Micro vs Mini Futures
A micro future tracks the same market as its E-mini or standard contract, at a fraction of the size. Most micros are one tenth; Micro Silver is one fifth. The table compares the eight pairs from the CME Group specs, and the converter turns minis into micros and back.
| Market | Mini / standard | Tick value | Point value | Micro | Tick value | Point value | Micros per mini |
|---|---|---|---|---|---|---|---|
| S&P 500 | ES $50 × S&P 500 Index | $12.50 | $50 | MES $5 × S&P 500 Index | $1.25 | $5 | 10 |
| Nasdaq-100 | NQ $20 × Nasdaq-100 Index | $5.00 | $20 | MNQ $2 × Nasdaq-100 Index | $0.50 | $2 | 10 |
| Dow | YM $5 × Dow Jones Industrial Average index | $5.00 | $5 | MYM $0.50 × Dow Jones Industrial Average index | $0.50 | $0.50 | 10 |
| Russell 2000 | RTY $50 × Russell 2000 Index | $5.00 | $50 | M2K $5 × Russell 2000 Index | $0.50 | $5 | 10 |
| Gold | GC 100 troy ounces | $10.00 | $100 | MGC 10 troy ounces | $1.00 | $10 | 10 |
| WTI Crude Oil | CL 1,000 barrels | $10.00 | $1,000 | MCL 100 barrels | $1.00 | $100 | 10 |
| Silver | SI 5,000 troy ounces | $25.00 | $5,000 | SIL 1,000 troy ounces | $5.00 | $1,000 | 5 |
| Euro FX | 6E 125,000 euros | $6.25 | $125,000 | M6E 12,500 euros | $1.25 | $12,500 | 10 |
Values per contract in US dollars. Sources and full specs on each contract page.
Micro ↔ mini converter
3 NQ = 30 MNQ
Check with an example 10-point move: 3 NQ = $600.00 and 30 MNQ = $600.00.
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How the conversion works
Two positions carry the same exposure when they make the same dollars on the same move. That is the point value times the number of contracts:
micros = minis × (mini point value ÷ micro point value)
Example: 3 NQ × ($20 ÷ $2) = 30 MNQ. A 10-point move pays 3 × 10 × $20 = $600 on the NQ side and 30 × 10 × $2 = $600 on the MNQ side. The other way, 25 MNQ = 2.5 NQ: you can hold 2 NQ + 5 MNQ for the same exposure.
When traders pick micros
Small drawdown limits. Prop firm evaluations often allow a loss of a few thousand dollars in total. With a 25-point stop, 1 NQ risks 25 × $20 = $500, a quarter of a $2,000 limit. 1 MNQ risks $50. Micros let you risk a small, exact share of the limit.
Contract caps. Prop plans cap the number of contracts you may hold, and many state how micros count against the cap. Check your plan's rules before you size up.
Finer steps. With micros you can scale in and out one tenth at a time, or size a position to a dollar risk instead of rounding to whole minis.
When minis are better. Fees are charged per contract, so 10 micros pay ten commissions where 1 mini pays one. Once your size is a whole number of minis, the mini is usually cheaper to trade.
FAQ
How many micro futures equal one mini?
Ten for the equity index micros: 10 MES = 1 ES, 10 MNQ = 1 NQ, 10 MYM = 1 YM, 10 M2K = 1 RTY. Also ten for MGC/GC, MCL/CL and M6E/6E. Micro Silver is the exception: SIL is 1,000 ounces and SI is 5,000, so 5 SIL = 1 SI.
Is MNQ the same as NQ?
Same index, same price, same tick size (0.25 points). MNQ is one tenth of the size: $2 per point and $0.50 per tick, against $20 per point and $5 per tick on NQ.
Do micros have the same tick size as minis?
Yes for every pair here except the euro: 6E ticks in 0.00005 (half a pip, $6.25) and M6E in 0.0001 (one pip, $1.25). Per pip, 1 6E still equals 10 M6E.
Are micros more expensive to trade?
Per dollar of exposure, usually yes. Commissions and exchange fees are charged per contract, so 10 micros pay ten commissions where 1 mini pays one. Compare your broker's rates for both.
Why do prop traders use micros?
Evaluation accounts have a small drawdown limit. One NQ loses $20 per point, so a 100-point move against you costs $2,000. One MNQ loses $200 on the same move. Micros let a trader risk a small, exact share of the limit and add or cut size one tenth at a time.