What are futures markets?
Futures markets are where traders buy and sell standardized contracts—typically through regulated exchanges—to speculate on price movements or hedge risk. These contracts vary in size, giving traders flexibility in how much capital they commit, including smaller contract sizes like micro futures. Some markets focus on sectors like agriculture, while others cover asset classes such as crypto. If you're looking for exposure with lower upfront capital, futures options may be worth exploring. Just remember, losses can still be substantial, and even exceed the upfront capital invested.
Micros
| | Symbol | Options Tradable on thinkorswim®1 | Multiplier | Minimum Tick Size | Settlement | Trading Days/Hours2 |
|---|---|---|---|---|---|---|
| Micro E-mini S&P 500 | /MES | Yes | $5 | 0.25 = $1.25 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro E-mini Russell 2000 | /M2K | No | $5 | 0.10 = $0.50 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro E-mini DOW | /MYM | No | $0.50 | 1.00 = $0.50 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro E-mini Nasdaq-100 | /MNQ | Yes | $2 | 0.25 = $0.50 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro Nikkei | /MNK | No | $0.50 | 5.00 = $2.50 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| CME Micro Bitcoin | /MBT | No | $0.10 | 5.00 = $0.50 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| CME Micro Ether | /MET | No | $0.10 | 0.50 = $0.05 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| CME Micro Solana | /MSL | No | $25 | 0.05 = $1.25 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro XRP Futures | /MXP | No | $2,500 | 0.0005 = $1.25 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro Gold | /MGC | No | $10 | 0.10 = $1.00 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro Silver | /SIL | No | $1,000 | 0.005 = $5.00 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro Copper | /MHG | No | $2,500 | 0.0005 = $1.25 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro WTI Crude Oil | /MCL | Yes | $100 | 0.01 = $1.00 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro Natural Gas | /MNG | Yes | $1,000 | 0.001 = $1.00 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro Corn | /MZC | No | $5 | 0.50 = $2.50 | Cash | 8 p.m. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Micro Wheat | /MZW | No | $5 | 0.50 = $2.50 | Cash | 8 p.m. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Micro Soybean | /MZS | No | $5 | 0.50 = $2.50 | Cash | 8 p.m. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Micro Soybean Oil | /MZL | No | $60 | 0.02 = $1.20 | Cash | 8 p.m. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Micro Soybean Meal | /MZM | No | $10 | 0.20 = $2.00 | Cash | 8 p.m. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Micro EUR/USD | /M6E | No | $12,500 | 0.0001 = $1.25 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro AUD/USD | /M6A | No | $10,000 | 0.0001 = $1.00 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro CAD/USD | /MCD | No | $10,000 | 0.0001 = $1.00 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro GBP/USD | /M6B | No | $6,250 | 0.0001 = $0.625 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro CHF/USD | /MSF | No | $12,500 | 0.0001 = $1.25 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro 10 Yr. Yield | /10Y | No | $1,000 | 0.001 = $1.00 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
Stock Indices
| | Symbol | Options Tradable on thinkorswim®1 | Multiplier | Minimum Tick Size | Settlement | Trading Days/Hours2 |
|---|---|---|---|---|---|---|
| E-mini S&P 500 | /ES | Yes | $50 | 0.25 = $12.50 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro E-mini S&P 500 | /MES | Yes | $5 | 0.25 = $1.25 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| E-mini Nasdaq | /NQ | Yes | $20 | 0.25 = $5.00 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro E-mini Nasdaq-100 | /MNQ | Yes | $2 | 0.25 = $0.50 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| E-mini Russell 2000 | /RTY | Yes | $50 | 0.10 = $5.00 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro E-mini Russell 2000 | /M2K | No | $5 | 0.10 = $0.50 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Mini Dow Jones | /YM | No | $5 | 1.00 = $5.00 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro E-mini DOW | /MYM | No | $0.50 | 1.00 = $0.50 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| CBOE Volatility Index (VIX) | /VX | No | $1,000 | 0.05 = $50 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Mini CBOE Volatility Index | /VXM | No | $100 | 0.01 = $1.00 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Nikkei 225 (CME) | /NKD | No | $5 | 5.00 = $25.00 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro Nikkei | /MNK | No | $0.50 | 5.00 = $2.50 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| E-mini S&P Mid-Cap 400 | /EMD | No | $100 | 0.10 = $10.00 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| MSCI Emerging Markets Index (ICE)3 | /MME | No | $50 | 0.10 = $5.00 | Cash | Market opens 6 p.m. ET Sunday | Trading 8 p.m. ET Sunday to 6 p.m. Friday |
Crypto
| | Symbol | Options Tradable on thinkorswim®1 | Multiplier | Minimum tick size | Settlement | Trading Days/Hours2 |
|---|---|---|---|---|---|---|
| CME Bitcoin | /BTC | No | $5 | 5.00 = $25.00 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| CME Micro Bitcoin | /MBT | No | $0.10 | 5.00 = $0.50 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Bitcoin Friday Futures | /BFF | No | $0.02 | 5.00 = $0.10 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| CME Ether | /ETH | No | $50 | 0.50 = $25.00 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| CME Micro Ether | /MET | No | $0.10 | 0.50 = $0.05 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| CME Solana | /SOL | No | $500 | 0.05 = $25.00 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| CME Micro Solana | /MSL | No | $25 | 0.05 = $1.25 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| XRP Futures | /XRP | No | $50,000 | 0.0005 = $25.00 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro XRP Futures | /MXP | No | $2,500 | 0.0005 = $1.25 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
Metals
| | Symbol | Options Tradable on thinkorswim®1 | Multiplier | Minimum Tick Size | Settlement | Trading Days/Hours2 |
|---|---|---|---|---|---|---|
| Gold | /GC | Yes | $100 | 0.10 = $10.00 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Mini Gold | /QO | No | $50 | 0.25 = $12.50 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro Gold | /MGC | No | $10 | 0.10 = $1.00 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| 1 Oz Gold | /1OZ | No | $1 | 0.25 = $0.25 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Silver | /SI | Yes | $5,000 | 0.005 = $25.00 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Mini Silver | /QI | No | $2,500 | 0.0125 = $31.25 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro Silver | /SIL | No | $1,000 | 0.005 = $5.00 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Copper | /HG | Yes | $25,000 | 0.0005 = $12.50 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro Copper | /MHG | No | $2,500 | 0.0005 = $1.25 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Platinum | /PL | No | $50 | 0.10 = $5.00 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Palladium | /PA | No | $100 | 0.50 = $50.00 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
Energy
| | Symbol | Options Tradable on thinkorswim®1 | Multiplier | Minimum Tick Size | Settlement | Trading Days/Hours2 |
|---|---|---|---|---|---|---|
| Crude Oil | /CL | Yes | $1,000 | 0.01 = $10.00 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| E-mini Crude Oil | /QM | No | $500 | 0.025 = $12.50 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro WTI Crude Oil | /MCL | Yes | $100 | 0.01 = $1.00 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Brent Crude Oil | /BZ | No | $1,000 | 0.01 = $10.00 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Natural Gas | /NG | Yes | $10,000 | 0.001 = $10.00 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| E-mini Natural Gas | /QG | No | $2,500 | 0.005 = $12.50 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro Natural Gas | /MNG | Yes | $1,000 | 0.001 = $1.00 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| RBOB Gasoline | /RB | No | $42,000 | 0.0001 = $4.20 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Heating Oil | /HO | No | $42,000 | 0.0001 = $4.20 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
Agriculture
| | Symbol | Options Tradable on thinkorswim®1 | Multiplier | Minimum Tick Size | Settlement | Trading Days/Hours2 |
|---|---|---|---|---|---|---|
