Micro 5-Year Yield Futures Contract Specifications (5YY)

Interest rate futures quote in price points that map to a fixed dollar value per contract. Small quote increments matter here more than in most markets, because a rate move of a few basis points translates into a meaningful P/L swing on a full-size contract.

Specifications

Margin is not listed here on purpose — the exchange revises it and every broker adds its own buffer. Check your broker's platform for the live figure. Use the margin calculator to estimate what a position will tie up.

Doing the tick math

One tick is 1/10 of 1bp in the quoted price, which is $1 per contract. These contracts are quoted in yield increments rather than in index points, and the exchange publishes the tick value directly, so a single "point value" figure does not carry over the way it does on index futures — use the tick value above for every position-sizing calculation. The rule for contracts that do publish a point value is in the tick value guide.

Enter your own prices in the tick value and P/L calculator to see the dollar result for this contract without doing the arithmetic by hand.

Delivery months

H,M,U,Z — March, June, September, December. Liquidity concentrates in the nearest active month; open interest migrates over a few weeks before expiry, which is what the roll mechanics guide walks through.

What one tick is worth at different position sizes

The per-tick figure scales linearly, which is the part most traders get wrong when they add contracts without re-checking risk.

Ten ticks on a 5YY contract is a move of 1/10 of 1bp × 10 in the quoted price. If you want the P/L for a specific entry and exit rather than a tick multiple, put the prices into the tick value calculator.

Converting your stop into a dollar risk

Stops are set in price terms but risk is booked in dollars. Multiply the stop distance in ticks by the tick value — and then add commission, which is charged per contract per side and is not in the numbers below.

On a $10.00 DV01 contract, a 20-tick stop at one contract ties up $20 of risk before costs. At five contracts it is $100. This is why position size should follow the stop, not the other way round — the arithmetic is laid out in choosing a futures contract.

How margin is set on Micro 5-Year Yield futures

Margin is not a property of the contract spec — it is a risk parameter the exchange recalculates periodically and that your broker then marks up. Two consequences follow:

• The figure moves when volatility moves, so a margin number copied from a blog post is usually stale.
• Two brokers can require different amounts for the same 5YY contract.

What is fixed by the spec is the notional exposure: $10.00 DV01 multiplied by the price. Margin is a percentage of that notional, which is why a higher price or a wider exchange buffer raises the cash requirement without the contract itself changing. The margin calculator takes your broker's number and converts it into "how many contracts can I hold"; the mechanics are in how futures margin works.

Where these numbers come from

Contract unit, tick size and delivery months are taken from the contract specifications published by CBOT/CME. Exchanges occasionally change tick sizes and listing months, so before relying on this page for a live position, check the current spec sheet on the exchange's own product page or on your broker's platform. This page was last rebuilt on 15 November 2026.

What moves Micro 5-Year Yield prices

• The policy rate path — expectations for central bank decisions drive the front end
• Inflation prints — the main input to that path
• Supply and auctions — issuance calendars move the long end
• Flight to quality — risk-off flows bid the complex regardless of fundamentals

This is context, not a recommendation. Nothing here tells you which way the market is going.

More financials contracts

• Micro 10-Year Yield (10YY) — $10.00 DV01, $1 per tick
• Micro 2-Year Yield (2YY) — $10.00 DV01, $1 per tick
• Micro 30-Year Yield (30YY) — $10.00 DV01, $1 per tick
• Micro Ultra 10-Year U.S. Treasury Note (MTN) — $10K Note, $1.56 per tick
• Micro Ultra U.S. Treasury Bond (MWNA) — $10K bond, $3.12 per tick
• Euro-Schatz (FGBS) — 100,000 €, €5 per tick

Full list: all 135 contract specifications. Sizing maths: tick value calculator, margin calculator.

Frequently asked

What is the contract size of Micro 5-Year Yield futures?

One 5YY contract represents $10.00 DV01. The tick size and tick value on this page follow from that quantity; because the contract is quoted in yield increments, no separate point value is quoted.

How much is one tick worth in 5YY futures?

One tick is a price move of 1/10 of 1bp, worth $1 per contract. Because the contract is quoted in yield increments rather than index points, the tick value is the figure to use for sizing and P/L.

Which delivery months does 5YY trade?

H,M,U,Z — March, June, September, December. The front month carries most of the liquidity and open interest migrates a few weeks before expiry.