# ZT Tick Value & Contract Specs (2-Year T-Note)

> One ZT tick is 1/8 of 1/32 of a point, worth $7.8125 per contract. One full point (32/32nds) is worth $2,000, so a move of 0.125 points is 32 ticks, or $250 on one contract.

**Source:** https://propfirmpal.com/futures/contracts/zt  
**Generated:** 2026-09-25  
**Publisher:** Prop Firm Pal — independent prop firm comparison

_Prop Firm Pal earns affiliate commission from some listed firms. This is disclosed on-site and does not affect the computed ranking order._

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ZT (2-Year U.S. Treasury Note) ticks in 1/8 of 1/32 of a point, worth $7.8125 per contract. CME specs, P&L per move, hours and months.

## Contract specifications

| Specification | Value |
| --- | --- |
| Contract | 2-Year U.S. Treasury Note (ZT) |
| Exchange | CBOT (CME Group) |
| Asset class | Interest rates |
| Contract unit | $200,000 face value at maturity |
| Price quotation | Points and 32nds of a point |
| Tick size | 1/8 of 1/32 of a point |
| Tick value | $7.8125 per contract |
| Value of one full point (32/32nds) | $2,000 |
| Contract months | H (Mar), M (Jun), U (Sep), Z (Dec) |
| Trading hours | Sunday–Friday 5:00 pm – 4:00 pm CT (6:00 pm – 5:00 pm ET), with a daily maintenance break from 4:00 pm to 5:00 pm CT. |
| Settlement | Physically delivered |
| Last trading day | 12:01 pm CT on the last business day of the contract month. |

_Source: [CME Group — 2-Year T-Note contract specs](https://www.cmegroup.com/markets/interest-rates/us-treasury/2-year-us-treasury-note.contractSpecs.html), retrieved 2026-09-22._

## Ticks to dollars

| Price move | Ticks | 1 contract | 10 contracts |
| --- | --- | --- | --- |
| 0.00390625 points | 1 | $7.8125 | $78.125 |
| 1 point | 256 | $2,000 | $20,000 |
| 0.125 points | 32 | $250 | $2,500 |

## Trading hours

| Central Time (CT) | Eastern Time (ET) | Breaks |
| --- | --- | --- |
| Sun 5:00 pm – Fri 4:00 pm | Sun 6:00 pm – Fri 5:00 pm | 4:00–5:00 pm CT (5:00–6:00 pm ET), Mon–Thu |

## Which prop firms allow this contract

Prop Firm Pal does not yet record firms' permitted products symbol by symbol, so no firms are named here. Compare futures prop firms at https://propfirmpal.com/futures and check each firm's rules for ZT.

## Frequently asked questions

### What is the tick value of ZT?

One ZT tick is 1/8 of 1/32 of a point, worth $7.8125 per contract. One full point (32/32nds) is worth $2,000, so a move of 0.125 points is 32 ticks, or $250 on one contract.

### How much is one full point (32/32nds) worth on ZT?

One full point (32/32nds) is worth $2,000 per ZT contract: 256 ticks of $7.8125.

### What are ZT trading hours?

ZT trades on CME Globex Sunday–Friday 5:00 pm – 4:00 pm CT (6:00 pm – 5:00 pm ET), with a daily maintenance break from 4:00 pm to 5:00 pm CT. In Eastern Time that is Sun 6:00 pm – Fri 5:00 pm. Holidays shorten or close sessions.

### What months does ZT trade?

Quarterly contracts (Mar, Jun, Sep, Dec) listed for 3 consecutive quarters. Month codes: H (Mar), M (Jun), U (Sep), Z (Dec).

### Is ZT cash-settled?

ZT is physically delivered. Last trading day: 12:01 pm CT on the last business day of the contract month. Most traders roll to the next contract month before then.

### What is the margin for ZT?

CME Group sets the exchange margin for ZT and changes it often, and brokers set their own day-trading margins on top. A prop firm account does not post margin: the firm’s drawdown limit and contract limit cap the risk instead. For a current exchange figure, check CME Group’s margin page for the contract.

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