Among the most actively watched benchmarks in the world, the 10-Year U.S. Treasury Note futures contract offers unrivaled liquidity and capital-efficient, off-balance sheet Treasury exposure, making it an ideal tool for a variety of hedging and risk management applications, including: interest rate hedging, basis trading, adjusting portfolio duration, curve trading, expressing directional views, and more.
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Features and benefits
Deep and resilient liquidity
10-Year futures are the most actively traded Treasury product on the planet, and it's share of risk transfer grows during non-U.S hours, and during periods of higher volatility.*
Operational efficiencies
Enjoy off-balance sheet exposure, concentration of positions in a single line item, netting, transparency and initial margins that reflect one-day period of risk.
Flexible execution
Access liquidity multiple ways, such as via the central limit order book, blocks and EFRPs.
Deep options markets
Three options expiries every week (Mon, Wed and Fri) provide flexibility to manage existing positions and greater precision to trade high impact economic events.
Explore this product in depth
Treasury Volatility Indices
Track forward-looking risk expectations in U.S. Treasuries with the CME Group Volatility Index (CVOL), a robust measure of 30-day implied volatility derived from deeply liquid options on U.S. Treasury futures.
Trade across the U.S. Treasury curve
2-Year and 10-Year
Trade the 2s10s spread, one of the most-watched economic indicators, with up to 50% margin offsets
5-Year and 10-Year
Trade the highly active 5s10s spread with margin offsets of up to 68%
10-Year and T-Bond
Express a view on shape of the the long-end of the curve with margin offsets of up to 68%
10-Year and Ultra 10-Year
Express a view on the belly of the curve with margin offsets of up to 68%
Margins offsets are subject to change based upon market conditions.
Spread Treasury futures vs. IRS and cash markets
Trade swap spreads more efficiently
Invoice Swaps Spreads are packaged trades that involve buying (selling) UST futures and paying (receiving) fixed on a related interest rate swap with a similar risk profile, which gives our clients a more efficient alternative for trading swap spreads.
- Invoice Swap Spreads represent the difference between forward yields on UST futures, and the fixed rate on comparable interest rate swaps.
- Provides off-balance sheet exposure and precise alignment of dates between futures and swaps.
- Clearing both legs of the swap at CME Group can generate margin savings as high as 81% through portfolio margining.
Trade the Treasury basis
A US Treasury basis trade represents the price differential, expressed in 1/32s, between UST futures and an underlying delivery eligible US Treasury note or bond.
- Traded as a price spread, basis trades are privately negotiated and executed outside the CLOB.
- Compliant with Rule 538 if both sides of the basis trade are reported to CME Clearing by end of day.
- Allows traders and risk managers to move from cash-to-futures, and futures-to-cash with less execution risk and market impact cost.
- Futures leg submitted to CME Clearing as an EFP, cash leg processed through client’s security account.
Key economic reports and factors that move markets
FOMC (Federal Open Markets Committee)
U.S. Treasury Auctions
U.S. Employment Statistics
CPI (Consumer Price Index)
Market Commentary
View the latest insights on trends in the Interest Rate futures and options market.
Courses
Take self-guided courses on U.S. Treasury futures and options products.
If you're new to futures, the courses below can help you quickly understand the U.S. Treasury market and start trading.
Contact an Interest Rate expert
Connect with a member of our expert Interest Rate team for more information about our products.