10-Year U.S. Treasury Note vs 30-Year U.S. Treasury Bond
Different markets, compared on cost per move, margin, hours and settlement.
Margins as of Specs checked as of How we source this
| ZN | ZB | |
|---|---|---|
| Exchange | Chicago Board of Trade | Chicago Board of Trade |
| Contract unit | $100,000 face value | $100,000 face value |
| Tick size | 1/2 of 1/32 of a point (0.015625) | 1/32 of a point (0.03125) |
| Tick value | $15.625 | $31.25 |
| One point | $1,000 | $1,000 |
| Initial margin | $2,062.50 | $4,070 |
| Maintenance margin | $1,875 | $3,700 |
| Settlement | Physical delivery | Physical delivery |
| Contract months | Mar (H), Jun (M), Sep (U), Dec (Z) | Mar (H), Jun (M), Sep (U), Dec (Z) |
| Front contract | ZNZ26, roll by 25 Nov 2026 | ZBZ26, roll by 25 Nov 2026 |
| Trading hours | CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break. | CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break. |
How they compare
10-Year U.S. Treasury Note (ZN) and 30-Year U.S. Treasury Bond (ZB) are different markets, so there is no exact equivalence between a position in one and a position in the other. What can be compared directly is what a move costs and what the exchange requires you to deposit. One point is worth $1,000 on ZN and $1,000 on ZB; ticks are worth $15.625 and $31.25.
Exchange initial margin is $2,062.50 for ZN and $4,070 for ZB, a ratio of 0.5 to 1. Both trade the same hours (CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break). ZN is physically delivered and ZB is physically delivered.
Because a point means something different in each market, risk is best compared in money rather than in points: decide the loss you would accept at your stop, convert it to ticks on each contract, and compare the resulting position sizes with the position-size calculator. The two markets also move by different amounts on a typical day, so the same number of contracts carries different risk.
Size a position on either with the ZN calculators or the ZB calculators.
Questions
- What is the difference between ZN and ZB?
- They are different markets. One point is worth $1,000 on ZN and $1,000 on ZB.
- Which needs more margin, ZN or ZB?
- Exchange initial margin is $2,062.50 for ZN and $4,070 for ZB (as of 27 Oct 2026).
- Do ZN and ZB trade the same hours?
- Yes.