ZF tick value & contract specs
5-Year T-Note (ZF) futures trade on CBOT. The price moves in ticks of 1/128 (0.0078125), each tick is worth $7.8125 per contract, and a full one-point move is worth $1,000 per contract.
ZF contract specifications
| Symbol | ZF |
|---|---|
| Contract | 5-Year T-Note |
| Exchange | CBOT |
| Tick size | 1/128 (0.0078125) |
| Tick value (per contract) | $7.8125 |
| Point value (per contract) | $1,000 |
| Ticks per point | 128 |
| Electronic hours (ET) | Sun–Fri 6:00pm – 5:00pm, daily break 5:00–6:00pm |
Hours shift around US holidays and early closes. Check CME Group's trading-hours page before relying on them for a specific date.
ZF ticks to dollars
10 ticks × 1 contract = $78.125
ZF tick value table
Dollar value of a move in ZF before commissions, at $7.8125 per tick per contract.
| Ticks | 1 contract | 2 contracts | 5 contracts | 10 contracts |
|---|---|---|---|---|
| 1 | $7.8125 | $15.625 | $39.0625 | $78.125 |
| 4 | $31.25 | $62.50 | $156.25 | $312.50 |
| 10 | $78.125 | $156.25 | $390.625 | $781.25 |
| 20 | $156.25 | $312.50 | $781.25 | $1,562.50 |
| 40 | $312.50 | $625 | $1,562.50 | $3,125 |
Worked example
You buy 2 ZF contracts and the price rises 10 ticks. Profit before fees = 10 ticks × $7.8125 × 2 contracts = $156.25. The same move against you is a loss of the same amount.
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Start free trial →Frequently asked questions
$7.8125 per contract. ZF moves in increments of 1/128 (0.0078125), and each increment changes the value of one contract by $7.8125.
$1,000 per contract. One point is 128 ticks of 1/128 (0.0078125).
No. They are gross values from price movement alone. Your net result is lower by your broker's or prop firm's per-side fees; the fee guide lists current rates.
More contracts: Interest rate
Futures P&L calculator with ZF selectedFutures Position Size Calculator (Free, No Signup) — FillbookTreasury Futures Trading Journal — FillbookAll futures tick values
These are the tick and point values Fillbook uses to calculate P&L on every logged ZF trade. Confirm specifications with the exchange before trading.