ZQ tick value & contract specs
30-Day Fed Funds (ZQ) futures trade on CBOT. The price moves in ticks of 0.005, each tick is worth $20.835 per contract, and a full one-point move is worth $4,167 per contract.
ZQ contract specifications
| Symbol | ZQ |
|---|---|
| Contract | 30-Day Fed Funds |
| Exchange | CBOT |
| Tick size | 0.005 |
| Tick value (per contract) | $20.835 |
| Point value (per contract) | $4,167 |
| Ticks per point | 200 |
| Contract size | $4,167 x IMM Index |
| 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.
ZQ ticks to dollars
10 ticks × 1 contract = $208.35
ZQ tick value table
Dollar value of a move in ZQ before commissions, at $20.835 per tick per contract.
| Ticks | 1 contract | 2 contracts | 5 contracts | 10 contracts |
|---|---|---|---|---|
| 1 | $20.835 | $41.67 | $104.175 | $208.35 |
| 4 | $83.34 | $166.68 | $416.70 | $833.40 |
| 10 | $208.35 | $416.70 | $1,041.75 | $2,083.50 |
| 20 | $416.70 | $833.40 | $2,083.50 | $4,167 |
| 40 | $833.40 | $1,666.80 | $4,167 | $8,334 |
Worked example
You buy 2 ZQ contracts and the price rises 10 ticks. Profit before fees = 10 ticks × $20.835 × 2 contracts = $416.70. The same move against you is a loss of the same amount.
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Start free trial →Frequently asked questions
$20.835 per contract. ZQ moves in increments of 0.005, and each increment changes the value of one contract by $20.835.
$4,167 per contract. One point is 200 ticks of 0.005.
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 ZQ selectedFutures Position Size Calculator (Free, No Signup) — FillbookFutures Trading Journal: Auto-Sync & Real Tick P&L — FillbookAll futures tick values
These are the tick and point values Fillbook uses to calculate P&L on every logged ZQ trade. Confirm specifications with the exchange before trading. CBOT contract specifications