Symbols & Products
ZN (10-Year Treasury Note Futures)
CBOT 10-year US Treasury note futures, ticker ZN. Trades in half-32nds worth $15.625, with enormous liquidity and a measured pace suited to spread-style trading.
In plain English
ZN is one of the deepest futures markets on earth: the 10-year note underpins global rate pricing, and its book absorbs size that would move any equity index. Ticks are half-32nds worth $15.625.
Its steadiness cuts both ways for prop traders: risk per tick is small and fills are pristine, but reaching an evaluation profit target on ZN alone takes patience. It shines as the macro-day instrument and as a lesson in trading deep liquidity.
- Long 2 ZN for 10 ticks earns 10 x $15.625 x 2 = $312.50.