10-Year U.S. Treasury Note tick value
Chicago Board of Trade (CBOT), interest rate
- Tick
- $15.6251/2 of 1/32 of a point (0.015625) per tick
- One point
- $1,000per contract
- Initial margin
- $2,062.50exchange, as of 27 Oct 2026
- Front contract
- ZNZ26roll by 25 Nov 2026
Specs checked as of How we source this
Value of a move
| Ticks | 1 contract | 2 contracts | 5 contracts | 10 contracts |
|---|---|---|---|---|
| 1 | $15.625 | $31.25 | $78.125 | $156.25 |
| 4 | $62.50 | $125 | $312.50 | $625 |
| 10 | $156.25 | $312.50 | $781.25 | $1,562.50 |
| 20 | $312.50 | $625 | $1,562.50 | $3,125 |
| 50 | $781.25 | $1,562.50 | $3,906.25 | $7,812.50 |
| 100 | $1,562.50 | $3,125 | $7,812.50 | $15,625 |
How tick value works
A tick is the smallest price change a futures contract can make. For 10-Year U.S. Treasury Note (ZN) the tick is 1/2 of 1/32 of a point (0.015625) and each tick is worth $15.625 per contract. That figure comes from the contract size: $100,000 face value, so a move of one full price unit is worth $1,000, and one tick is that amount multiplied by the tick size.
To value any price move, count the ticks and multiply. A 10-tick move on one contract is $156.25; the same move on five contracts is $781.25. Profit and loss on ZN are settled in USD, so if your account is in another currency your result also depends on the exchange rate.
The tick value is fixed by the exchange specification and doesn't change with price, unlike the contract's total notional value. That makes it the basic unit for sizing positions: decide how many ticks your stop is from your entry, multiply by $15.625, and you have the loss per contract if the stop is hit, before commissions and slippage. The calculator below does this for any number of ticks and contracts.
Calculator
Questions
- What is the tick value of ZN?
- Each tick (1/2 of 1/32 of a point (0.015625)) is worth $15.625 per contract.
- How much is a 10-tick move on ZN?
- $156.25 per contract.
- In what currency is ZN settled?
- USD.