30-Day Federal Funds Futures (ZQ) — Contract Specs
CBOT · Interest Rates
The contract underlying CME's FedWatch tool — the market's implied probabilities of Fed rate moves are derived from ZQ pricing.
Contract specifications
| Exchange symbol | ZQ |
|---|---|
| Exchange | CBOT |
| Contract size | $5,000,000 face value |
| Minimum tick | 0.0025 index points (nearest month), 0.005 thereafter |
| Value per tick | $10.4175 / $20.835 |
| Contract months | All 12 calendar months |
| Settlement | Cash settled to the average daily Fed Funds effective rate |
| 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 0.0025 index points (nearest month), 0.005 thereafter. Because the contract covers $5,000,000 face value, each tick is worth $10.4175 / $20.835 per contract.
This contract is cash settled, so there is no delivery obligation and no first notice day. Positions settle in cash against the reference price.
Other contracts on this market
| Contract | Size | Per tick |
|---|---|---|
| Three-Month SOFR SR3 · CME | $2,500 × contract-grade IMM Index | $6.25 / $12.50 |