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10-Year Treasury Note (ZN) Futures Contract Specifications

What Are 10-Year Treasury Note (ZN) Futures?

10-Year Treasury Note Futures (ZN) provide traders with exposure to intermediate-term U.S. government debt. These contracts are the most liquid Treasury futures, used for speculation on interest rates, hedging fixed income portfolios, or implementing yield curve trading strategies.

Contract Size

Contract Size: Face value of $100,000

Example: This contract size allows traders to gain exposure to treasuries with controlled leverage and risk.

Tick Value and Increment

  • Tick Size: 1/32 (or 0.015625) of a point
  • Tick Value: $15.625 per tick
  • Point Value: $1,000.00 per point

These specifications make 10-Year Treasury Note (ZN) Futures suitable for traders seeking exposure to treasuries markets.

Trading Hours

10-Year Treasury Note (ZN) Futures trade with extended hours, providing flexibility for traders in different time zones.

  • Trading Hours: Sunday to Friday, nearly 24 hours a day with a short break
  • Time Zone: Central Time (CT)

Trading Symbol

Platform Symbol: ZN

Margins

To trade 10-Year Treasury Note (ZN) Futures, you'll need to meet specific margin requirements. Check with your broker for the latest margin rates and details.

Why Trade 10-Year Treasury Note (ZN) Futures?

  • Exposure to the benchmark Treasury security in global financial markets
  • Highest liquidity among all Treasury futures contracts
  • Effective hedging tool for intermediate-term interest rate risk
  • Reference point for pricing many fixed income securities
  • Trading opportunities based on economic data and Federal Reserve policy

Position Sizing for 10-Year Treasury Note (ZN) Futures

Proper position sizing is crucial when trading 10-Year Treasury Note (ZN) Futures. Use our position size calculator to determine the optimal number of contracts based on your risk tolerance and account size.

Position Size Calculator Example

For 10-Year Treasury Note (ZN) Futures (ZN):

  • Tick Size: 1/32 (or 0.015625) of a point
  • Tick Value: $15.625 per tick
  • Point Value: $1,000.00 per point

If you want to risk $500 with a 10-point stop loss:

Risk per Contract = Stop Loss in Points × Point Value = 10 × 1,000.00 per point = $10

Maximum Contracts = Risk Amount ÷ Risk per Contract = $500 ÷ $10 = 50 contracts

Try our calculator for precise position sizing →
30-Year Treasury Bond (ZB)5-Year Treasury Note (ZF)