Micro Futures
Smaller-sized versions of major futures contracts (typically 1/10th the size of mini futures), designed for retail and prop firm traders to manage risk with less capital.
What is Micro Futures?
Micro futures are smaller-sized versions of major futures contracts, typically 1/10th the size of their corresponding E-mini contracts. The CME launched micros in 2019 (MES, MNQ, MYM, M2K) specifically to address the gap between retail traders who couldn’t afford E-mini exposure and the institutional/professional crowd who used full-size contracts.
Micros trade the same underlying market as their full-size counterparts:
- MES tracks the S&P 500 just like ES
- MNQ tracks the Nasdaq just like NQ
- MGC tracks gold just like GC
- MCL tracks WTI crude just like CL
The difference is purely contract size. ES has a $50/point multiplier; MES has a $5/point multiplier. Same price chart, same price action, same execution venue (CME). Just 1/10th the dollar exposure per contract.
For prop firm traders, micros are critical infrastructure. They allow:
- Smaller position sizes than full E-minis (essential for low-balance accounts)
- Finer position adjustment (10 MES = 1 ES, but 11 MES gives a half-step beyond)
- Reduced drawdown impact per “wrong size” mistake
- More flexibility on stop-loss placement (8 MES with a $1.25 tick value gives $10 risk per tick)
How Micro Futures works
Micro futures vs. mini futures:
| Mini | Tick | Micro | Tick |
|---|---|---|---|
| ES | $12.50 | MES | $1.25 |
| NQ | $5.00 | MNQ | $0.50 |
| YM | $5.00 | MYM | $0.50 |
| RTY | $5.00 | M2K | $0.50 |
| CL | $10.00 | MCL | $1.00 |
| GC | $10.00 | MGC | $1.00 |
| SI | $25.00 | SIL | $5.00 |
Newer micros launched 2020-2024:
- MBT (Micro Bitcoin) — $0.10 BTC per contract
- MET (Micro Ethereum) — 0.10 ETH per contract
- Various micro grains and other commodities
Volume considerations: Micros are increasingly liquid but still less-volume than minis. MES daily volume is roughly 1/3 of ES. Bid-ask spreads on micros are usually one tick (no wider than minis), but slippage during volatile moments can be slightly worse.
Why prop firm rules treat micros and minis equivalently for max position rules: Apex’s max position rule on $50K eval is 10 contracts “of any combination of mini and micro.” 10 MES = 1 ES from a risk perspective, but they count as 10 toward the position cap. This forces traders to think carefully about position composition.
Worked example
Position sizing comparison: ES vs. MES on a $50K eval:
Trader using ES:
- Setup: 8-tick stop on ES = $100 risk per contract
- Wants $300 risk
- Position: 3 ES contracts
- If trade hits target +12 ticks: +$450 (3 × $150)
Same trader using MES:
- Setup: 8-tick stop on MES = $10 risk per contract
- Wants $300 risk
- Position: 30 MES contracts
- If trade hits target +12 ticks: +$450 (30 × $15)
Identical dollar risk and reward. Why pick MES?
- Better adjustment granularity: If trader wants $280 risk instead of $300, they can size to 28 MES (impossible with ES — would need 2.8 contracts).
- Easier stop-loss-tightening: Once 4 ticks into the trade, trader can scale out 10 MES (1/3 of position), much more granular than scaling 1 of 3 ES.
- Lower per-tick P&L noise: Account moves $15 per tick (vs $150 with 3 ES), easier psychological management.
Why pick ES?
