Micro futures are smaller versions of the major CME contracts – usually one tenth of the size. They trade on the same platform, nearly around the clock, and follow the same prices. The smaller size changes three things: the tick value, the margin and how finely you can size a position.
Full-size and micro contracts side by side
| Full size | Micro | Size | Tick value | Margin (active month) |
|---|---|---|---|---|
| ES | MES | 1/10 | $12.50 → $1.25 | $2,612 |
| NQ | MNQ | 1/10 | $5.00 → $0.50 | $4,308 |
| YM | MYM | 1/10 | $5.00 → $0.50 | $1,528 |
| RTY | M2K | 1/10 | $5.00 → $0.50 | $1,093 |
| GC | MGC | 1/10 | $10.00 → $1.00 | $2,085 |
| SI | SIL | 1/5 | $25.00 → $5.00 | n/a |
| CL | MCL | 1/10 | $10.00 → $1.00 | $865 |
| HG | MHG | 1/10 | $12.50 → $1.25 | $1,200 |
| BTC | MBT | 1/50 | $25.00 → $0.50 | $1,844 |
| 6E | M6E | 1/10 | $6.25 → $1.25 | $210 |
Margins are CME maintenance margins for the active contract month; where long and short differ, the long figure is shown. Details on each contract page.
When the micro is the better choice
- Smaller accounts. One ES contract moves $50 per index point. For a $25,000 account, that can be too much risk per trade. MES lets you trade the same market at $5 per point.
- Precise position sizing. With micros you can hold 3, 7 or 12 contracts instead of rounding to 0 or 1 E-mini.
- Scaling in and out. Taking partial profits is easier with several small contracts.
- Learning. The mechanics are identical, the dollar amounts are ten times smaller.
When the full-size contract is better
- Costs. Commissions and exchange fees are charged per contract. Ten micros usually cost more than one E-mini.
- Liquidity. The full-size contracts have deeper order books. For index micros this rarely matters to retail traders – MES and MNQ are among the most traded futures – but thinner micros can have wider spreads.
Differences beyond size
The index micros (MES, MNQ, MYM, M2K), Micro Bitcoin and Micro EUR/USD follow the same expiry and roll dates as their full-size contracts. Some micros do not:
- Micro WTI Crude Oil (MCL) stops trading one business day before CL and is cash-settled.
- Micro Copper (MHG) stops trading in the month before the contract month – about a month before HG – and is cash-settled.
- Micro Gold (MGC) and Micro Silver (SIL) can be delivered via certificates for a share of a full-size bar, so the first notice day still matters.
A note on COT data
The CFTC reports some micro contracts separately, but their positions are too small to read on their own. FuturesSpecs therefore shows the positioning of the full-size contract on each micro page. See how to read the COT report.
Educational content only – not investment advice. Futures trading involves substantial risk of loss.