30-Day Fed Funds Futures Contract Specifications
ZQ · CBOT · one contract = $4,167 x IMM index
30-Day Fed Funds futures (ZQ) trade on CBOT in 0.005-increment ticks worth $20.84 per contract; a full 1.0-point move is $4,167.00. One contract covers $4,167 x IMM index.
Specification table
| Name | 30-Day Fed Funds |
| Exchange | CBOT |
| Ticker symbol | ZQ |
| Contract unit | $4,167 x IMM index |
| Tick size | 0.005 |
| Tick value | $20.84 |
| Point value | $4,167.00 |
| CFTC contract code | 045601 |
| COT report families | legacy, tff |
| Quote convention | expiring month ticks at 0.0025 = $10.4175 from the Sunday before the spot month |
Worked tick math
A 10-tick move on 1 30-Day Fed Funds contract (ZQ) is $208.35 — tick size 0.005 × tick value $20.84. A 1-point move is 200 ticks = $4,167.00. Ten contracts moving 5 ticks = $1,041.75.
Run your own numbers: 30-Day Fed Funds futures calculator.
Positioning: large speculators are net short 392,302 contracts as of the 2026-07-21 COT report — full 30-Day Fed Funds COT data.
FAQ
- What is the tick size and value of 30-Day Fed Funds futures?
- 30-Day Fed Funds (ZQ, CBOT) moves in 0.005 increments worth $20.84 per contract.
- What does one ZQ contract cover?
- One contract covers $4,167 x IMM index.
- How much is a full point on ZQ?
- $4,167.00 — tick value ÷ tick size.
Related
30-Day Fed Funds COT report
30-Day Fed Funds calculator
30-Day Fed Funds COT history (CSV)
All contract specs
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Specs verified against exchange sources 2026-07-25; the exchange's own contract page is always authoritative. Not investment advice.