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Micro vs E-mini futures: same chart, one-tenth the size

A micro future and an E-mini follow the same index, on the same chart, at the same price. The only real difference is how much money each tick is worth.

Comparison · 6-minute read · Updated 2026-10-21

The short answer

E-mini futures are the standard-size stock index contracts at CME, like ES (S&P 500) and NQ (Nasdaq-100).

Micro E-mini futures are one-tenth the size. CME launched them in May 2019. MES follows the S&P 500 and MNQ the Nasdaq-100, just like their bigger versions.

Same index. Same price. Same hours. Each tick is worth one-tenth as much.

Side by side

Specs can change. Check cmegroup.com for current details.

Why size steps matter

Say your planned risk is $150 and your stop on the S&P 500 sits 6 points away.

• ES: 6 × $50 = $300 for one contract. That's double your plan. The smallest trade you can take is too big.
• MES: 6 × $5 = $30 a contract. 5 contracts = $150. Right on plan.

That's the main reason micros exist. They let you size to your stop, instead of bending your stop to fit the contract. A math example, not a promise. Losses can still happen. Try your numbers in the futures tick value calculator.

E-minis: strengths and limits

The good parts:

• Very deep markets. ES and NQ are among the busiest futures in the world.
• Lower fees per dollar traded. One E-mini usually costs less to trade than 10 micros.

The limits:

• Big jumps in size. One contract may already be more risk than your plan allows.
• Higher margin. More money is tied up per trade.

Micros: strengths and limits

The good parts:

• Fine size control. Add or remove one micro at a time.
• Smaller money per mistake. Good for learning live after practice.
• Same chart. Everything you learn transfers to the E-mini.

The limits:

• Fees add up. Ten micros usually cost more in fees than one E-mini. Check your broker's rates.
• Same speed. The market moves exactly as fast. Only the money per tick is smaller.

The margin trap

Lower margin can make it tempting to trade many micros. Twenty MES contracts carry the same risk per point as two ES contracts.

Margin is what the broker holds. It isn't your risk. Your risk is stop distance × point value × contracts. See leverage and margin explained.

Which fits you?

1. New to futures, or moving from practice to live? Micros tend to fit. Small size, same chart.
2. Your planned risk is several times one E-mini's stop risk? E-minis can fit and may cost less in fees.
3. Somewhere in between? Many traders use micros to fine-tune size, even alongside E-minis.

Before either, practice on past charts. See practice trading without money and futures trading for beginners.

Common mistakes

• Stacking micros until it equals a big position. 10 micros = 1 E-mini in risk.
• Thinking micros are slower. Same price moves, same speed.
• Ignoring fees. Compare the cost of 10 micros to 1 E-mini at your broker.
• Forgetting expiry. Both roll quarterly. Know which month you hold.

Questions