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.
- 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 = 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.
Specs last reviewed 2026-06-01. Exchanges can amend contract specs — always confirm against the exchange or your broker before trading.