The Ultra 10-Year T-Note was built to address marketplace demand for a futures contract more closely tied to the 10-year maturity point on the Treasury yield curve. The deliverable basket is original-issue 10-Year Treasury Notes, with remaining terms to maturity at delivery between 9 years 5 months and 10 years.

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Features and benefits

Pinpoint 10-Year exposure

Access true 10-Year Treasury exposure with a tight delivery basket that spans less than one year.

Enhanced cash-futures spreading

Hedge and synthesize neighboring cash or swap exposures at the 10-Year term to maturity.

Extensive margin offsets

Enjoy the efficiencies of margin offsets to position accounts that contain Interest Rate products.

Improved Treasury yield curve trading

Tap into significant opportunities in spread trading across the Treasury yield curve.

Explore this product in depth

Review contract highlights

Contract Unit

Face value at maturity of $100,000

Price Quotation

Points and fractions of points with par on the basis of 100 points

Product Code

CME Globex: TN
CME ClearPort: TN
Clearing: TN

Trading Hours

CME Globex:
SUN - FRI: 5:00 p.m. - 4:00 p.m.


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Pinpoint exposure near the short end of the Treasury curve to help manage risks ahead of key economic events for speculating and hedging of interest rate movements and implementing spread strategies.

Among the most actively watched benchmarks in the world, this contract offers unrivaled liquidity and capital-efficient off balance sheet Treasury exposure.

Deeply liquid and efficient tools for hedging interest rate risk, potentially enhancing income, adjusting portfolio duration, interest rate speculation, and spread trading.

View the latest insights on trends in the Interest Rate futures and options market.


Take self-guided courses on Interest Rate products.

If you’re new to futures, the courses below can help you quickly understand the U.S. Treasury market to start trading.

Contact an Interest Rate expert

Connect with a member of our expert Interest Rate team for more information about our products.

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