2-Year T-Note Futures Contract Specifications
ZT · CBOT · one contract = $200,000 face
2-Year T-Note futures (ZT) trade on CBOT in 0.00390625-increment ticks worth $7.81 per contract; a full 1.0-point move is $2,000.00. One contract covers $200,000 face.
Specification table
| Name | 2-Year T-Note |
| Exchange | CBOT |
| Ticker symbol | ZT |
| Contract unit | $200,000 face |
| Tick size | 0.00390625 |
| Tick value | $7.81 |
| Point value | $2,000.00 |
| CFTC contract code | 042601 |
| COT report families | legacy, tff |
| Quote convention | 1/8 of 1/32 of a point |
Worked tick math
A 10-tick move on 1 2-Year T-Note contract (ZT) is $78.12 - tick size 0.00390625 × tick value $7.81. A 1-point move is 256 ticks = $2,000.00. Ten contracts moving 5 ticks = $390.62.
Run your own numbers: 2-Year T-Note futures calculator.
Positioning: large speculators are net short 882,518 contracts as of the 2026-09-01 COT report - full 2-Year T-Note COT data.
FAQ
- What is the tick size and value of 2-Year T-Note futures?
- 2-Year T-Note (ZT, CBOT) moves in 0.00390625 increments worth $7.81 per contract.
- What does one ZT contract cover?
- One contract covers $200,000 face.
- How much is a full point on ZT?
- $2,000.00 - tick value ÷ tick size.
Related
2-Year T-Note COT report
2-Year T-Note calculator
2-Year T-Note COT history (CSV)
All contract specs
All calculators
Specs verified against exchange sources 2026-07-25; the exchange's own contract page is always authoritative. Not investment advice.