What is the tick value for ZB?

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

What is one ZB contract worth?

One contract represents $100,000 face value, 30-Year US Treasury Bond. Notional value = price × $1000; use the tick value calculator with the current price for an exact figure.

Which exchange lists ZB?

30-Year T-Bond (ZB) trades on the CBOT.

What are the trading hours for ZB?

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 ZB?

Margin varies by broker and is generally lower relative to notional than equity index futures.

How is P&L calculated for ZB?

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

30-Year T-Bond (ZB) Tick Value & Contract Specs

Tick value $31.25 per tick — $100,000 face value, 30-Year US Treasury Bond.

The 30-Year US Treasury Bond future (ZB) prices in a convention all its own: points and 32nds of face value, so a quote of 118'16 means 118 and 16/32. The minimum tick is 1/32 of a point — 0.03125 — worth $31.25 per contract on $100,000 face value. A full point (32 ticks) is exactly $1,000 per contract, which makes back-of-envelope P&L quick once the 32nds convention clicks.

ZB is the long end of the US yield curve in tradeable form. Because 30-year bonds have the highest duration of the Treasury complex, ZB moves the most per basis-point change in long-term yields — CPI releases, Fed meetings and refunding announcements produce its biggest sessions. Rate traders pair it against ZN (the 10-year) for curve positions; macro traders use it outright. Either way, the tick math is unforgiving of guesswork: use the pre-filled calculator below to convert your planned move into dollars.

Exchange: CBOT
Contract size: $100,000 face value, 30-Year US Treasury Bond
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 is generally lower relative to notional than equity index futures.

Open in the tick value calculator, pre-filled for ZB

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

One contract represents $100,000 face value, 30-Year US Treasury Bond. P&L for a move from entry to exit is (exit − entry) ÷ tick size × tick value × contracts.

Frequently asked questions

What is the tick value for ZB?: $31.25 per tick — a 0.03125 tick size × a $1000 multiplier (point value).
What is one ZB contract worth?: One contract represents $100,000 face value, 30-Year US Treasury Bond. Notional value = price × $1000; use the tick value calculator with the current price for an exact figure.
Which exchange lists ZB?: 30-Year T-Bond (ZB) trades on the CBOT.
What are the trading hours for ZB?: 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 ZB?: Margin varies by broker and is generally lower relative to notional than equity index futures.
How is P&L calculated for ZB?: 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 2026-06-01. Exchanges can amend contract specs — always confirm against the exchange or your broker before trading.