TL;DRThe standardized terms set by the exchange for every futures product. Tick size, tick value, contract size, trading hours, expiration dates, and settlement method. Know these before you trade.
Contract specifications are the standardized terms set by the exchange for every futures product. They define the underlying asset, how much of it one contract controls, the minimum price movement, the dollar value of each movement, when the contract expires, and how it settles.
These specs are identical for every participant. That standardization is what makes futures tradeable on an exchange. You need to know the specs for any product you trade because they directly affect your risk, profit per tick, and margin requirements.
Tick size is the minimum price increment. ES moves in 0.25-point ticks. CL moves in $0.01 ticks.
Tick value is the dollar amount per tick. ES is $12.50, NQ is $5.00, CL is $10.00. This is the number you use for all risk calculations.
Contract size (multiplier) defines how much one contract represents. ES is $50 times the index. CL is 1,000 barrels. GC is 100 troy ounces.
Trading hours vary by product. ES trades nearly 23 hours per day. Agricultural products have shorter sessions.
Expiration and settlement define when the contract ends and how it resolves.
The CME Group website (cmegroup.com) is the official source for all specs on products traded at CME, CBOT, NYMEX, and COMEX. Each product has a dedicated spec page.
Your broker's platform also displays specs, usually accessible by right-clicking a contract or checking product details. Always verify specs before trading a new product.
| product | initial | maintenance | day trade* |
|---|---|---|---|
| E-mini S&P 500 (ES) | $50/point | $12.50/tick | 0.25 pt tick |
| E-mini Nasdaq-100 (NQ) | $20/point | $5.00/tick | 0.25 pt tick |
| Crude Oil (CL) | $1,000/point | $10.00/tick | $0.01 tick |
| Gold (GC) | $100/point | $10.00/tick | $0.10 tick |
| 30-Year T-Bond (ZB) | $1,000/point | $31.25/tick | 1/32 tick |
| Corn (ZC) | $50/point | $12.50/tick | 0.25c tick |
*Day trade margins vary by broker and change with volatility.
ES vs. NQ specs
You're comparing ES and NQ. Both are equity index futures but specs differ.
ES: $50 per point, $12.50 per tick. NQ: $20 per point, $5.00 per tick. A 10-point move is $500 on ES but $200 on NQ. Despite NQ having a higher notional value, the per-point dollar impact is lower.
Crude oil specs
You want to trade CL. One contract is 1,000 barrels. Tick size is $0.01, worth $10 per tick.
A $1.00 move (100 ticks) is $1,000 per contract. CL is a $75,000+ notional contract. Make sure your risk plan can handle the per-tick exposure.
Trading a new product without checking the tick value
CL is $10 per tick. ZB is $31.25 per tick. The difference is massive. Always verify before your first trade.
Assuming all index futures have the same multiplier
ES is $50/point, NQ is $20/point, YM is $5/point. A 100-point move means very different dollar amounts.
Not checking trading hours before placing overnight orders
Not all products trade 23 hours. Check the schedule for each product you trade.