Yield futures

Trade U.S. Treasuries in yield terms
Now available

Tap into the precision of a smaller-sized Treasury Yield contract

Discover a streamlined, intuitive approach to trading interest rate markets with Yield futures, contracts based on one of the world's largest and most influential markets.

Key features

Traded in yield

Directly references a well-known US Treasury market metric: yields of recently auctioned (or, on the run) Treasury securities, the most followed issues within each tenor.

Four major benchmarks

Trade the four most watched points on the curve: 2-Year Notes, 5-Year Notes, 10-Year Notes, and 30-Year Bonds, anchored by BrokerTec US Treasury benchmarks.

Constant BPV for easier spread trading

All four contracts are sized at a constant basis point value of $10/basis point of yield (0.01%), making it easier to spread trade. Take positions on the rate’s direction or the yield curve’s shape.

Flexibility of a Micro contract

Small BPV enables a low-cost alternative to other interest rate offerings and brings more flexibility to how active traders manage interest rate exposure.

Last trading activity

Product Code Contract Last Change Chart Open High Low Globex Vol

Track Treasury Yields

Stay up-to-date on yield curve trends with the CurveWatch tool, offering a succinct view into yields and key spread pairs over time.

Yield Insights from a market expert

Get pro perspectives from Jim Iuorio, Managing Director, TJM Institutional Services, on how to use Yield futures to enhance strategies or manage impact of current market events.

More on Yield futures

Learn more with our library of courses, lessons, in-depth reads, and videos to familiarize yourself with the contracts and ways you can use them.

Video: WTI Crude Oil/10-Year Yield relationship

In this Trader’s Edge, Jim Iuorio explores the crude oil and 10-year yield relationship.

Lesson: Yield case studies and analytical tools

Learn which tools can help you analyze the contract data and apply related insights.

Whitepaper: Introducing Yield futures

Learn how these futures were born to meet the need for a streamlined way to manage rates exposure.

Webinar replay: contract overview

Three CME Group team members offer useful context about the contract details, uses, and more.

Contract specifications

  2-YEAR YIELD FUTURES 5-YEAR YIELD FUTURES 10-YEAR YIELD FUTURES 30-YEAR YIELD FUTURES
PRODUCT CODE 2YY 5YY 10Y 30Y
SETTLEMENT Cash-settled to BrokerTec 2-Year benchmark Cash-settled to BrokerTec 5-Year benchmark Cash-settled to BrokerTec 10-Year benchmark Cash-settled to BrokerTec 30-Year benchmark
PRICE CONVENTION US Treasury Yield
CONTRACT SIZE $10.00 DV01
TICK SIZE $1.00 (1/10 of 1 bp)
# OF EXPIRIES 2 nearest monthly contracts
TERMINATION Last Business Day of Month

 

Where can I trade Yield futures?

Below is a list of brokers that offer CME Group Yield futures.

NinjaTrader

NinjaTrader provides award-winning trading software and brokerage services to active traders. Supporting 100,000+ users around...

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Tradovate

Tradovate combines brokerage and our proprietary trading technology into a single service and offers it through commission...

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Tradestation

TradeStation Group, Inc. is the parent company of online securities and futures brokerage firms and trading technology companies...

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Interactive Brokers

Interactive Brokers Group affiliates provide automated trade execution and custody of securities commodities and foreign exchange...

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Ironbeam

Ironbeam is an industry leading futures broker and FCM providing cutting edge technology, research, and clearing services to traders...

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Amp

AMP Futures, a Chicago-USA-based Futures Commission Merchant (FCM) that provides access to the global electronic futures...

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About the BrokerTec US Treasury benchmarks

Yield futures trade around the clock and are settled daily at 3:00 p.m. Eastern Time to corresponding BrokerTec US Treasury benchmarks. These benchmarks reflect activity in BrokerTec’s leading marketplace for cash U.S. Treasuries, publishing corresponding volume-weighted average yield four times a day.

CME Direct users: download your trading grid

CME Direct users can import a trading grid populated with Yield futures contracts below to quickly add them to your CME Direct screen:

  1. Right-click on one of the links for the relevant grid (Outrights or Inter-commodity spreads).
  2. Save the files as an .XML on your computer.
  3. In CME Direct, select Import View in the main menu.
  4. Import the grid into CME Direct.
  5. Under Menu, click on Save Window Layout.

Not on CME Direct? Get started.

Contact us for more on Yield futures