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ZB futures explained: how US Treasury bond futures move

ZB tracks long-term US government bonds, the kind with 15 to 25 years left to run. That long life makes it far jumpier than its shorter cousins when interest rate views change.

Market guide · 6-minute read · Updated 2026-10-21

At a glance

Specs checked Oct 2026. Check cmegroup.com for current specs before you trade.

How the price works

ZB is quoted in points and 32nds. A price like 115'16 means 115 and 16/32, or 115.5.

The one rule: bond prices and yields move in opposite directions. When long-term rates rise, ZB falls. When they drop, ZB rises.

The bonds that can be delivered have roughly 15 to 25 years left. Longer bonds react more to each change in rates. That's why ZB moves more than ZN for the same change in yields.

What moves it

• Inflation. The CPI report at 8:30 am ET is often the biggest day of the month. Higher-than-expected inflation usually pushes yields up and ZB down.
• The Fed. The FOMC statement at 2:00 pm ET and press conference at 2:30 pm. Long bonds care most about where rates go over years, not just today.
• Jobs. The monthly jobs report, usually the first Friday at 8:30 am ET.
• Treasury auctions. The government sells new 30-year bonds each month, usually at 1:00 pm ET. A weak auction can push ZB down in minutes.
• Government borrowing. Worries about large deficits tend to weigh on long bonds most.
• Fear. In a stock market scare, money often moves into Treasuries, lifting ZB. That's the Safe haven idea. It doesn't always happen.

When it's busiest

CME sets hours in Chicago time, and Chicago and New York change clocks together, so these ET times hold all year.

• 6 pm – 3 am ET: usually quiet.
• 3 am ET onward: Europe adds volume.
• 8:30 am ET: data releases.
• 8:20 am – 3:00 pm ET: the main US day.
• 1:00 pm ET: auction results on auction days.

Its personality

• Big ticks. At $31.25 a tick, ZB's tick is twice ZN's. A small-looking move costs more.
• Trend-driven. Long bonds can trend for months when the rate story changes.
• Sharp on surprises. A CPI miss can move it several points in an hour.
• Expires quarterly. Contracts run March, June, September and December, and settle by delivery of real bonds. Most traders roll before the delivery month starts. See Contract rollover.

Reading it with our method

1. Daily chart first. Mark the last places price turned around. Then check the 10-year yield chart upside down. They should tell the same story.
2. Trade with the bigger direction. If ZB is making lower highs and lower lows, look only for sells.
3. Body-close rule. CPI spikes leave long tails. Only a candle body closing past a level counts.
4. Stop first, then size. Example: your stop is 1 point away. That's 32 ticks × $31.25 = $1,000 of risk for one contract. If your plan says risk $200, one ZB is far too big. A math example, not a promise.

Use the futures tick value calculator to check this before every trade.

Common mistakes

• Reading 32nds as decimals. 115'16 is 115.5, not 115.16.
• Sizing it like ZN. Same face value, much bigger moves. Recalculate.
• Holding into delivery. Roll before the delivery month, or your broker may close you out.
• Forgetting the 1 pm auction. Check the Treasury calendar on auction days.

Questions