What is the difference between micro and E-mini futures?
A micro futures contract is one-tenth the size of the matching E-mini contract. The price and the chart are the same, but each point is worth one-tenth as much. One point on the Micro Nasdaq 100 (MNQ) is $2, and one point on the E-mini Nasdaq 100 (NQ) is $20. One point on the Micro S&P 500 (MES) is $5, and one point on the E-mini S&P 500 (ES) is $50.
How do micro and E-mini contracts compare?
Both index pairs move by 0.25 of a point per tick. The dollar value is the only difference.
| Contract | 1 tick (0.25 point) | 1 point |
|---|---|---|
| MNQ Micro Nasdaq 100 | $0.50 | $2 |
| NQ E-mini Nasdaq 100 | $5 | $20 |
| MES Micro S&P 500 | $1.25 | $5 |
| ES E-mini S&P 500 | $12.50 | $50 |
Gold and crude oil have micros too. Micro Gold (MGC) is $10 per $1 move, and Micro Crude Oil (MCL) is $100 per $1 move.
Why do beginners start with micros?
Micros let you size small and size exactly. With a $50 risk and a 10-point stop, you can trade 2 MNQ. The same trade on NQ would need 0.25 of a contract, which is not possible.
The full sizing method is in Futures 101, Lesson 5.
Do micros cost more in fees?
They can. Fees are charged per contract, so 10 micros can cost more in fees than 1 E-mini of the same size. Check your broker's fee table.
When does the E-mini make sense?
When your sizing formula calls for 10 or more micros on most trades, one E-mini does the same job with fewer contracts.
Our post MNQ vs NQ: which should a beginner trade? goes deeper on the Nasdaq pair.
Common mistakes
- Thinking a micro moves less. It moves the same; it is worth less per point.
- Jumping to the E-mini after a few good days.
- Ignoring fees when trading many micros.
Sources
- CME Micro futures
- CME Micro E-mini Nasdaq-100 contract specs
- CME Micro E-mini S&P 500 contract specs
- CME Micro Gold contract specs
- CME Micro WTI Crude Oil contract specs
Last reviewed: 2026-10-16
Read next
- Futures 101, Lesson 1: Points, ticks and dollar value
- MNQ vs NQ: which should a beginner trade?
- All futures questions, answered
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Mahalo for reading and trade well!
Glenn & Reid | Hawaiʻi Trading Academy
Risk disclaimer: Education only. Not financial advice. Trading futures involves substantial risk of loss. Futures are not suitable for every investor, and you can lose more than your initial deposit. Examples on this page use made-up numbers to teach the math. Past performance does not guarantee future results. Hawaiʻi Trading Academy provides education only. We are not financial advisors, and nothing on this page is a recommendation to buy or sell any financial product. HTA is not affiliated with CME Group or any exchange or agency named here. Times, rules and dates can change; check the source before you trade.
