CBOT
10-Year T-Note (ZN) Tick Value & Contract Specs
Tick value $15.625 per tick — $100,000 face value, 10-Year US Treasury Note.
By volume, the 10-Year Treasury Note future (ZN) is one of the most traded interest-rate contracts on earth — the standard instrument for expressing a view on the benchmark US 10-year yield. Each contract is $100,000 face value, quoted in points and fractions of 32nds; the minimum tick is half of 1/32 (0.015625), worth exactly $15.625 per contract. Thirty-two 32nds — 64 ticks — make one full point worth $1,000.
The 10-year sits at the centre of global fixed income: mortgage rates key off it, equity valuations discount against it, and every inflation print and Fed decision flows through it. ZN's deep liquidity keeps the bid-ask spread at a single tick almost around the clock, which is why hedgers and macro funds concentrate there. Note the halved tick versus ZB when comparing the two. The calculator below is pre-filled with ZN's exact specs — including the $15.625 tick that rounds badly if you let it.
- Exchange
- CBOT
- Contract size
- $100,000 face value, 10-Year US Treasury Note
- 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 is generally lower relative to notional than equity index futures.
How ZN 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 ZN, that is 0.015625 × $1000 = $15.625 per tick, per contract.
One contract represents $100,000 face value, 10-Year US Treasury Note. P&L for a move from entry to exit is (exit − entry) ÷ tick size × tick value × contracts.
ZN contract months and ticker symbols
A futures ticker is three parts: the root, a one-letter delivery month, and the year. ZNZ2026 is the December 2026 ZN contract. The month letters skip I and L, which would read as 1 and 7 on a ticker.
| Code | Month | Listed for ZN? |
|---|---|---|
| F | January | No |
| G | February | No |
| H | March | Yes — ZNH |
| J | April | No |
| K | May | No |
| M | June | Yes — ZNM |
| N | July | No |
| Q | August | No |
| U | September | Yes — ZNU |
| V | October | No |
| X | November | No |
| Z | December | Yes — ZNZ |
Which ZN 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 |
|---|---|---|
| ZN1! | TradingView | Continuous front-month contract. "2!" is the next one out, and a dated contract is written in full, e.g. ZNZ2026. |
| ZN00 | Barchart | Continuous front-month series. "ZNZ26" style codes name a specific month and year instead. |
| ZNc1 | Refinitiv / Reuters | Continuous front month; c2 is the second month out. |
| /ZN | thinkorswim, tastytrade | The leading slash marks it as a future rather than a stock. A specific month is /ZNZ26. |
| ZN=F | Yahoo Finance | The "=F" suffix denotes the front-month futures series. |
| $ZN | 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 ZNZ26 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 ZN?
- $15.625 per tick — a 0.015625 tick size × a $1000 multiplier (point value).
- What is one ZN contract worth?
- One contract represents $100,000 face value, 10-Year US Treasury Note. Notional value = price × $1000; use the tick value calculator with the current price for an exact figure.
- Which exchange lists ZN?
- 10-Year T-Note (ZN) trades on the CBOT.
- What are the trading hours for ZN?
- 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 ZN?
- Margin varies by broker and is generally lower relative to notional than equity index futures.
- What are the ZN contract months?
- ZN lists March, June, September and December.
- What does ZNZ2026 mean?
- It is one specific ZN contract: the root ZN, the delivery-month code Z, and the year. Z is December, so ZNZ2026 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 ZN00, ZN1! or /ZN?
- All three name the same thing: the continuous front-month ZN contract, written differently by different platforms. Barchart uses ZN00, TradingView ZN1!, thinkorswim and tastytrade /ZN, Yahoo Finance ZN=F, and ZN on social media is usually written $ZN. None of them is a separate instrument — each stitches together whichever dated contract is currently the front month.
- How is P&L calculated for ZN?
- 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
- ZF — 5-Year T-NoteTick value $7.8125 · CBOT
- ZT — 2-Year T-NoteTick value $7.8125 · CBOT
- ZB — 30-Year T-BondTick value $31.25 · CBOT
- ZC — CornTick value $12.50 · CBOT
See all futures contract specs or use the futures contract & tick value calculator with any symbol or custom specs.
Specs last reviewed 2026-09-06. Exchanges can amend contract specs — always confirm against the exchange or your broker before trading.