Education
One E-mini S&P 500 contract moves $50 for every point the index moves. On a busy day, that's thousands of dollars in a few minutes.
Most traders shouldn't start there. That's why micro futures exist.
Same market, same chart, a tenth of the size. Here's how micro vs mini futures compare, contract by contract, and how to pick the right size for your account.
What's the difference between micro and mini futures?
Micro futures are one-tenth the size of E-mini futures on major US equity indexes. One E-mini S&P 500 (ES) contract is worth $50 per index point; one Micro E-mini S&P 500 (MES) is worth $5. The price moves are identical, so micros let you trade the same market with a tenth of the risk per contract.
What are E-mini futures?
E-mini futures are electronically traded index futures from CME Group. They were created as smaller versions of the original full-size contracts, which had become too big for most traders.
Today, the E-minis are the big ones. ES, the E-mini S&P 500, is one of the most traded futures contracts in the world.
The four main E-mini index contracts:
- ES: E-mini S&P 500
- NQ: E-mini Nasdaq-100
- RTY: E-mini Russell 2000
- YM: E-mini Dow ($5)
What are micro futures?
Micro futures are one-tenth the size of their larger contract. CME launched the Micro E-mini index contracts in 2019 to give smaller traders access to the same markets.
- MES: Micro E-mini S&P 500
- MNQ: Micro E-mini Nasdaq-100
- M2K: Micro E-mini Russell 2000
- MYM: Micro E-mini Dow
The same idea exists outside indexes. MCL is a tenth of the standard crude oil contract (CL). MGC is a tenth of standard gold (GC).
Micro vs mini futures: contract specs side by side
| Market | Larger contract | Value per point / tick | Micro contract | Value per point / tick |
|---|---|---|---|---|
| S&P 500 | ES | $50 / $12.50 | MES | $5 / $1.25 |
| Nasdaq-100 | NQ | $20 / $5.00 | MNQ | $2 / $0.50 |
| Russell 2000 | RTY | $50 / $5.00 | M2K | $5 / $0.50 |
| Dow Jones | YM | $5 / $5.00 | MYM | $0.50 / $0.50 |
| Crude oil | CL | $1,000 / $10.00 | MCL | $100 / $1.00 |
| Gold | GC | $100 / $10.00 | MGC | $10 / $1.00 |
In every pair, 10 micros = 1 larger contract. Tick size is the same. Only the dollar value changes. Specs as listed by CME Group; check the exchange for any changes.
Key differences that actually matter
Risk per tick
A 10-point move in the S&P 500 is worth $500 on one ES. On one MES, it's $50. Same trade, same idea, a tenth of the damage if you're wrong.
Position sizing
This is where micros really earn their place. With minis, your size jumps in big steps: 1 contract, then 2. With micros, you can trade 3, 7 or 12. You can also scale out of a position a piece at a time instead of all at once.
Liquidity and costs
E-minis have deeper order books. Micros are very liquid too, and on major indexes the spread is usually one tick during US trading hours.
The catch is commissions. They're charged per contract, and a micro moves a tenth as much. So on micros, fees eat a bigger share of each trade. That matters most for scalpers chasing a few ticks.
What about margin?
With a broker, micros need roughly a tenth of the margin of a mini. Exact amounts change with volatility and the broker, so always check current figures.
In a Papaya Funding account, you don't post your own margin. What limits your size is the account's contract limit and its drawdown.
Micro or mini: which should you trade?
| If you... | Trade |
|---|---|
| Are new to futures or testing a strategy | Micros |
| Want to size precisely or scale out in steps | Micros |
| Have a proven strategy and a stop that fits a mini's risk | Minis |
| Scalp a few ticks at a time | Minis (lower fee impact) |
| Want both | Mix them: a core mini position, micros to adjust |
There's no prize for trading the bigger contract. The right size is the one where a normal losing trade doesn't change how you trade the next one.
