Welcome to U.S. Treasury Futures

Deeply liquid CBOT U.S. Treasury futures provide efficient tools available around the clock for many uses: hedging interest-rate risk, potentially enhancing income, adjusting portfolio duration, speculating on interest rates and spread trading.

The contracts track deliverable baskets of U.S. treasuries, fixed-income securities issued and backed by the U.S. government to finance debt (amounting to $15.6 trillion in outstanding marketable debt at the end of December 2018).

Contracts are offered on all major maturity points of the U.S. yield curve, including the 2-year, 5-year, 10-year, and 30-year tenors.

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  2-Year Note 3-Year Note 5-Year Note 10-Year Note Ultra 10 T-Bond Ultra T-Bond
Contract Size $200,000 $200,000 $100,000 $100,000 $100,000 $100,000 $100,000
Deliverable Maturities 1 34 to
2 years
2 34 to
3 years
4 16 to
5 14 years
6 12 to
10 years
9 512 to
10 Years
15 years up to
25 years
25 years to
30 years
Product Symbol ZT Z3N ZF ZN TN ZB UB
Contract Months Quarterly: March, June, September and December
Trading Hours Electronic: 5:00p.m. - 4:00p.m., Sunday - Friday (Central Time)
Minimum Tick 1of 132
of 1 point
1of 132
of 1 point
1of 132
of 1 point
1of 132
of 1 point
1of 132
of 1 point
132 of 1 point 132 of 1 point
Dollar Value of One Tick $7.8125 $7.8125 $7.8125 $15.625 $15.625 $31.25 $31.25
Options Available Quarterly, Serial, Weekly (Fridays & Wednesdays)*

* Excludes 3-Year Note Futures


Product Last Change Chart Globex Vol

Why Trade Treasury Futures?

Deep Liquidity

Daily trading volume of over 4.2 million contracts in 2018, representing $477 billion notional face value per day.

Nearly 24-hour electronic access

Act as world news and events unfold, with markets trading nearly 24 hours, 6 days a week

Reduce trading costs

Tight bid/asks spreads can help reduce one part of your trading costs when entering/exiting positions

Flexible execution

Access liquidity multiple ways, such as via the central limit order book, blocks and EFRPs

Margin offset savings

Save from margin offsets with other CME Group Interest Rate products and benchmark futures on the S&P 500 Index and Gold 

Capital efficiency of Futures

Control a larger notional value for a relatively small amount of capital

Safety and security

Central clearing helps substantially mitigate your counterparty credit risk 

*Data as of December 31, 2018

Manage Market Event Risk with Treasury Futures

When major market events happen, traders worldwide turn to our Treasury futures markets, as evidenced in three key events in 2016:

Post U.S. Election
(November 9, 2016)

Post Dec FOMC Rate Hike Announcement
(December 15, 2016)
Post UK Referendum
(June 24, 2016)

8.9 million contracts
traded for the day

6 million contracts
traded for the day
5.9 million contracts
traded for the day
4.8 million contracts
traded on CME Globex before U.S. trading hours
1.4 million contracts
traded on CME Globex before U.S. trading hours

3.54 million contracts
traded on CME Globex before U.S. trading hours

Key Economic Events and Reports That Move Markets

FOMC (Federal Open Markets Committee)
Meets 8 times a year on U.S. monetary policy and the key interest rate; any change will impact the markets

U.S. Employment Statistics
1st Friday of each month by the Bureau of Labor Statistics; gauges how many jobs the U.S. economy added /lost over last month. Increase indicates economic growth, is a key indicator for the Fed

U.S. Treasury Auctions
The U.S. Treasury regularly sells new U.S. treasuries at auction to finance public debt, which impacts supply and, in turn, price

CPI (Consumer Price Index)
Mid-month by BLS; measures inflation or cost-of-living changes, tracking the average price of a basket of goods and services. Is a key driver of Fed policy

Learn to Trade Treasury Futures

What's happening in Treasury markets?

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