A practical reference on futures contract specifications and how margin works — contract sizes, tick values, trading hours, and the difference between initial, maintenance, and day-trade margin.
Understanding contract specifications and margin is the foundation of position sizing and risk management. Two numbers do most of the work: the tick value (how much one minimum price move is worth) and the margin requirement (the capital the exchange and FCM require you to post). Get these right and risk control becomes arithmetic; get them wrong and a “small” position can be far larger than intended.
Contract specifications for popular futures
Contract size and tick value are fixed by the exchange and are stable over time. Below are the specs for several of the most actively traded contracts.
| Contract | Symbol | Contract size | Min. tick | Tick value |
|---|---|---|---|---|
| E-mini S&P 500 | ES | $50 × index | 0.25 | $12.50 |
| E-mini Nasdaq-100 | NQ | $20 × index | 0.25 | $5.00 |
| Crude Oil | CL | 1,000 barrels | $0.01 | $10.00 |
| Natural Gas | NG | 10,000 MMBtu | $0.001 | $10.00 |
| Gold | GC | 100 troy oz | $0.10 | $10.00 |
| Silver | SI | 5,000 troy oz | $0.005 | $25.00 |
| Copper | HG | 25,000 lbs | $0.0005 | $12.50 |
| 30-Year T-Bond | ZB | $100,000 face | 1/32 | $31.25 |
| Euro FX | 6E | €125,000 | 0.00005 | $6.25 |
| Corn | ZC | 5,000 bushels | 1/4 cent | $12.50 |
How futures margin works
Initial margin is the amount you must have in your account to open a position. Maintenance margin is the minimum you must keep; if your equity falls below it, you receive a margin call to restore the account to initial margin. Unlike equities, futures margin is not a loan — it is a good-faith performance bond set by the exchange.
SPAN margining. Exchanges use the SPAN system (Standard Portfolio Analysis of Risk) to calculate margin based on the worst plausible one-day move for your entire portfolio, giving credit for offsetting and spread positions. This is why a hedged or spread position often requires far less margin than two outright positions.
Day-trade margin. Many FCMs offer reduced intraday (day-trade) margin for positions opened and closed within the same session. These rates are set by the FCM, not the exchange, and can be withdrawn during volatile conditions.
A note on current margin figures
Margin requirements change — sometimes daily — as the exchanges adjust to volatility. Because of that, we do not publish a fixed margin table that would quickly go stale. For the current initial and maintenance margins on any contract, and for the day-trade rates available on your platform, contact us or ask your clearing FCM. We will give you the live numbers for the markets you intend to trade.
Frequently asked questions
How do I calculate my risk on a trade?
Multiply your stop distance (in ticks) by the tick value. For example, a 20-tick stop on an ES contract (tick value $12.50) risks $250 per contract.
What happens if I get a margin call?
You must restore the account to the initial margin level, either by adding funds or reducing positions. Your FCM sets the timeline; we help you understand your options when it happens.
Why is the margin on a spread lower than on an outright position?
SPAN gives margin credit for offsetting risk. A calendar or inter-market spread has a smaller worst-case one-day move than two separate outright positions, so the required margin is lower.
Past performance is not necessarily indicative of future results. The risk of loss in trading futures and options is substantial and not suitable for all investors. Contract specifications and margin requirements are set by the exchanges and FCMs and are subject to change without notice.