Futures Contract Guides
Tick sizes, tick values, point values, trading hours and contract months for the most-traded CME Group futures, taken from CME's own specifications.
All futures contract guides
Specifications checked against CME Group rulebooks and fact cards on November 3, 2026. Exchanges can change specs and hours; confirm on CME Group's site before trading. Want all tick values on one page? See the tick value cheat sheet.
How to read a futures contract spec
Every futures contract has a fixed size, set by the exchange. Four numbers tell you what a price move is worth:
- Multiplier (point value): the dollar value of a 1.00 move in price. ES is $50 per point; MES is $5.
- Tick size: the smallest price step. ES moves in 0.25 increments.
- Tick value: tick size times multiplier. For ES, 0.25 × $50 = $12.50 per tick.
- Notional value: price times multiplier. ES at 5,000 controls $250,000 of the S&P 500.
Micro contracts are one-tenth the size of their E-mini or standard versions, so the same move is worth one-tenth as much. That makes them easier to fit to a small account, though commissions are charged per contract.
Trading hours and settlement
Most CME futures trade nearly 24 hours a day, Sunday evening to Friday afternoon (ET), with a short daily break. Some contracts settle in cash; others, like crude oil (CL), are physically delivered, so positions must be closed or rolled before expiry. Each guide lists the contract months and settlement type from CME Group.
Work out tick values and position sizes for any of these contracts with our free tick value and position size calculators, or learn the basics in the Futures Trading Academy.
Frequently asked questions
What is the difference between ES and MES?
Both track the S&P 500. MES is one-tenth the size: $5 per point versus $50 for ES. Read ES vs MES for costs and margins.
Which futures contracts are most popular with day traders?
Equity index contracts such as ES, NQ and their micro versions, plus crude oil (CL) and gold (GC). See top futures contracts to trade.
When do futures trade?
Most CME futures trade nearly 24 hours a day from Sunday evening to Friday afternoon (ET), with a daily break. Hours vary by product and around holidays. See our market hours guide.
What happens when a futures contract expires?
Cash-settled contracts settle to a final price. Physically delivered contracts, like CL, require delivery, so traders close or roll positions before expiry. Learn more in rollover and expiration.
Where does this contract data come from?
Every spec comes from CME Group documents, linked on each guide with the date we checked it.