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Micro vs Mini Futures: MES vs ES, MNQ vs NQ

Micro futures track the same markets as their E-mini (or full-size) versions at one tenth the size. Same tick size, same hours, one tenth the dollar value per tick. That makes them the default for learning, for small accounts and for sizing precisely inside a prop firm drawdown.

3 min readChecked 14 October 2026

Side-by-side

Market Mini / full Tick value Point value Micro Tick value Point value Micros per mini
S&P 500 ES $12.50 $50 MES $1.25 $5 10
Nasdaq-100 NQ $5.00 $20 MNQ $0.50 $2 10
Dow YM $5.00 $5 MYM $0.50 $0.50 10
Russell 2000 RTY $5.00 $50 M2K $0.50 $5 10
Gold GC $10.00 $100 per $1 MGC $1.00 $10 per $1 10
Crude oil CL $10.00 $1,000 per $1 MCL $1.00 $100 per $1 10

From CME Group contract specifications, checked 14 Oct 2026. Calculator: futures tick value calculator.

Tick value of four minis and their micros: ES $12.50 vs MES $1.25, NQ $5 vs MNQ $0.50, GC $10 vs MGC $1, CL $10 vs MCL $1ES$12.50MES$1.25tick value10 micros = 1 miniNQ$5.00MNQ$0.50tick value10 micros = 1 miniGC$10.00MGC$1.00tick value10 micros = 1 miniCL$10.00MCL$1.00tick value10 micros = 1 mini
Same tick size, one tenth the dollar value per tick.

ES vs MES

A 10-point S&P move is $500 on one ES and $50 on one MES. Ten MES ≈ one ES in exposure. They're separate contracts with separate order books; ES generally has deeper liquidity at each price.

NQ vs MNQ

A 20-point Nasdaq move is $400 on NQ and $40 on MNQ. Ten MNQ ≈ one NQ.

Ten MNQ contracts equal one NQ in exposure1 NQ$20 per point=MNQMNQMNQMNQMNQMNQMNQMNQMNQMNQ10 × $2 per point = $20 per point
Same tick size (0.25 points), so the maths is exact.

When micros make sense

  • Learning and small accounts: mistakes cost a tenth as much.
  • Fine-grained sizing: with a $200 risk budget and a 20-point stop, NQ ($400/contract) doesn't fit; MNQ ($40) allows 4 contracts. (Position size calculator)
  • Scaling in and out: 10 MNQ can be exited in pieces; 1 NQ can't.
With a $200 budget and a 20-point stop: 0 NQ contracts fit, 5 MNQ contracts fitNQ, $400 risk each0 contractsMNQ, $40 risk each5 contracts
$200 risk budget, 20-point stop, before fees. Micros let you size in finer steps.

When minis make sense

  • Larger size: at 10+ micros, one mini usually costs less in per-contract fees than ten micros. Compare your broker's fee schedule.
  • Liquidity: the E-minis are among the most liquid futures in the world.

How prop firms count micros

Some firms count micros against minis at 10:1. Topstep: "Micros and minis count at a 10:1 ratio," e.g. 5 contracts or 50 micros on a 50K Combine. MyFundedFutures' 50K Flex lists "3 minis or 30 micros." (Topstep, MFFU)

Copying between micro and mini accounts

If you copy trades across accounts, each account's size is set by its own multiplier: a 2-lot MNQ leader can be ×1 on a small eval and ×3 on a larger one. Keep each account within its own cap.

Questions people ask

How many MNQ contracts equal one NQ?

Ten.

Is MES the same as ES?

Same index, same tick size, one tenth the multiplier ($5 vs $50).

Are micros cheaper to trade?

Per contract, yes, but ten micros often cost more in fees than one mini. Check your fee schedule.

Do micros and minis move the same?

They track the same index, so moves in points are essentially the same; only the dollar value differs.

Should beginners trade micros?

Many do, because losses per point are a tenth the size.

Sources

Different account sizes, one leader.

Set a multiplier and max-contracts cap per follower in Edgeable: ×1 on a 50K, ×3 on a 150K. Runs in the cloud.

Ratios and contract sizing

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