Micro futures explained: contract sizes, tick values, margin and fees

Micro futures are smaller versions of standard exchange-traded futures contracts. On CME Group, the Micro E-mini equity index contracts are one-tenth the size of the E-minis, and the micro metals and FX contracts are one-fifth or one-tenth of their standard versions. They trade, clear and settle like any other futures contract, so the same leverage, daily settlement and expiry rules apply to a smaller amount of money.

This guide covers what is specific to micros. For the basics of margin, expiry, rolling and contango, see how futures contracts work. Nothing here is a recommendation to trade.

What makes a contract “micro”

A micro tracks the same index, commodity or currency as its standard contract, on the same exchange, with a smaller multiplier or contract unit. CME Group launched its Micro E-mini equity index futures on 6 May 2019, at one-tenth the notional size of the traditional E-minis, according to its annual report for that year. It launched Micro Bitcoin futures on 3 May 2021, at one-tenth of a bitcoin.

CME now lists micros across equity indices, energy, metals, FX, interest rates and crypto, and the ratio to the standard contract is not always one-tenth.

The main micro contracts on CME Group

The figures below are from CME Group’s contract specification pages and the CFTC’s weekly Commitments of Traders report.

Contract (code)	Contract size	Minimum tick	Standard contract
Micro E-mini S&P 500 (MES)	$5 × S&P 500 Index	0.25 point = $1.25	E-mini: $50 × index
Micro E-mini Nasdaq-100 (MNQ)	$2 × Nasdaq-100 Index	0.25 point = $0.50	E-mini: $20 × index
Micro E-mini Dow (MYM)	$0.50 × DJIA	1 point = $0.50	E-mini Dow: one-tenth
Micro E-mini Russell 2000 (M2K)	$5 × Russell 2000 Index	0.10 point = $0.50	E-mini Russell 2000: one-tenth
Micro WTI Crude Oil (MCL)	100 barrels	$0.01 a barrel = $1.00	Crude Oil (CL): 1,000 barrels
Micro Gold (MGC)	10 troy ounces	$0.10 an ounce = $1.00	Gold (GC): 100 ounces
Micro Silver (SIL)	1,000 troy ounces	$0.005 an ounce = $5.00	Silver (SI): 5,000 ounces
Micro Bitcoin (MBT)	0.10 bitcoin	$5 a bitcoin = $0.50	Bitcoin (BTC): 5 bitcoin
Micro Ether (MET)	0.1 ether	$0.50 an ether = $0.05	Ether: 50 ether
Micro EUR/USD (M6E)	12,500 euros	0.0001 = $1.25	Euro FX (6E): 125,000 euros

Micro Silver is one-fifth of standard silver, Micro Bitcoin 1/50 of the 5-bitcoin contract and Micro Ether 1/500 of the 50-ether contract.

For interest rates, CME’s micro range includes Yield futures, quoted in yield rather than price. The 10-Year Yield contract (10Y) moves $1.00 for each 0.001 index point, a tenth of a basis point.

Multipliers and tick values

The multiplier (or contract unit) turns a price into dollars: contract value is price times multiplier. The tick is the smallest price step allowed, and its value is the tick size times the multiplier. On the Micro E-mini S&P 500, one index point is worth $5 and a tick of 0.25 points is worth $1.25. On the E-mini it is $50 a point and $12.50 a tick.

Example, with hypothetical numbers: suppose the S&P 500 index stands at 6,000 points. One Micro E-mini S&P 500 contract then represents 6,000 × $5 = $30,000 of index exposure, and one E-mini represents 6,000 × $50 = $300,000. If the index rises 20 points, the micro gains 20 × $5 = $100 and the E-mini 20 × $50 = $1,000; a 20-point fall loses the same amounts. Ten micros move exactly as much as one E-mini. Now add costs: if a broker’s all-in charges were $1.00 per side on the micro and $2.50 per side on the E-mini, a round trip would cost $2.00 on the micro, or 1.6 ticks, against $5.00 on the E-mini, or 0.4 ticks. And if a broker set a day-trading margin of $100 on the micro, that deposit would be backing $30,000 of exposure, 300 times the deposit: a 1% fall in the index (60 points, or $300 on one micro) would lose three times the margin posted.

A micro shrinks the dollar amounts, not the leverage: a given percentage move in the market is the same percentage move in the contract’s value.

Exchange margin and day-trading margin

CME Clearing sets the initial margin needed to open a futures position and the maintenance margin that must be kept while it is open. CME’s education course puts futures margin at typically 3% to 12% of a contract’s notional value; the CFTC says between two and 10 percent. It is a performance bond, not a down payment. CME also notes that requirements can rise when daily price moves become more volatile.

