What one ZN contract is worth
The 10-Year U.S. Treasury Note trades on CBOT in increments of 0.015625. Because its point multiplier is $1,000.00, one tick is worth $15.63 and a full point is worth $1,000.00 — per contract, in both directions. Multiply by your contract count for the position.
The number that catches people out is notional value: price × $1,000.00, which is the exposure one contract actually carries, not the margin you posted to open it. Change the price above to see it for the level you're trading.
What a ZN round turn costs
We publish exchange, clearing and NFA rates only where we've verified them against a real broker cash ledger, and ZN isn't one of them yet — so the calculator says so rather than showing $0.00. That distinction matters: treating an unverified rate as zero is exactly how a futures account can look profitable on paper and shrink in reality. ExpectancyIQ can derive your own rates from your broker's Cash History export at import time.
Sizing a ZN position
Contract value is only half the question. How many ZN contracts you should trade depends on your account size and stop distance — the position size calculator works that out, and the expectancy calculator tells you whether the resulting trades pay over time.