10-Year U.S. Treasury Note Futures (ZN) — Contract Specifications
CBOT · Interest Rates
The benchmark of the Treasury complex. Quoted in points and 32nds — a price of 110'16 means 110 and 16/32.
Contract specifications
| Exchange symbol | ZN |
|---|---|
| Exchange | CBOT |
| Contract size | $100,000 face value |
| Minimum tick | 1/2 of 1/32 of a point |
| Value per tick | $15.625 |
| Contract months | Mar, Jun, Sep, DecMonth codes: H, M, U, Z |
| Settlement | Physical delivery of eligible Treasury notes |
| Trading hours | Sun–Fri 18:00–17:00 ET, 60-minute break each day at 17:00 ET |
What one tick is worth
The minimum price increment is 1/2 of 1/32 of a point. Because the contract covers $100,000 face value, each tick is worth $15.625 per contract.
This contract is physically delivered. Holding it past first notice day starts the delivery process, so traders without a use for the underlying normally close or roll well before then — see how rollover works.
Other contracts on this market
| Contract | Size | Per tick |
|---|---|---|
| U.S. Treasury Bond ZB · CBOT | $100,000 face value | $31.25 |
| 5-Year U.S. Treasury Note ZF · CBOT | $100,000 face value | $7.8125 |