- Slightly better fills on average (more liquidity)
- Lower cumulative commission cost (3 contracts × $0.40 round-trip = $1.20 vs 30 × $0.40 = $12 per round trip)
Micro Futures vs related concepts
Side-by-side comparison of Micro Futures against the most commonly confused alternatives.
| Concept | Definition | Category |
|---|---|---|
| Micro Futures this term | Smaller-sized versions of major futures contracts (typically 1/10th the size of mini futures), designed for retail and prop firm traders to manage risk with less capital. | Futures Mechanics |
| Mini Futures | Mid-sized futures contracts (typically 10x the size of micro futures, 1/5th to 1/10th the size of pit-traded contracts) — the most-traded futures contracts on US exchanges. | Futures Mechanics |
| Tick Size | The smallest price movement allowed on a futures contract — a fixed increment defined by the exchange that determines how prices step up and down. | Futures Mechanics |
| Tick Value | The dollar value per minimum price movement on a futures contract — multiplying tick value by ticks moved gives your dollar P&L change per contract. | Futures Mechanics |
How major prop firms handle Micro Futures
Every firm implements micro futures differently. Here's the firm-by-firm breakdown — DGT-trusted firms surface first, with implementation notes for each.
| Firm | How they handle it | Rating |
|---|---|---|
| Apex Trader Funding DGT TRUSTED | All major micro futures supported on Apex accounts: MES, MNQ, MYM, M2K, MCL, MGC, MBT, MET. Position size limits count micros and minis equivalently — 10 micros = 1 mini-equivalent for max position purposes. | |
| Take Profit Trader DGT TRUSTED | Major micro futures supported through Rithmic/Tradovate execution. TPT's instrument list covers the standard CME micros plus newer additions like MBT and MET. | |
| Tradeify DGT TRUSTED | Micro futures fully supported on Tradeify accounts. Lightning Funded products particularly accommodate micro-based strategies due to lower per-tick P&L impact aligning with tighter drawdown buffers. | |
| Lucid Trading DGT TRUSTED | Standard micro futures supported on Lucid funded products. Algorithmic strategies running on micros benefit from finer position-sizing granularity. | |
| FundedNext DGT TRUSTED | Micros available on FundedNext's futures vertical. Verify supported instrument list per account product on fundednext.com. |
Why traders fail Micro Futures
Assuming micros are “safer” because they’re smaller. Risk is determined by total dollar exposure, not by contract count. 30 MES = 3 ES. Same risk. Trading 30 MES doesn’t mean you’ve reduced risk — only that you’ve split it across more contracts.
Mixing minis and micros without tracking total exposure. A position of 1 ES + 5 MES = 1.5 ES equivalent. Tracking exposure across mixed contracts is harder and leads to over-leveraging if not done carefully.
Forgetting commissions scale with contract count. 30 MES round-trip costs ~$12 in commissions. 3 ES round-trip costs ~$1.20. Over a high-frequency strategy with 50 trades per day, micros can cost $300+ per day vs $30 for minis. Net P&L can flip negative just from commission drag.
Confusing micro with mini in order entry. Most platforms make this hard to mistake, but a trader who selects “ES” instead of “MES” in fast-paced order entry can accidentally trade 10x intended size. Verify the contract symbol on every order.
Frequently asked questions about Micro Futures
What's the difference between micros and minis?
Micros are 1/10th the size of corresponding mini futures. MES is 1/10th of ES, MNQ is 1/10th of NQ, etc. Same underlying market, smaller dollar exposure per contract. Micros are designed for retail and prop firm traders managing smaller capital.
Are 10 micros equivalent to 1 mini?
Yes, in terms of dollar exposure. 10 MES = 1 ES from a P&L perspective. But many prop firms count micros and minis equivalently toward max position limits — 10 MES = 10 contracts toward the position cap, not 1.
Why do prop firms allow micros?
Micros enable smaller account sizes ($25K-$50K) to trade meaningful positions while staying within drawdown limits. Without micros, traders on small evaluations would need to take outsized risk per contract to generate any P&L.
Do micros have the same liquidity as minis?
Less, but increasingly competitive. MES daily volume is roughly 1/3 of ES. Spreads are usually 1 tick (same as minis). Slippage during fast markets can be marginally worse on micros than minis, but it's usually not significant for typical retail-scale strategies.
When were micros launched?
CME launched the original equity index micros (MES, MNQ, MYM, M2K) in May 2019. Micro Crude (MCL) and other commodity micros followed. Crypto micros (MBT, MET) launched 2020-2022 as the asset class matured.