CBOT
2-Year T-Note (ZT) Tick Value & Contract Specs
Tick value $7.8125 per tick — $200,000 face value, 2-Year US Treasury Note.
The 2-Year US Treasury Note future (ZT) is the odd one out of the Treasury complex in two ways, and both matter for position sizing. First, its face value is $200,000 rather than the $100,000 used by ZF, ZN and ZB — double the notional per contract. Second, it trades in eighths of 1/32, a decimal increment of 0.00390625, the finest tick CBOT lists on a Treasury. Those two quirks cancel out: the tick is worth $7.8125, exactly the same as ZF's, despite being half the size.
That $7.8125 figure is the number most traders get wrong, because the instinct is to assume a finer tick means a cheaper one. It does not here. A full point on ZT is 256 ticks and $2,000 per contract, twice what a point is worth further out the curve. ZT tracks the front end, so it responds almost entirely to near-term Fed expectations and reacts hard to surprise CPI and payroll prints. It is the standard front leg of a 2s10s curve trade against ZN. Use the calculator below rather than scaling ZN's math — the doubled face value is exactly where that shortcut breaks.
- Exchange
- CBOT
- Contract size
- $200,000 face value, 2-Year US Treasury Note
- Tick size
- 0.00390625
- Tick value
- $7.8125
- Point value (multiplier)
- $2000
- 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 the lowest of the Treasury complex relative to notional, given the 2-year's short duration.
How ZT 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 ZT, that is 0.00390625 × $2000 = $7.8125 per tick, per contract.
One contract represents $200,000 face value, 2-Year US Treasury Note. P&L for a move from entry to exit is (exit − entry) ÷ tick size × tick value × contracts.
ZT contract months and ticker symbols
A futures ticker is three parts: the root, a one-letter delivery month, and the year. ZTZ2026 is the December 2026 ZT contract. The month letters skip I and L, which would read as 1 and 7 on a ticker.
| Code | Month | Listed for ZT? |
|---|---|---|
| F | January | No |
| G | February | No |
| H | March | Yes — ZTH |
| J | April | No |
| K | May | No |
| M | June | Yes — ZTM |
| N | July | No |
| Q | August | No |
| U | September | Yes — ZTU |
| V | October | No |
| X | November | No |
| Z | December | Yes — ZTZ |
Which ZT 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 |
|---|---|---|
| ZT1! | TradingView | Continuous front-month contract. "2!" is the next one out, and a dated contract is written in full, e.g. ZTZ2026. |
| ZT00 | Barchart | Continuous front-month series. "ZTZ26" style codes name a specific month and year instead. |
| ZTc1 | Refinitiv / Reuters | Continuous front month; c2 is the second month out. |
| /ZT | thinkorswim, tastytrade | The leading slash marks it as a future rather than a stock. A specific month is /ZTZ26. |
| ZT=F | Yahoo Finance | The "=F" suffix denotes the front-month futures series. |
| $ZT | 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 ZTZ26 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 ZT?
- $7.8125 per tick — a 0.00390625 tick size × a $2000 multiplier (point value).
- What is one ZT contract worth?
- One contract represents $200,000 face value, 2-Year US Treasury Note. Notional value = price × $2000; use the tick value calculator with the current price for an exact figure.
- Which exchange lists ZT?
- 2-Year T-Note (ZT) trades on the CBOT.
- What are the trading hours for ZT?
- 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 ZT?
- Margin varies by broker and is the lowest of the Treasury complex relative to notional, given the 2-year's short duration.
- What are the ZT contract months?
- ZT lists March, June, September and December.
- What does ZTZ2026 mean?
- It is one specific ZT contract: the root ZT, the delivery-month code Z, and the year. Z is December, so ZTZ2026 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 ZT00, ZT1! or /ZT?
- All three name the same thing: the continuous front-month ZT contract, written differently by different platforms. Barchart uses ZT00, TradingView ZT1!, thinkorswim and tastytrade /ZT, Yahoo Finance ZT=F, and ZT on social media is usually written $ZT. None of them is a separate instrument — each stitches together whichever dated contract is currently the front month.
- How is P&L calculated for ZT?
- P&L = (exit price − entry price) ÷ 0.00390625 tick size × $7.8125 tick value × number of contracts. Use the tick value calculator to compute this directly.
More futures contract specs
- ZB — 30-Year T-BondTick value $31.25 · CBOT
- ZN — 10-Year T-NoteTick value $15.625 · CBOT
- ZF — 5-Year T-NoteTick value $7.8125 · CBOT
- YM — E-mini DowTick value $5.00 · CBOT
See all futures contract specs or use the futures contract & tick value calculator with any symbol or custom specs.
Specs last reviewed 2026-09-15. Exchanges can amend contract specs — always confirm against the exchange or your broker before trading.