--- title: 30-Year U.S. Treasury Bond Futures (ZB) Contract Specifications description: ZB product specs --- [Skip to content](https://help.metrotrade.com/kb/30-year-u.s.-treasury-bond-futures-zb-contract-specifications#main-content) English Show submenu for translations [![MetroTrade](https://help.metrotrade.com/hs-fs/hubfs/logo3-1.png?width=225&height=39&name=logo3-1.png)](https://metrotrade.com/) Open main navigation Close main navigation - English Show submenu for translations - [MetroTrade.com](https://www.metrotrade.com/) [MetroTrade.com](https://www.metrotrade.com/) How can we help you? - There are no suggestions because the search field is empty. 1. [KnowledgeBase](https://help.metrotrade.com/kb?hsLang=en) 2. [Products & Specs](https://help.metrotrade.com/kb/products-specs?hsLang=en) 3. [Contract Specs](https://help.metrotrade.com/kb/products-specs?hsLang=en#contract-specs) # 30-Year U.S. Treasury Bond Futures (ZB) Contract Specifications #### What you're trading The CBOT 30-Year Treasury Bond future (ZB) — often called the "long bond" — gives you exposure to the long end of the U.S. Treasury yield curve through a contract deliverable against eligible U.S. Treasury bonds with at least 15 years but less than 25 years of remaining term to maturity from the first day of the delivery month. ZB is used by pension funds and insurers to manage duration exposure, by corporate treasurers to hedge long-term borrowing costs, and by macro speculators to trade views on long-term inflation expectations, Fed policy path, and fiscal/deficit dynamics. ZB prices move inversely to long-bond yields. #### Contract size $100,000 face value of U.S. Treasury bonds.  #### Tick value Minimum price fluctuation is 1/32 of a point ($31.25 per contract). ZB prices are quoted in points and 32nds — for example, "115'16" means 115 and 16/32, or 115.5. A full 1-point move equals $1,000 per contract, and a 1/32 move equals $31.25. #### 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 is set at 2:00 p.m. CT. Treasury futures react strongly to U.S. economic data releases (NFP, CPI, PCE) and to FOMC decisions. #### Settlement type Physically delivered against eligible Treasury bonds. Contract months are March, June, September, and December. Trading terminates on the seventh business day preceding the last business day of the delivery month. Speculative traders almost always close or roll positions before First Position Day to avoid delivery logistics. #### Margin snapshot ZB margin is typically the highest of the Treasury complex because its long duration makes it the most rate-sensitive contract per unit of notional. | **Initial margin (overnight)** | ~$4,300–$5,500 per contract (approximate; varies with volatility) | | --- | --- | | **Maintenance margin** | ~$3,900–$5,000 per contract | | **Day-trade margin** | Broker-set; often a fraction of overnight margin | | **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.* #### Related learning - CME official contract specifications: [30-Year U.S. Treasury Bond Futures Contract Specs](https://www.cmegroup.com/markets/interest-rates/us-treasury/30-year-us-treasury-bond.contractSpecs.html) - [Ultra U.S. Treasury Bond (UB) — longer-dated bond futures](https://www.cmegroup.com/markets/interest-rates/us-treasury/ultra-t-bond.contractSpecs.html) - [10-Year U.S. Treasury Note (ZN)](https://www.cmegroup.com/markets/interest-rates/us-treasury/10-year-us-treasury-note.contractSpecs.html) - [CME initial margin requirements (all products)](https://www.cmegroup.com/clearing/margins/) - [MetroTrade intraday margin requirements](https://www.metrotrade.com/margins/) - [Account Information](https://help.metrotrade.com/kb/account-information?hsLang=en#main-content) - [Account Eligibility](https://help.metrotrade.com/kb/account-information?hsLang=en#account-eligibility) - [Account Management / Profile](https://help.metrotrade.com/kb/account-information?hsLang=en#account-management-profile) - [Account Statements & Reporting](https://help.metrotrade.com/kb/account-information?hsLang=en#account-statements-reporting) - [Funding & Withdrawals](https://help.metrotrade.com/kb/funding-withdrawals?hsLang=en) - [Pricing & Fees](https://help.metrotrade.com/kb/pricing-fees?hsLang=en) - [MetroTrader Platform](https://help.metrotrade.com/kb/metrotrader-platform?hsLang=en#main-content) - [MetroTrader Web](https://help.metrotrade.com/kb/metrotrader-platform?hsLang=en#metrotrader-web) - [MetroTrader App](https://help.metrotrade.com/kb/metrotrader-platform?hsLang=en#metrotrader-app) - [Troubleshooting](https://help.metrotrade.com/kb/metrotrader-platform?hsLang=en#troubleshooting) - [Margins & Trading Info](https://help.metrotrade.com/kb/margins-trading-info?hsLang=en#main-content) - [Margin & Risk](https://help.metrotrade.com/kb/margins-trading-info?hsLang=en#margin-risk) - [Trading Hours & Market Schedule](https://help.metrotrade.com/kb/margins-trading-info?hsLang=en#trading-hours-market-schedule) - [About MetroTrade](https://help.metrotrade.com/kb/about-metrotrade?hsLang=en) - [Products & Specs](https://help.metrotrade.com/kb/products-specs?hsLang=en#main-content) - [Product Information](https://help.metrotrade.com/kb/products-specs?hsLang=en#product-information) - [Contract Specs](https://help.metrotrade.com/kb/products-specs?hsLang=en#contract-specs) [![MetroTrade](https://help.metrotrade.com/hs-fs/hubfs/mt-fb-profile.png?width=50&height=50&name=mt-fb-profile.png "MetroTrade")](https://metrotrade.com) Chicago, IL USA [mailto:support@metrotrade.com](mailto:support@metrotrade.com) Copyright © 2026, MetroTrade