# Contract Specifications

> Contract specifications define a futures contract's size, tick, months, hours and settlement. Learn every field, with examples for E-mini S&P, crude oil and gold.

Source: https://learn.tradelabsai.com/futures/contract-specifications/  
Track: Futures · Level: Intermediate · Updated: 2026-10-03  
Publisher: TradeLabs AI (https://tradelabsai.com). Education, not financial advice.  
Cite as: TradeLabs Learn, "Contract Specifications", https://learn.tradelabsai.com/futures/contract-specifications/

Every futures contract comes with a set of contract specifications, published by the exchange, that define exactly what is being traded. They tell you how big one contract is, how prices are quoted, the smallest price move and its dollar value, which months are listed, when trading stops and how the contract settles. Reading the specifications before trading is essential: two contracts on the same asset can differ by a factor of ten in size.

## The main fields

| Field | What it tells you |
|---|---|
| Contract unit (size) | How much of the asset one contract represents |
| Price quotation | Units of the price, such as dollars per barrel or index points |
| Minimum price fluctuation (tick) | Smallest allowed price change and its value per contract |
| Listed contracts | Which months trade, and how far out |
| Trading hours | When the contract trades, including overnight sessions |
| Termination of trading | Last trading day rule |
| Settlement method | Cash or physical delivery |
| Delivery details | Grade, location and delivery period for physical contracts |
| Price limits | Maximum daily moves or circuit breakers, if any |
| Position limits | Maximum positions for speculators, if any |
| Product codes | Ticker symbols on different platforms |

## Examples of major contracts

| Contract | Exchange | Size | Tick | Tick value | Settlement |
|---|---|---|---|---|---|
| E-mini S&P 500 (ES) | CME | $50 × index | 0.25 points | $12.50 | Cash |
| Micro E-mini S&P 500 (MES) | CME | $5 × index | 0.25 points | $1.25 | Cash |
| WTI crude oil (CL) | NYMEX | 1,000 barrels | $0.01 per barrel | $10.00 | Physical |
| Gold (GC) | COMEX | 100 troy ounces | $0.10 per ounce | $10.00 | Physical |
| 10 year Treasury note (ZN) | CBOT | $100,000 face value | 1/64 of a point (half of 1/32) | $15.625 | Physical (deliverable notes) |
| Euro FX (6E) | CME | €125,000 | $0.00005 per euro | $6.25 | Physical currency delivery |
| Corn (ZC) | CBOT | 5,000 bushels | 1/4 cent per bushel | $12.50 | Physical |

Specifications change from time to time; always check the exchange's current page.

## Reading a specification

**Example: WTI crude oil**
The CME page for WTI crude oil futures shows:

- **Contract unit:** 1,000 barrels.
- **Price quotation:** US dollars and cents per barrel.
- **Minimum fluctuation:** $0.01 per barrel = $10 per contract.
- **Listed contracts:** monthly contracts for many years ahead.
- **Termination:** trading ends three business days before the 25th calendar day of the month before the contract month (with an adjustment if the 25th is not a business day).
- **Settlement:** physical delivery at Cushing, Oklahoma.

So if crude moves from $78.40 to $79.15, a long contract gains 75 ticks × $10 = $750. Holding a contract into the delivery period means arranging to receive 1,000 barrels in Oklahoma, which is why speculators close or roll beforehand. See [Physical Delivery vs Cash Settlement](https://learn.tradelabsai.com/futures/physical-delivery/).

## Micro and mini contracts

Exchanges list smaller versions of popular contracts to make them accessible:

- **Micro E-mini equity index futures:** one tenth of the E-mini size.
- **Micro WTI crude oil:** 100 barrels.
- **Micro gold:** 10 troy ounces.
- **Micro Bitcoin and Ether futures** on CME.

Smaller contracts let traders size positions more precisely, which matters for risk control. See [Position Sizing](https://learn.tradelabsai.com/risk/position-sizing/).

## Price limits and circuit breakers

Some contracts have daily price limits or trading halts. Equity index futures on CME have circuit breakers tied to the S&P 500 market wide halts during regular hours and limits overnight; many agricultural contracts have daily limits that can expand after limit moves. When a market is "locked limit", trading can stop at that price, making it impossible to exit. See [Trading Halts and Circuit Breakers](https://learn.tradelabsai.com/markets/trading-halts/).

## Why specifications matter

- **Risk per tick:** knowing the tick value tells you the dollar risk of every stop. See [Tick Size and Tick Value](https://learn.tradelabsai.com/futures/tick-size-and-tick-value/).
- **Expiry and roll dates:** avoid delivery and plan rolls. See [Contract Months and Expiration](https://learn.tradelabsai.com/futures/contract-months-and-expiration/).
- **Liquidity:** only some listed months are actively traded.
- **Hours:** know when the market is open and when liquidity is thin. See [Trading Sessions](https://learn.tradelabsai.com/markets/trading-sessions/).

## Common mistakes

- **Confusing mini and micro contracts.**
- **Ignoring the last trading day** for physically delivered contracts.
- **Assuming all months are equally liquid.**

## Frequently asked questions

### What are futures contract specifications?

The exchange defined terms of a futures contract, including size, price quotation, tick size and value, listed months, trading hours and settlement method.

### Where can I find contract specifications?

On the exchange's website, such as CME Group, ICE or Eurex, under each product's contract specifications page.

### What is the difference between E-mini and Micro E-mini futures?

Micro E-mini contracts are one tenth the size of E-mini contracts, so each tick is worth one tenth as much.

Next, calculate the dollar value of price moves in [Tick Size and Tick Value](https://learn.tradelabsai.com/futures/tick-size-and-tick-value/).

## Sources

- CME Group, [E-mini S&P 500 contract specifications](https://www.cmegroup.com/markets/equities/sp/e-mini-sandp500.contractSpecs.html)

## Continue learning

- Next lesson: [Tick Size and Tick Value](https://learn.tradelabsai.com/futures/tick-size-and-tick-value/)
- Previous lesson: [How Futures Contracts Work](https://learn.tradelabsai.com/futures/how-futures-contracts-work/)
- Related: [How Futures Contracts Work](https://learn.tradelabsai.com/futures/how-futures-contracts-work/): A futures contract is a standardised agreement to buy or sell an asset at a set price on a future date. Learn how futures trade, margin, daily settlement and expiry.
- Related: [Tick Size and Tick Value](https://learn.tradelabsai.com/futures/tick-size-and-tick-value/): Tick size is a future's smallest price move; tick value is what it is worth per contract. Learn to calculate P&L, risk per trade and position size from ticks.
- Related: [Contract Months and Expiration](https://learn.tradelabsai.com/futures/contract-months-and-expiration/): Futures trade in specific contract months with letter codes and fixed expiry rules. Learn month codes, the front month, quarterly cycles and how expiry works.
- Related: [Futures Margin: Initial and Maintenance](https://learn.tradelabsai.com/futures/futures-margin/): Futures margin is a performance bond, not a loan. Learn initial and maintenance margin, day trading margin, margin calls, SPAN and how to avoid forced liquidation.
- Related: [Physical Delivery vs Cash Settlement](https://learn.tradelabsai.com/futures/physical-delivery/): Physically settled futures end with the actual asset changing hands. Learn the delivery process, who delivers, grades and locations, and how speculators avoid it.