30-Day Federal Funds Futures (ZQ) — Contract Specifications
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 |
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 |