Ultra U.S. Treasury Bond Futures Contract Specifications (UB)
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
| Contract unit | $100K bond |
| Exchange | CBOT/CME |
| Symbol | UB |
| Tick size | 1/32 |
| Tick value | $31.25 |
| Point value | $1,000 |
| Delivery months | H,M,U,Z |
| Sector | Financials |
| Quote currency | $ |
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 1/32 in the quoted price, which is $31.25 per contract. A move of one full point (1.00 in the quoted price) is worth $1,000, so there are 32 ticks in a point. Get those two numbers wrong and every risk calculation downstream is wrong, which is the point of 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.
| Position | Value of 1 tick | Value of 10 ticks |
|---|---|---|
| 1 contract | $31.25 | $312.50 |
| 2 contracts | $62.50 | $625 |
| 5 contracts | $156.25 | $1,562.50 |
| 10 contracts | $312.50 | $3,125 |
Ten ticks on a UB contract is a move of 1/32 × 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.
| Stop distance | 1 contract | 5 contracts |
|---|---|---|
| 5 ticks | $156.25 | $781.25 |
| 10 ticks | $312.50 | $1,562.50 |
| 20 ticks | $625 | $3,125 |
| 40 ticks | $1,250 | $6,250 |
On a $100K bond contract, a 20-tick stop at one contract ties up $625 of risk before costs. At five contracts it is $3,125. 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 Ultra U.S. Treasury Bond 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 UB contract.
What is fixed by the spec is the notional exposure: $100K bond 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.
Full size versus the smaller versions
Same underlying, different notional. The UB contract carries $31.25 per tick; the alternatives below move the same market at a different dollar-per-tick rate.
- Micro Ultra U.S. Treasury Bond (MWNA) — $10K bond, $3.12 per tick: a 10× smaller version of this contract
The smaller contract is not automatically the better one: fixed commissions are spread over fewer ticks, so cost per tick is higher on the micro. The comparison in ES vs MES walks through that arithmetic, and the micro futures guide covers the cases where the smaller size wins.
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 Ultra U.S. Treasury Bond 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
- U.S. Treasury Bond (ZB) — $100K bond, $31.25 per tick
- ASX 3-Year Aus Interest Rate Swap (YT) — A$100,000, $30 per tick
- Eurodollar (GE) — $1 mil, $25 per tick
- ASX 90-Day Bank Bill (IR) — A$1,000,000, $24 per tick
- 30-Day Federal Funds (ZQ) — $5 mil, $20.84 per tick
- ASX 10-Year Aus Treasury Bond (XT) — A$100,000, $47 per tick
Full list: all 135 contract specifications. Sizing maths: tick value calculator, margin calculator.
Frequently asked
What is the contract size of Ultra U.S. Treasury Bond futures?
One UB contract represents $100K bond. Every tick value and point value on this page follows from that quantity.
How much is one tick worth in UB futures?
One tick is a price move of 1/32, worth $31.25 per contract. A full point move (1.00 in the quoted price) is worth $1,000.
Which delivery months does UB 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.