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.

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.

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.

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

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.

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.
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

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.