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Micro vs mini futures
Micro futures are one-tenth the size of E-mini contracts. Compare ES and MES, NQ and MNQ, crude oil and gold, and see why prop traders size with micros.
What is the difference between micro and mini futures?
Micro futures are one-tenth the size of the matching E-mini contract. One E-mini S&P 500 (ES) contract moves $50 per index point; one Micro E-mini (MES) moves $5. Both tick in quarter points, so each tick is worth $12.50 on ES and $1.25 on MES. Ten micros carry the same exposure as one mini.
Mini and micro contracts side by side
Micros track exactly the same market as their E-mini counterparts, trade the same hours and expire in the same months. Only the size differs.
Contract
Symbol
Size
Tick size
Tick value
Value per point
E-mini S&P 500
ES
$50 × index
0.25
$12.50
$50
Micro E-mini S&P 500
MES
$5 × index
0.25
$1.25
$5
E-mini Nasdaq-100
NQ
$20 × index
0.25
$5.00
$20
Micro E-mini Nasdaq-100
MNQ
$2 × index
0.25
$0.50
$2
E-mini Dow
YM
$5 × index
1.00
$5.00
$5
Micro E-mini Dow
MYM
$0.50 × index
1.00
$0.50
$0.50
E-mini Russell 2000
RTY
$50 × index
0.10
$5.00
$50
Micro E-mini Russell 2000
M2K
$5 × index
0.10
$0.50
$5
Crude oil
CL
1,000 barrels
$0.01
$10.00
$1,000 per $1
Micro crude oil
MCL
100 barrels
$0.01
$1.00
$100 per $1
Gold
GC
100 troy ounces
$0.10
$10.00
$100 per $1
Micro gold
MGC
10 troy ounces
$0.10
$1.00
$10 per $1
Source: CME Group contract specifications. Tick value = tick size × contract multiplier.
Why prop traders use micros
A drawdown limit is a fixed dollar amount, so contract size decides how much room a trade gets. On a $2,000 limit, one NQ contract can lose 100 index points before the limit is hit; one MNQ contract can lose 1,000. Micros let a trader size a position in steps of one-tenth instead of all or nothing.
The trade-off is cost. Commissions and exchange fees are charged per contract, so ten micro contracts usually cost more to trade than one mini with the same exposure.
Contract limits at prop firms
Futures prop firms cap how many contracts an account can hold, and they count micros in different ways: some treat ten micros as one mini, others set a separate micro limit. Check how your firm counts them before sizing up.
FAQs — Micro vs mini futures
Facts checked 2026-09-15 against CME Group contract specifications.
How many micro contracts equal one mini?
Ten. A micro is one-tenth the size of its E-mini.
What is MES?
MES is the Micro E-mini S&P 500 future. It is worth $5 per index point, and each 0.25-point tick is worth $1.25.
What is MNQ?
MNQ is the Micro E-mini Nasdaq-100 future. It is worth $2 per index point, and each 0.25-point tick is worth $0.50.
Do micro futures trade at the same times as minis?
Yes. Micro and E-mini contracts on the same index trade the same hours on CME Globex and expire in the same months.
Related reference
More futures reference, and where these rules meet prop firm terms.
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