10-Year U.S. Treasury Note Futures (ZN) Contract Specifications
What you're trading
The CBOT 10-Year Treasury Note future (ZN) gives you exposure to the belly of the U.S. Treasury yield curve through a contract deliverable against eligible U.S. Treasury notes with at least 6½ years but no more than 10 years of remaining term to maturity from the first day of the delivery month. ZN is the most actively traded Treasury future and is the primary benchmark for trading U.S. interest rate duration. It's used for hedging mortgage portfolios, expressing views on Fed policy, and trading yield-curve spreads against shorter- and longer-dated Treasury futures.
Contract size
$100,000 face value of U.S. Treasury notes.
Tick value
Minimum price fluctuation is one-half of 1/32 of a point ($15.625 per contract). ZN prices are quoted in points, 32nds, and halves of 32nds — for example, "110'155" means 110 + 15.5/32. A full 1-point move equals $1,000 per contract.
Trading hours
CME Globex: Sunday 5:00 p.m. CT through Friday 4:00 p.m. CT, with the 4:00–5:00 p.m. CT maintenance halt Monday through Thursday. Daily settlement at 2:00 p.m. CT.
Settlement type
Physically delivered against eligible Treasury notes. Contract months are March, June, September, and December. Trading terminates on the seventh business day preceding the last business day of the delivery month. Close or roll positions before First Position Day to avoid delivery.
Margin snapshot
ZN is the most liquid Treasury future, and its margin sits between the shorter-dated ZF/ZT and the longer-dated ZB.
|
Initial margin (overnight) |
~$2,300–$3,000 per contract (approximate; varies with volatility) |
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Maintenance margin |
~$2,100–$2,730 per contract |
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Day-trade margin |
Broker-set; often a fraction of overnight margin |
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Face value (reference) |
$100,000 per contract |
Margins change with market volatility and vary by broker. The figures above are approximate and for reference only — always confirm current requirements with MetroTrade support or on the CME margin page before trading.