| Corn | /ZC | Yes | $50 | 0.25 = $12.50 | Physical | 8 p.m. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| E-mini Corn | /XC | No | $10 | 0.125 = $1.25 | Physical | 8 p.m. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Micro Corn | /MZC | No | $5 | 0.50 = $2.50 | Cash | 8 p.m. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Soybean | /ZS | Yes | $50 | 0.25 = $12.50 | Physical | 8 p.m. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| E-mini Soybean | /XK | No | $10 | 0.125 = $1.25 | Physical | 8 p.m. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Micro Soybean | /MZS | No | $5 | 0.50 = $2.50 | Cash | 8 p.m. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Soybean Meal | /ZM | Yes | $100 | 0.10 = $10.00 | Physical | 8 p.m. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Micro Soybean Meal | /MZM | No | $10 | .20 = $2.00 | Cash | 8 p.m. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Soybean Oil | /ZL | Yes | $600 | 0.01 = $6.00 | Physical | 8 p.m. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Micro Soybean Oil | /MZL | No | $60 | 0.02 = $1.20 | Cash | 8 p.m. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Wheat | /ZW | Yes | $50 | 0.25 = $12.50 | Physical | 8 p.m. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| E-mini Wheat | /XW | No | $10 | 0.125 = $1.25 | Physical | 8 p.m. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Micro Wheat | /MZW | No | $5 | 0.50 = $2.50 | Cash | 8 p.m. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| KC Hard Red Winter Wheat | /KE | No | $50 | 0.25 = $12.50 | Physical | 8 p.m. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Minneapolis Wheat | /MWE | No | $50 | 0.25 = $12.50 | Cash | 8 p.m. ET Sunday to 2:45 p.m. Friday |
| Live Cattle | /LE | Yes | $400 | 0.025 = $10.00 | Physical | 9:30 a.m. ET Monday to 2:05 p.m. Friday |
| Feeder Cattle | /GF | Yes | $500 | 0.025 = $12.50 | Cash | 9:30 a.m. ET Monday to 2:05 p.m. Friday |
| Lean Hog | /HE | Yes | $400 | 0.025 = $10.00 | Cash | 9:30 a.m. ET Monday to 2:05 p.m. Friday |
| Rough Rice | /ZR | No | $2,000 | 0.005 = $10.00 | Physical | 8 p.m. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Oats | /ZO | No | $50 | 0.25 = $12.50 | Physical | 8 p.m. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Milk | /DC | No | $2,000 | 0.01 = $20.00 | Cash | 6 p.m. ET Sunday to 2:55 p.m. Friday |
|
Bloomberg Commodity Index |
/AW
|
No |
$100
|
0.10 = $10.00
|
Cash
|
9:15 a.m. ET Monday to 2:30 p.m. Friday |
Currency
| | Symbol | Options Tradable on thinkorswim®1 | Multiplier | Minimum Tick Size | Settlement | Trading days/hours2 |
|---|---|---|---|---|---|---|
| Euro FX | /6E | Yes | $125,000 | 0.00005 = $6.25 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| E-mini Euro FX | /E7 | No | $62,500 | 0.0001 = $6.35 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Australian Dollar | /6A | Yes | $100,000 | 0.00005 = $5.00 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Canadian Dollar | /6C | Yes | $100,000 | 0.00005 = $5.00 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| British Pound | /6B | Yes | $62,500 | 0.0001 = $6.25 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Japanese Yen | /6J | Yes | $12,500,000 | 0.0000005 = $6.25 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| E-mini Japanese Yen | /J7 | No | $6,250,000 | 0.000001 = $6.25 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Swiss Franc | /6S | No | $125,000 | 0.00005 = $6.25 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro EUR/USD | /M6E | No | $12,500 | 0.0001 = $1.25 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro AUD/USD | /M6A | No | $10,000 | 0.0001 = $1.00 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro CAD/USD | /MCD | No | $10,000 | 0.0001 = $1.00 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro GBP/USD | /M6B | No | $6,250 | 0.0001 = $0.625 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro CHF/USD | /MSF | No | $12,500 | 0.0001 = $1.25 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| New Zealand Dollar | /6N | No | $100,000 | 0.00005 = $5.00 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Mexican Peso | /6M | No | $500,000 | 0.00001 = $5.00 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Brazilian Real | /6L | No | $100,000 | 0.00005 = $5.00 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| South African Rand | /6Z | No | $500,000 | 0.000025 = $12.50 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| U.S. Dollar Index3 | /DX | No | $1,000 | 0.005 = $5.00 | Physical | Market opens 6 p.m. ET Sunday | Trading 8 p.m. ET Sunday to 5 p.m. Friday |
Interest Rates
