E-mini Nasdaq-100 vs Micro E-mini Nasdaq-100
Same underlying, different size: one NQ equals 10 MNQ.
Margins as of Specs checked as of How we source this
| NQ | MNQ | |
|---|---|---|
| Exchange | Chicago Mercantile Exchange | Chicago Mercantile Exchange |
| Contract unit | $20 × Nasdaq-100 Index | $2 × Nasdaq-100 Index |
| Tick size | 0.25 | 0.25 |
| Tick value | $5 | $0.50 |
| One point | $20 | $2 |
| Initial margin | $46,415.60 | $4,642 |
| Maintenance margin | $42,196 | $4,220 |
| Settlement | Cash | Cash |
| Contract months | Mar (H), Jun (M), Sep (U), Dec (Z) | Mar (H), Jun (M), Sep (U), Dec (Z) |
| Front contract | NQZ26, roll by 10 Dec 2026 | MNQZ26, roll by 10 Dec 2026 |
| Trading hours | CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break. | CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break. |
How they compare
E-mini Nasdaq-100 (NQ) and Micro E-mini Nasdaq-100 (MNQ) track the same underlying on Chicago Mercantile Exchange. The difference is size. One point is worth $20 on NQ and $2 on MNQ, so one NQ carries the same exposure as 10 MNQ contracts. Ticks are 0.25 on NQ, worth $5, and 0.25 on MNQ, worth $0.50.
Exchange initial margin is $46,415.60 for NQ and $4,642 for MNQ, a ratio of 10.0 to 1. Margins are set product by product, so they don't always scale exactly with contract size. Both trade the same hours (CME Globex. Sunday open 17:00 CT, Friday close 16:00 CT, 60-minute daily maintenance break).
The practical difference is granularity. With MNQ, position size moves in steps of $0.50 per tick rather than $5, which matters when the amount you are prepared to lose at a given stop isn't a whole number of NQ contracts. Commissions and exchange fees are charged per contract, so 10 MNQ usually cost more to trade than one NQ; check both with your broker, along with liquidity at the times you trade.
Size a position on either with the NQ calculators or the MNQ calculators.
Questions
- How many MNQ equal one NQ?
- 10. One NQ point is worth $20; one MNQ point is worth $2.
- What is the margin difference between NQ and MNQ?
- Exchange initial margin is $46,415.60 for NQ and $4,642 for MNQ (as of 27 Oct 2026).
- Do NQ and MNQ trade the same hours?
- Yes.