To find the current exchange figure, open the contract’s product page on CME Group’s website and select the Margins tab. For the Micro E-mini S&P 500, it lists the maintenance margin for each contract month, with separate figures for long and short positions.

Your broker’s figure can differ. The CFTC notes that futures commission merchants often require customers to hold more than the exchange minimum. Brokers may also offer a lower “day-trading” margin. CME’s own FAQ describes intraday or day-trading margin as a lower amount needed to hold positions during market hours, giving $50–$500 per Micro as an example, while initial margin is the full amount needed to hold a position overnight. Day-trading rates don’t appear on CME’s margin pages, so ask your broker for its rate and what happens to a position still open at the end of the session. Our guide to what a margin call is explains what follows when an account falls short.

Fees per contract

Futures costs are charged per contract, in layers:

• Exchange and clearing fees, set by CME Group. They vary with whether the customer is a member or in an incentive program, and by product, volume, venue and transaction type. CME publishes the schedules for CME, CBOT, NYMEX and COMEX.
• The NFA assessment fee, a regulatory fee collected by your broker for the National Futures Association. Since 1 July 2026 it is 1 cent per side for every futures contract, with no reduction for contracts of very small notional value; from 1 July 2027 it rises to 2 cents per side. It must appear on your statement on a line separate from commissions.
• Your broker’s commission, plus any platform or market-data charges the broker lists.

CME’s 2019 annual report noted that Micro E-minis carry a lower average fee rate per contract than standard E-minis. But not every charge shrinks with the contract: the NFA fee is the same on a micro as on a standard contract. Measured against a micro’s smaller tick value, fixed charges weigh more, as the worked example shows, and ten micros pay ten sets of per-contract fees.

Liquidity, expiry and rolling

Every micro expires, so holding a position for months means rolling it. The schedules differ by market:

• Equity index micros list quarterly contracts (March, June, September, December), are financially settled, and stop trading at 9:30 a.m. Eastern Time on the third Friday of the contract month.
• Micro WTI lists monthly contracts and is financially settled against the final settlement price of the standard crude oil contract, which itself is deliverable.
• Micro Gold, Micro Silver and Micro EUR/USD are listed by CME as deliverable contracts. Check how your broker handles positions in deliverable contracts as expiry approaches.
• Micro Bitcoin and Micro Ether list monthly contracts, are financially settled, and stop trading at 4 p.m. London time on the last Friday of the contract month.

Liquidity varies between contracts and between months of the same contract. Each CME product page has a Volume & OI tab with current volume and open interest, and the CFTC’s weekly Commitments of Traders report lists open interest for several micros, including the Micro E-mini S&P 500, Micro Gold and Micro Bitcoin.

Crypto micros are dated futures, financially settled against a reference rate. Perpetual futures on crypto platforms work differently; see our guide to perpetual futures and funding rates.

The risks

Smaller contracts lower the cash needed for one position, but the risk disclosure applies in full. Under CFTC Rule 1.55, brokers must warn customers that they may lose all the funds they deposit and may incur losses beyond that; that they may be asked for substantial additional margin at short notice; and that a position may be liquidated at a loss, leaving them liable for any deficit. The same statement warns that it can be difficult or impossible to close a position, for example when a market hits a daily price limit, and that futures funds are not protected by SIPC even at a firm also registered as a securities broker-dealer. CME’s FAQ is equally direct: losses can exceed the initial margin deposit.

The NFA’s investor guidance says to trade futures only with risk capital, money you can afford to lose. It also notes that every brokerage firm doing futures business with the public must be registered with the CFTC as an FCM or IB and be an NFA member, and that you can check a firm on NFA’s BASIC system.

Frequently asked questions

Are micro futures one-tenth the size of standard futures? Often, but not always. Micro E-minis, Micro WTI, Micro Gold and Micro EUR/USD are one-tenth; Micro Silver is one-fifth; Micro Bitcoin and Micro Ether are far smaller fractions of CME’s standard crypto contracts.

How much money do I need to trade micro futures? There is no single figure. The exchange sets initial and maintenance margin, shown on each contract’s Margins page, and brokers can require more for overnight positions or offer their own lower day-trading margin. Margins also change with market volatility.

Can I lose more than I deposit with micro futures? Yes. The CFTC’s risk disclosure and CME’s own FAQ both say futures losses can exceed the money deposited, and you remain liable for any deficit in the account.

Are micro futures cheaper to trade? Exchange fees per contract are lower on Micro E-minis than on E-minis, but fixed charges such as the NFA fee take a bigger share of each tick. Ten Micro E-minis carry the same exposure as one E-mini and pay ten sets of fees.

Do micro futures expire? Yes. Each has a last trading day set by the exchange, and some, such as Micro Gold, are deliverable. Keeping the exposure beyond expiry means rolling into a later contract.