How Much is One E-mini Futures Contract?
One of the most common questions among new futures traders is: “How much does one E-mini futures contract cost?” The answer isn’t as simple as a single dollar amount—it depends on the type of E-mini contract, current index value, and your broker’s margin requirements.
In this post, we’ll explain the cost structure of E-mini S&P 500 (ES) and E-mini Nasdaq 100 (NQ) contracts, including notional value, tick size, and margin requirements.
Understanding the E-mini Contract Value
Each E-mini futures contract represents a fraction of the full-sized futures contract. Here are the basics:
E-mini S&P 500 (ES)
- Contract multiplier: $50 × S&P 500 Index
- Example: If the S&P 500 is at 5,000, the notional value of one ES contract is: 5,000 × $50 = $250,000
E-mini Nasdaq 100 (NQ)
- Contract multiplier: $20 × Nasdaq 100 Index
- Example: If NQ is at 18,000, one NQ contract = 18,000 × $20 = $360,000
🔸 The notional value shows the exposure you control, not what you pay up front.
Margin Requirements: What You Actually Pay
Brokers only require a fraction of the notional value as margin to open a trade. There are two types:
| Margin Type | ES Example (Typical) | NQ Example (Typical) |
|---|---|---|
| Intraday Margin | ~$500–$1,000 | ~$700–$1,200 |
| Overnight Margin | ~$12,000–$13,000 | ~$15,000–$16,000 |
These margins vary by broker and can increase during high-volatility periods.
Tick Size and Value
Each E-mini contract has a minimum price movement (tick), which also affects your profit/loss.
| Contract | Tick Size | Tick Value |
|---|---|---|
| ES | 0.25 pts | $12.50 |
| NQ | 0.25 pts | $5.00 |
So, if ES moves 10 points in your favor:
- 10 pts = 40 ticks
- 40 × $12.50 = $500 profit
Total Cost Summary
| Component | E-mini S&P 500 (ES) | E-mini Nasdaq 100 (NQ) |
|---|---|---|
| Notional Value | ~$250,000+ | ~$360,000+ |
| Day Trading Margin | ~$500–$1,000 | ~$700–$1,200 |
| Overnight Margin | ~$12,000–$13,000 | ~$15,000–$16,000 |
| Tick Value | $12.50 | $5.00 |
| Commission (est.) | ~$2–$5/side (varies) | ~$2–$5/side (varies) |
FAQs
Do I need to pay the full notional value to trade an E-mini?
No. You only need to post the margin required by your broker, which is a small percentage of the notional value.
Can I trade ES with $1,000?
Yes, but it’s tight. Some brokers allow intraday margin as low as $500, but a $3,000+ account is recommended for proper risk management.
Is margin the same for all brokers?
No. Each broker sets their own margin policy. Intraday margins are often lower than overnight margins.
How do I find current margin requirements?
Check your broker’s website or the CME Group’s margin specs for official data.
Can I hold an ES contract overnight?
Yes, but you must meet the higher overnight margin requirement to avoid liquidation.