Trading micros and minis in a Papaya futures account
Papaya futures rules
Papaya futures accounts come in three models: Papaya Signature, Papaya One and Instant funding. Here's Papaya Signature, our most popular:
| Account | Profit target | Max drawdown (EOD trailing) | Contracts (mini / micro) |
|---|---|---|---|
| $25k | $1,500 (6%) | $1,500 (6%) | 1 / 10 |
| $50k | $3,000 (6%) | $2,000 (4%) | 3 / 30 |
| $75k | $4,500 (6%) | $2,250 (3%) | 6 / 60 |
| $100k | $6,000 (6%) | $3,000 (3%) | 9 / 90 |
| $150k | $9,000 (6%) | $4,500 (3%) | 12 / 120 |
Across Papaya futures accounts:
- Max drawdown: 3% to 6% by size on Papaya Signature and Papaya One, 4% on Instant funding, all EOD trailing
- Daily loss limit: none on Papaya Signature and Papaya One; 2% on Instant funding
- Contract sizes: trade minis or micros, depending on the market. 1 mini counts as 10 micros
- Consistency rule: 50% on Papaya Signature, 40% on Papaya One, 20% on Instant funding. More in our consistency rule guide
- Platforms: Rithmic, DXFutures and Volumetrica
- Markets: ES, NQ, RTY, YM, CL and GC, plus their micros
- Maximum funding: up to $1 million across your accounts
EOD trailing means your drawdown floor only moves based on your end-of-day balance. An intraday spike in open profit won't drag the floor up. Close the day at a new high, and the floor rises with it.
Sizing example: $50k account
A $50k Papaya Signature account has a $3,000 profit target and a $2,000 max drawdown. Say your setup on the S&P 500 needs a 20-point stop:
| Position | Risk on a 20-point stop | Share of the $3,000 target | Share of the $2,000 drawdown |
|---|---|---|---|
| 3 ES (account max) | $3,000 | 100% | 150% |
| 1 ES | $1,000 | 33% | 50% |
| 5 MES | $500 | 17% | 25% |
| 3 MES | $300 | 10% | 15% |
Read that first row again. Trading the full contract limit on one losing trade would breach the account. Being allowed 3 ES doesn't mean your stop can afford them.
One losing ES trade costs half your drawdown. With micros, you choose exactly what a loss costs, and you can still build up to ES-level size with 10 MES when the trade earns it.
This example shows how contract sizes apply. It's not a projection of results.
Risk management for any contract size
- Set your stop before you enter. Then pick the contract size that fits it, not the other way round.
- Risk a fixed amount per trade. Micros make this easy: adjust the number of contracts, not the stop.
- Know your drawdown floor every morning. With EOD trailing, it may have moved overnight.
- Respect the contract limit. Plan your maximum position before the session, not mid-trade.
- Watch the news calendar. Index futures react hard to data like NFP and CPI. Read our guide to Nonfarm Payrolls.
FAQ
How many micro contracts equal one E-mini?
Ten. On every major CME index contract, one micro is one-tenth of the E-mini. For example, 10 MES contracts give the same exposure as 1 ES contract. The same 10:1 ratio applies to crude oil (MCL vs CL) and gold (MGC vs GC).
Do micro and E-mini futures move the same way?
Yes. They track the same underlying index, so the price and chart are the same. The only difference is the dollar value of each tick: $1.25 on MES versus $12.50 on ES.
What is the tick value of MNQ?
MNQ, the Micro E-mini Nasdaq-100, is worth $2 per index point. With a minimum tick of 0.25 points, each tick is worth $0.50. The full NQ contract is $20 per point, or $5.00 per tick.
Are micro futures liquid enough to day trade?
Yes. Micros on major indexes like MES and MNQ trade heavily, and spreads are usually one tick during US hours. E-minis have deeper order books, which matters more for very large orders.
Can I trade both micros and minis in a Papaya account?
Yes. You can trade minis or micros, depending on the market you choose. Each mini counts as 10 micros toward your contract limit. On a $50k Papaya Signature account, for example, that's up to 3 minis or 30 micros.
Micros aren't training wheels. They're precision. Same market, same moves, and full control over what each trade can cost you. When your sizing is right, pick your Papaya futures challenge here.
Trading involves risk. Individual results vary.