Futures Margins Compared: From Lowest to Highest

Margin differs by a factor of more than 1100 between futures contracts, from $81 for Micro Ether (MET) to $92,582 for Bitcoin (BTC). This page ranks the contracts on FuturesSpecs by the exchange maintenance margin of one contract, from lowest to highest. The ranking is built from the margin data on each contract page and updated whenever those are, so the figures are current as of the dates shown.

How to read the ranking

• Which figure. The highest published maintenance margin of the active contract month: the long or short figure where the two differ. Accounts that the clearing firm classifies as “heightened risk profile” – usually including retail speculative accounts – must post the initial margin, typically 110% of maintenance, to open a position (see the margin guide); ICE publishes its own initial and maintenance figures.
• What it says. How much capital the exchange wants as a deposit for one contract. It does not say how risky the contract is: a contract with a high margin and a small price range can be less dangerous per day than a cheap one that moves a lot.
• What it does not say. Your broker’s requirement. Brokers may set higher figures, and some offer lower day-trading margins.

From lowest to highest

Not in the ranking: NIY (Nikkei 225 (Yen)) is quoted in JPY: ¥2,463,276 for Dec 2026.SIL: CME publishes no separate margin for this contract; ask your broker.

What drives the differences

Margin is set so that it covers at least 99% of one-day moves. Two things therefore determine it: how much one contract is worth, and how much the market moves. Both change.

• Contract size. A Micro is a fraction of the full-size contract and carries a fraction of its margin: compare MES with ES or MNQ with NQ in the table. Contract size alone does not decide the rank, though; a Micro in a volatile market can sit above a small full-size contract in a calm one. See Micro vs. E-mini.
• Volatility. The exchange recalculates margins as markets calm down or heat up. After a sharp move, margins often rise within days. After a quiet period they are lowered. Ranking positions can therefore change from month to month.
• Precious metals. Since January 2026 CME has set gold, silver, platinum and palladium margins as a percentage of the contract value, so these margins rise and fall with the metal price.
• Long and short. Under CME’s SPAN 2 model, which is based on historical price changes, long and short positions are margined separately. If past down moves were larger than up moves, or the other way round, the two figures differ. The ranking uses the higher of the two.
• Contract month. The front month often has a different margin from later months, particularly in energy, where the nearest delivery can be much more volatile.

Margin is not the same as risk or cost

A low margin looks attractive, but it also means a small cushion. The useful comparison is the margin relative to the daily range in dollars: the smaller the share of the margin a normal day eats, the more room the position has. For a starting point on account size, see how much capital Micro futures need. For the dollar value of price moves, see tick values.

Margins on FuturesSpecs are entered by hand from the exchange pages about once a month, because CME does not allow automated retrieval. A margin change announced during the month is not in this table until the next update. The “as of” date in the last column shows the status of each line.

This ranking is information, not a recommendation of any contract. Futures trading carries a high risk of loss.

Educational content only – not investment advice. Futures trading involves substantial risk of loss.