Contract Size
The fixed quantity of the underlying asset controlled by one futures contract, set by the exchange.
Formula
Notional Value = Contract Size × Futures Price
Contract size (also called contract unit) defines exactly how much underlying one futures contract represents. It is non-negotiable — the exchange standardizes it so that all market participants trade identical units.
Common contract sizes: ES = 50× the S&P 500 index; NQ = 20× Nasdaq-100; CL = 1,000 barrels of crude oil; GC = 100 troy ounces of gold. The micro versions (MES, MNQ, MCL, MGC) are exactly one-tenth of the standard.
Multiplying contract size by the futures price gives the full notional value — the economic exposure you carry per lot.
Example
CL (WTI crude) has a contract size of 1,000 barrels. At $80/barrel the notional exposure per contract is $80,000. A $1 move in crude = $1,000 P&L per contract.
Related Terms
CL (Crude Oil Futures)
NYMEX futures on West Texas Intermediate crude oil. 1,000 barrels per contract, $0.01/barrel tick, physically delivered at Cushing, Oklahoma.
IntermediateContract Multiplier
The dollar amount assigned to each index point (or unit) of a futures contract, converting price moves into P&L.
BeginnerFutures Contract
A standardized, exchange-traded agreement to buy or sell an asset at a fixed price on a set future date, settled daily via mark-to-market.
BeginnerNotional Value
The full economic exposure of a futures position: Futures Price × Contract Multiplier (or Contract Size).
IntermediateTick
The minimum price increment a futures contract can move, set by the exchange in its contract specification.
BeginnerTick Value
The dollar P&L impact of one minimum price move in a futures contract. Tick Size × Contract Multiplier.
Beginner