{"slug":"futures-tick-size-and-tick-value","qid":"calendar_spread_ticks","label":"Calendar spread tick versus outright tick, dollars per contract, CME specifications, September 2026","post_title":"Futures Tick Size and Tick Value Explained","post_url":"/blog/futures-tick-size-and-tick-value#q-calendar_spread_ticks","columns":["ticker","outright_tick_usd","spread_tick_usd","outright_to_spread_ratio"],"rows":[{"ticker":"ES","outright_tick_usd":12.5,"spread_tick_usd":2.5,"outright_to_spread_ratio":5},{"ticker":"MES","outright_tick_usd":1.25,"spread_tick_usd":0.25,"outright_to_spread_ratio":5},{"ticker":"NQ","outright_tick_usd":5,"spread_tick_usd":1,"outright_to_spread_ratio":5},{"ticker":"MNQ","outright_tick_usd":0.5,"spread_tick_usd":0.1,"outright_to_spread_ratio":5},{"ticker":"CL","outright_tick_usd":10,"spread_tick_usd":10,"outright_to_spread_ratio":1},{"ticker":"MCL","outright_tick_usd":1,"spread_tick_usd":1,"outright_to_spread_ratio":1},{"ticker":"GC","outright_tick_usd":10,"spread_tick_usd":10,"outright_to_spread_ratio":1},{"ticker":"MGC","outright_tick_usd":1,"spread_tick_usd":1,"outright_to_spread_ratio":1},{"ticker":"ZN","outright_tick_usd":15.625,"spread_tick_usd":7.8125,"outright_to_spread_ratio":2},{"ticker":"ZB","outright_tick_usd":31.25,"spread_tick_usd":7.8125,"outright_to_spread_ratio":4}],"shape":"ranking","sql":"SELECT\n    ticker,\n    outright_tick_usd,\n    spread_tick_usd,\n    round(outright_tick_usd / spread_tick_usd, 2) AS outright_to_spread_ratio\nFROM\n(\n    SELECT 1 AS id, 'ES' AS ticker, 12.50 AS outright_tick_usd, 2.50 AS spread_tick_usd\n    UNION ALL SELECT 2, 'MES', 1.25, 0.25\n    UNION ALL SELECT 3, 'NQ', 5.00, 1.00\n    UNION ALL SELECT 4, 'MNQ', 0.50, 0.10\n    UNION ALL SELECT 5, 'CL', 10.00, 10.00\n    UNION ALL SELECT 6, 'MCL', 1.00, 1.00\n    UNION ALL SELECT 7, 'GC', 10.00, 10.00\n    UNION ALL SELECT 8, 'MGC', 1.00, 1.00\n    UNION ALL SELECT 9, 'ZN', 15.625, 7.8125\n    UNION ALL SELECT 10, 'ZB', 31.25, 7.8125\n) AS spreads\nORDER BY id","computed_at":"2026-09-16T15:40:17.500940+00:00","elapsed":0.002358778}