NQ vs MNQ: Nasdaq Futures Compared

The E-mini Nasdaq-100 (NQ) and Micro E-mini Nasdaq-100 (MNQ) track the same tech-heavy index. MNQ is one-tenth the size. That single difference changes how much each move is worth, how finely you can size positions and what you pay in commissions. Here's how they compare.

Specs side by side

Source: CME Group.

What a move costs you

The Nasdaq-100 often moves well over 100 points in a day. A 100-point move is $2,000 on one NQ and $200 on one MNQ. With a 40-point stop, one NQ risks $800 and one MNQ risks $80.

Check any other move with the tick value calculator.

Position sizing: why MNQ gives you more control

Say you risk $250 per trade and use a 40-point stop. One MNQ risks $80, so you can trade three MNQ ($240) and stay inside your limit. One NQ risks $800, more than three times your limit, so NQ simply isn't an option for that trade. MNQ lets you choose any multiple of $80; NQ only lets you choose multiples of $800.

MNQ also makes it easier to scale. With four MNQ you can take profit on one or two at a first target and hold the rest, which is impossible with a single NQ. Read Position Sizing and Risk per Trade for the full method.

A worked trade

Suppose you buy the Nasdaq-100 at 20,000.00 with a 30-point stop and a 60-point target (levels made up for illustration).

• One NQ: $600 at risk for a $1,200 target.
• One MNQ: $60 at risk for a $120 target.
• Four MNQ, scaling out: $240 at risk. Take two off at +30 points ($120) and move the stop on the other two to breakeven. If the rest hit the target, they add $240, for $360 in total. If they're stopped at breakeven, you keep $120.

That kind of partial exit is only possible because MNQ comes in small units. With one NQ, it's all or nothing.

NQ and MNQ in prop firm evaluations

Nasdaq futures are popular with prop firm traders, but drawdown limits are tight relative to how far NQ moves. On a 50K account with a $2,000 maximum drawdown:

• A 40-point stop on one NQ ($800) uses 40% of the drawdown on one trade.
• The same stop on one MNQ ($80) uses 4%.
• A 100-point adverse swing on two NQ ($4,000) would end the account; on two MNQ it's $400.

Firms also cap position size. Topstep's 50K Combine allows up to 5 contracts or 50 micros, and Tradeify's Growth 50K allows 4 contracts or 40 micros, according to their help centers on November 3, 2026. Compare more rules in the prop firm rankings and read How Prop Firm Evaluations Work.

Commissions

Ten MNQ equal one NQ in exposure, but commissions are per contract. On NinjaTrader's free plan, ten MNQ cost $3.90 per side versus $1.29 for one NQ, before exchange fees. Per round turn, that's $7.80 for ten MNQ versus $2.58 for one NQ. If you regularly trade ten or more MNQ, those extra fees add up quickly over hundreds of trades.

Compare broker rates in our best futures brokers for day trading guide.

NQ compared with ES

NQ tends to move more points per day than the S&P 500 contract, and its point value is $20 versus $50 on ES. Many traders find Nasdaq futures more volatile in dollar terms per contract. If NQ's swings feel too large even on MNQ, MES is another option; see ES vs MES.

Which to trade

• MNQ for smaller accounts, prop evaluations with $1,000–$2,000 drawdowns, and learning.
• NQ once your normal size is ten MNQ or more.

A simple test: if your planned risk per trade is less than the dollar value of your stop on one NQ, trade MNQ. If you routinely trade ten or more MNQ, one NQ does the same job for lower commissions.

Full specs: NQ guide and MNQ guide. Size your trades with the position size calculator.

Frequently asked questions

How many MNQ equal one NQ?

Ten. MNQ's $2 multiplier is one-tenth of NQ's $20, so ten MNQ have the same dollar exposure as one NQ.

How much is one point on MNQ?

$2 per contract. Each 0.25-point tick is $0.50.

Do NQ and MNQ move the same?

Yes. Both track the Nasdaq-100 index and move in the same 0.25-point ticks. Only the dollar value per point differs.

Is MNQ good for beginners?

It's a common choice because each point is only $2. But the Nasdaq-100 can move hundreds of points in a day, so even MNQ positions need a defined stop and position size.

When are NQ and MNQ most active?

Both trade nearly 24 hours on CME Globex, with most volume during US stock market hours. See Futures Trading Hours Explained.

Are NQ and MNQ cash-settled?

Yes. Both settle in cash, so there's no physical delivery. They expire quarterly, and traders roll to the next contract month. See Futures Rollover and Expiration.