TN tick value
One TN tick is 1/2 of 1/32 pt and is worth $15.625. One point is worth $1,000.00.
| Contract | Ultra 10-Year U.S. Treasury Note (CBOT) |
|---|---|
| Contract unit | $100,000 face value |
| Minimum tick (outright) | 1/2 of 1/32 pt |
| Tick value | $15.625 |
| Point value | $1,000.00 |
| Ticks per point | 64 |
Convert a move to dollars
- Per contract
- $156.25
- Total
- $156.25
- Equivalent
- 0.156250 points
Worked example
TN tracks original-issue 10-year US Treasury notes, $100,000 face value, quoted in points and 32nds of a point. A half-point move (16/32) in TN is 32 ticks. At $15.625 per tick that is $500.00 per contract, before commissions and fees.
TN versus ZN
| Contract | Tick | Tick value | Point value |
|---|---|---|---|
| TN | 1/2 of 1/32 pt | $15.625 | $1,000.00 |
| ZN (10-Year T-Note) | 1/2 of 1/32 pt | $15.625 | $1,000.00 |
TN and ZN have the same tick and point value. They differ in the deliverable notes.
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Sources: CME Group, Ultra 10-Year U.S. Treasury Note; CME Group, 10-Year T-Note. As of 14 Oct 2026, rechecked 19 Oct 2026. Calendar spreads can use a smaller tick. Verify with your broker. Not investment advice.