U.S. Treasury futures are exchange-traded contracts based on U.S. government debt securities—2-year, 5-year, 10-year, and 30-year notes and bonds—that let traders speculate on or hedge against changes in interest rates. They're some of the most actively traded futures in the world, and they give traders a direct way to act on where interest rates might head next.
This guide breaks down how Treasury futures work, the four standard contracts, why their prices move the way they do, and how you can start trading them with NinjaTrader.
What are Treasury futures?
When the U.S. government borrows money, it issues Treasury securities that pay a fixed rate of interest. A Treasury futures contract is an agreement to buy or sell one of those securities at a set price on a future date. Instead of owning the underlying note or bond, you trade the standardized contract and act on how its price moves.
“When the U.S. government borrows money, it issues Treasury securities that pay a fixed rate of interest. A Treasury futures contract is an agreement to buy or sell one of those securities at a set price on a future date.”
Because they trade on a regulated exchange, Treasury futures offer deep liquidity and nearly around-the-clock access. Traders use them to hedge exposure to rising or falling rates, or to take an outright position on the direction of U.S. interest rates. You can explore the full family of U.S. Treasury bond and note futures to see how the contracts fit together.
In short, Treasury futures turn the world's largest debt market into a single, tradable view on interest rates.
The four Treasury futures contracts: 2-year, 5-year, 10-year, and 30-year notes
There are four standard U.S. Treasury futures contracts, each tied to a different point on the yield curve, which is the range of interest rates across short- to long-term maturities.
“There are four standard U.S. Treasury futures contracts, each tied to a different point on the yield curve, which is the range of interest rates across short- to long-term maturities.”
| Contract | Symbol | Face value | Typical use |
|---|---|---|---|
| 2-year T-note | ZT | $200K | Views on short-term rates; most sensitive to Fed policy expectations |
| 5-year T-note | ZF | $100K | The “belly” of the curve; medium-term rate views and curve trades |
| 10-year T-note | ZN | $100K | The global benchmark; broad interest rate direction and hedging |
| 30-year T-bond | ZB | $100K | The long end; long-term rate and inflation views |
The 2-year, 5-year, and 10-year contracts are based on Treasury notes, while the 30-year contract is based on the longer-dated Treasury bond. Each 2-Year Treasury Note contract (ZT) represents $200,000 in face value, while the 5-Year Treasury Note (ZF), 10-Year Treasury Note (ZN), and 30-Year Treasury Bond (ZB) contracts each represent $100,000.
All four are physically settled, which means the seller delivers eligible Treasury securities at expiration rather than settling in cash. If you want to compare tick sizes, margins, and delivery details side by side, our futures contract specifications guide lays out the numbers for each contract.
Together, these four contracts let traders act on any part of the U.S. interest rate landscape, from the front end to the long bond.
How Treasury futures prices move with interest rates
Treasury futures prices move inversely to interest rates: when rates rise, Treasury futures prices fall, and when rates fall, Treasury futures prices rise.
“Treasury futures prices move inversely to interest rates: when rates rise, Treasury futures prices fall, and when rates fall, Treasury futures prices rise.”
This inverse relationship is the single most important concept for trading these contracts. A Treasury security pays a fixed rate of interest, so when market interest rates climb, that fixed payment looks less attractive, and the price tends to drop. When rates fall, the fixed payment looks more attractive, and the price tends to climb.
What it means: Traders who expect rates to rise may look to sell Treasury futures, while those who expect rates to fall may look to buy them. The further out the maturity, the more sensitive the contract tends to be to rate changes, which is why the 30-year bond can move more sharply than the 2-year note.
That inverse relationship between prices and yields is the foundation the rest of Treasury futures trading builds on.
Why Treasury futures are in the spotlight right now
Interest rate expectations can shift fast, and few events move them more than a meeting of the Federal Open Market Committee (FOMC), the group within the Federal Reserve that sets U.S. interest rate policy. The Federal Reserve's interest rate policy, set at FOMC meetings, is one of the most direct drivers of Treasury futures prices, since expectations about future rate moves are priced into the futures market immediately.
“The Federal Reserve's interest rate policy, set at FOMC meetings, is one of the most direct drivers of Treasury futures prices, since expectations about future rate moves are priced into the futures market immediately.”
