MNQ vs. NQ Futures: Micro E-mini and E-mini Nasdaq-100 Compared
Compare MNQ and NQ futures by multiplier, outright tick value, intermonth-spread increment, contract quantity, cash settlement, and the records needed before sizing exposure.
Direct answer
MNQ and NQ are separate CME Nasdaq-100 futures contracts, not interchangeable labels. MNQ is $2 times the Index and its ordinary outright tick is 0.25 point, or $0.50. NQ is $20 times the Index and its ordinary outright tick is the same 0.25 point, or $5. Both are cash settled, but quantity determines the total dollar exposure.
The same index point has a $2 MNQ amount and a $20 NQ amount
MNQ and NQ both reference the Nasdaq-100 Index, but their contract multipliers differ. Chapter 361 sets MNQ at $2 times the Index; Chapter 359 sets NQ at $20 times the Index. For one contract, a 10-index-point movement is therefore $20 for MNQ and $200 for NQ before fees, quantity, and the difference between a displayed field and an executed trade.
The ten-to-one relationship is specific to these named contracts. It does not say which contract count fits an account, that margin follows the same ratio, or that one market data display is a quote for both products. What MNQ futures are and what NQ futures are describe each dated agreement separately.
Equal point increments do not mean equal tick dollars
For ordinary outright bids and offers, both products use a 0.25-index-point minimum increment. MNQ's $2 multiplier makes that $0.50 per contract; NQ's $20 multiplier makes it $5 per contract. Each rulebook separately gives qualifying Rule 542.A intermonth spreads a 0.05-point increment: $0.10 for MNQ and $1 for NQ.
An intermonth-spread increment is not the ordinary outright tick. Retain whether a record is a named outright contract or a qualifying spread before converting points to dollars. Futures tick value and contract multipliers gives the general calculation method without treating a smaller tick as a guarantee of smaller total exposure.
Quantity can rebuild the larger contract's point risk
Ten MNQ contracts have a combined $20 per-index-point scale, matching one NQ contract's stated point amount. That arithmetic is useful for comparing contract terms; it is not a recommendation to hold ten MNQ contracts. Fees, displayed liquidity, bid-ask spreads, order handling, account permissions, margin, and an exit scenario require their own current checks.
Futures position sizing separates a contract's fixed multiplier from quantity and a stated dollar-risk limit. Micro E-mini versus E-mini futures provides the broader reason that a small ticket can still create a large combined position.
Cash settlement and expiry do not turn MNQ and NQ into one contract
Both MNQ and NQ use cash settlement rather than delivery of Nasdaq-100 component stocks. Their final settlement is tied to a contract-defined special opening quotation, but each position must still retain its own root, month-year, price field, source, timestamp, session, and data status. A continuous chart or an index headline cannot substitute for that identity record.
How to read E-mini Nasdaq-100 futures quotes explains the price-record fields that matter before a comparison. For a particular expiration, verify the named contract's current exchange calendar and any separate broker instruction.
This guide compares standard MNQ and NQ contract mechanics. It does not recommend a contract, provide live prices or margin requirements, forecast the Nasdaq-100, or determine an account's order handling. Current CME rules, market-data terms, and account documents govern a particular position.
Common questions
Is MNQ one tenth of NQ?
For these named CME Nasdaq-100 contracts, MNQ has a $2 multiplier and NQ has a $20 multiplier. Their stated point and ordinary-tick amounts therefore have a ten-to-one relationship per contract.
Do MNQ and NQ have the same tick size?
Their ordinary outright minimum increment is 0.25 index point. The dollar value differs: $0.50 for MNQ and $5 for NQ per contract.
Are ten MNQ contracts the same as one NQ contract?
They have the same stated $20-per-index-point scale before costs when they refer to the same index movement. They remain separate contracts, and quantity, liquidity, margin, and account handling require separate checks.
Are MNQ and NQ settled by stock delivery?
No. Both are cash-settled futures contracts; they do not deliver Nasdaq-100 component stocks.
Does a smaller MNQ contract mean the margin is one tenth?
Do not assume that. Margin can change and an account provider can apply its own requirement. Verify the current requirement for the exact contract separately from its multiplier.