Z	December	Yes — UBZ

Which UB 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
UB1!	TradingView	Continuous front-month contract. "2!" is the next one out, and a dated contract is written in full, e.g. UBZ2026.
UB00	Barchart	Continuous front-month series. "UBZ26" style codes name a specific month and year instead.
UBc1	Refinitiv / Reuters	Continuous front month; c2 is the second month out.
/UB	thinkorswim, tastytrade	The leading slash marks it as a future rather than a stock. A specific month is /UBZ26.
UB=F	Yahoo Finance	The "=F" suffix denotes the front-month futures series.
$UB	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 UBZ26 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 UB?: $31.25 per tick — a 0.03125 tick size × a $1000 multiplier (point value).
What is one UB contract worth?: One contract represents $100,000 face value of US Treasury bonds with at least 25 years to maturity. Notional value = price × $1000; use the tick value calculator with the current price for an exact figure.
Which exchange lists UB?: Ultra T-Bond (UB) trades on the CBOT.
What are the trading hours for UB?: 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 UB?: Margin varies by broker and runs above ZB's, reflecting the Ultra Bond's greater interest-rate sensitivity.
What are the UB contract months?: UB lists March, June, September and December.
What does UBZ2026 mean?: It is one specific UB contract: the root UB, the delivery-month code Z, and the year. Z is December, so UBZ2026 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 UB00, UB1! or /UB?: All three name the same thing: the continuous front-month UB contract, written differently by different platforms. Barchart uses UB00, TradingView UB1!, thinkorswim and tastytrade /UB, Yahoo Finance UB=F, and UB on social media is usually written $UB. None of them is a separate instrument — each stitches together whichever dated contract is currently the front month.
How is P&L calculated for UB?: P&L = (exit price − entry price) ÷ 0.03125 tick size × $31.25 tick value × number of contracts. Use the tick value calculator to compute this directly.

More futures contract specs

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.