A recent example: At the June 2026 FOMC meeting, the first led by new Fed Chair Kevin Warsh, the Fed held its benchmark rate steady and signaled a shift away from its earlier bias toward rate cuts, with a possible rate hike back on the table. Yields at the front end, like those tied to the 2-year note, reacted right away.
This isn't a prediction of where rates go next; rate expectations can reverse by the following meeting. But it shows how quickly Treasury futures can react to new information about Fed policy.
When the Fed moves, or even hints at moving, Treasury futures are often among the first markets to respond.
How to trade Treasury futures with NinjaTrader
NinjaTrader offers all four standard U.S. Treasury futures contracts, each tradable nearly 24 hours a day on the CME Globex exchange: the 2-year (ZT), 5-year (ZF), 10-year (ZN), and 30-year (ZB). That means you can act on interest rate news whenever it breaks, not just during regular U.S. hours.
“NinjaTrader offers all four standard U.S. Treasury futures contracts, each tradable nearly 24 hours a day on the CME Globex exchange: the 2-year (ZT), 5-year (ZF), 10-year (ZN), and 30-year (ZB).”
Getting started takes just a few steps:
- Pick your contract. Choose the tenor that matches your view, from the rate-sensitive 2-year note to the long-dated 30-year bond.
- Build your plan. Decide how you'll manage your entries, exits, and risk before you place a trade.
- Practice first. New futures traders can practice trading Treasury futures risk-free using NinjaTrader's trading simulator before committing real capital.
“New futures traders can practice trading Treasury futures risk-free using NinjaTrader's trading simulator before committing real capital.”
Simulated trading is based on hypothetical results and does not reflect actual trading. Emotional and psychological factors of real money risk are not replicated. Use simulated trading to learn the platform and markets—not as an indicator of live performance.
You can trade Treasury futures alongside hundreds of other markets from NinjaTrader's full lineup of futures contracts, all on our powerful platform backed by world-class support.
With every standard contract in one place and a sim environment to practice in, NinjaTrader gives you the tools to trade interest rates on your terms.
Get started with Treasury futures on NinjaTrader
Treasury futures put one of the world's deepest markets at your fingertips, giving you a direct, capital-efficient way to trade the direction of U.S. interest rates. Whether you're hedging existing risk or taking an outright view on the Fed's next move, NinjaTrader's powerful platform can help you trade them with confidence.
Ready to get started? Open your free NinjaTrader account and put Treasury futures to the test in our sim environment today.
Open Your Free NinjaTrader AccountFAQs on Treasury futures
U.S. Treasury futures are exchange-traded contracts based on U.S. government debt securities (2-year, 5-year, 10-year, and 30-year notes and bonds) that let traders speculate on or hedge against changes in interest rates. Instead of owning the underlying note or bond, you trade a standardized contract on a regulated exchange.
Treasury futures prices move inversely to interest rates: when rates rise, Treasury futures prices fall, and when rates fall, Treasury futures prices rise. Expectations about Federal Reserve policy, set at FOMC meetings, are among the most direct drivers because those expectations get priced in immediately.
The four standard contracts are the 2-year (ZT), 5-year (ZF), 10-year (ZN), and 30-year (ZB). The 2-year, 5-year, and 10-year are based on Treasury notes, while the 30-year is based on the Treasury bond. Each 2-year contract represents $200,000 in face value, while the others each represent $100,000.
No. A Treasury bond is the underlying debt security issued by the U.S. government, while a Treasury futures contract is an agreement to buy or sell that security at a set price on a future date. Trading the futures contract lets you act on price moves without owning the bond itself.
New futures traders can practice trading Treasury futures risk-free using NinjaTrader's trading simulator before committing real capital. When you're ready, you can trade all four standard contracts nearly 24 hours a day on the CME Globex exchange through your NinjaTrader account.
Interest rate policy has been in flux. At the June 2026 FOMC meeting, the Federal Reserve held rates steady and signaled a shift away from its earlier bias toward cuts, which moved rate expectations and the Treasury futures tied to them. Because these contracts react quickly to Fed signals, they tend to draw attention whenever policy is uncertain.
Simulated trading does not represent actual trading and is based on hypothetical conditions. Actual trading results may differ significantly due to factors such as market conditions, liquidity, execution, and the emotional and psychological impact of risking real money. Simulated trading is provided for educational and platform-familiarization purposes only and should not be relied upon as an indication or expectation of results in a live trading environment.