| | Symbol | Options Tradable on thinkorswim®1 | Multiplier | Minimum Tick Size | Settlement | Trading Days/Hours2 |
|---|---|---|---|---|---|---|
| U.S. 30-Year Bond | /ZB | Yes | $1,000 | 01 or 1/32 = $31.25 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| U.S. 10-Year Note | /ZN | Yes | $1,000 | 005 or ½ of 1/32 = $15.625 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| U.S. 5-Year Note | /ZF | Yes | $1,000 | 002 or ¼ of 1/32 = $7.8125 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| U.S. 2-Year Note | /ZT | Yes | $2,000 | 001 or 1/8 of 1/32 = $7.8125 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Ultra Bond | /UB | No | $1,000 | 01 or 1/32 = $31.25 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Ultra 10-Year T-Note | /TN | No | $1,000 | 0.005 or ½ of 1/32 = $15.625 | Physical | 6 p.m. ET Sunday to 5 p.m. Friday |
| Micro 10-Year Yield | /10Y | No | $1,000 | 0.001 = $1.00 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
| Fed Funds | /ZQ | No | $4,167 | 0.005 = $20.835 | Cash | 6 p.m. ET Sunday to 5 p.m. Friday |
What are futures options?
Futures options let you place option trades on a variety of futures markets, including metals, micros, agriculture, and more. Depending on your outlook and goals, you can pursue directional trades, market-neutral strategies, or hedge existing positions.
They may also offer a way to manage risk or diversify with smaller initial capital. Just remember, smaller initial capital can still result in substantial losses, potentially exceeding the initial investment. Overall, futures options involve complex risks and are not suitable for all investors.
Futures Market FAQs
Futures markets are constantly evolving as traders react to economic data, earnings reports, interest rate expectations, and geopolitical events. While these factors can drive significant movement, it's essential to understand the risks involved, including volatility and the potential for rapid price swings when considering trading futures.
For timely analysis and insights into what's influencing futures markets, check out our Looking to the Futures series.
To trade futures through Schwab, you'll need to have a brokerage account and futures trading approval. Learn how to apply for a futures account.
There's no minimum to open a brokerage account, however trading futures requires sufficient margin in your account, which varies by product.
Futures trading also comes with costs, including commissions starting at $2.25 per contract, plus exchange and regulatory fees. Be sure to understand the pricing, margin requirements, and risks before getting started. Visit our Futures Overview page to learn more.
Index futures are standardized contracts that let traders speculate on or hedge against the future movement of major stock market indices, like the S&P 500 or the Nasdaq. Each contract represents an agreement to buy or sell the index at a set price on a specific future date. Like other futures contracts, they trade on regulated exchanges and can help manage market exposure or express a directional view.
Index futures allow traders to gain exposure to broad market movements with relatively low capital requirements. They can be used to hedge existing positions or express a directional view of the market.
However, they also involve significant risk. Because index futures are leveraged products, gains and losses can be magnified. Prices can move quickly based on economic news or global events, and it's possible to lose more than the initial investment. Similar to futures, when considering trading index futures, it's important to understand the risks and potential financial implications.
Index futures are short-term contracts used to trade on the direction of a market index. Index funds are long-term investments designed to track an index's overall performance.
Futures options give traders the right, but not the obligation, to buy or sell a futures contract at a set price before a certain date. They combine elements of both futures and options, offering flexibility and defined risk. But like all derivatives, they come with unique risks and aren't right for everyone. Make sure you understand how they work before trading.
Ready to trade futures?
Not yet a Schwab client?
Open a brokerage account online, then go to the Getting Started page for next steps.
Already a client?
Use your eligible brokerage account to apply for a futures trading account.