10-Year U.S. Treasury Note Futures (ZN) — Contract Specs
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 |
Where these figures come from
Compiled from the exchanges' published contract specifications (CME, CBOT, NYMEX, COMEX). Last reviewed .
Every contract is checked for internal consistency: the tick value must equal the contract size multiplied by the tick. All 41 agree, including the interest-rate contracts quoted in fractions of a thirty-second of a point.
These figures are NOT independently verified against the exchange. We do not fetch cmegroup.com - it refuses our requests and its terms do not permit it - so an exchange that changes a contract specification will not be reflected here until someone reviews it by hand. Check with the exchange or your broker before trading on them.
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 |