Deep dive into contract size, margin, liquidity, cost, risks, and real-world use cases—choose the futures contract that fits your trading strategy.
This article on Micro vs E-mini Futures is the opinion of Optimus Futures.
What Are Micro and E-Mini Futures?
Modern index futures come in multiple sizes. The two most popular for retail traders are E-mini and Micro E-mini contracts.
E-mini futures (e.g., ES for S&P 500) offer more accessible entry than standard contracts and are the industry standard for active traders. Introduced by CME Group in 1997, E-minis revolutionized futures trading by making index exposure available to individual investors.
Micro E-mini futures (MES) launched in 2019, precisely 1/10th the size of their E-mini counterparts, making them ideal for smaller accounts and flexible risk control. This innovation opened futures trading to an entirely new group of traders who needed lower capital requirements and more precise position sizing.
If you’re new to the futures market, start with our Beginner’s Guide to Futures Trading to understand contracts, exchanges, and how leverage works before choosing between Micro and E-mini contracts.
Micro vs Mini Futures: Side-by-Side Comparison
| Feature | E-mini (ES) | Micro E-mini (MES) |
|---|---|---|
| Contract Size | $50 × Index | $5 × Index |
| Notional Value* | $300,000 | $30,000 |
| Tick Size | 0.25 index points | 0.25 index points |
| Tick Value | $12.50 | $1.25 |
| Margin (overnight) | ~$23,000 | ~$2,300 |
| Day Trading Margin | ~$500 | ~$50 |
| Typical Spread | 1 tick ($12.50) | 1–2 ticks ($1.25–$2.50) |
| Trading Hours | Sun 6 PM – Fri 5 PM ET | Same |
| Settlement | Cash settled | Cash settled |
*Based on S&P 500 at 6,000.
Quick Decision Guide: Should I Trade Micro or Mini Futures?
Many new traders begin with Micros to learn how margin, leverage, and tick values work in real time. You can explore detailed approaches in our guide to 10 Futures Trading Strategies That Work in 2025 — including day trading, swing trading, and spread setups that fit both Micro and E-mini contracts.
Micro vs Mini Futures
| Feature | Micro E-mini | E-mini (ES) |
|---|---|---|
| Accessibility | Very high | Medium |
| Position Sizing | Extremely precise | Larger, less flexible |
| Liquidity | High (retail) | Highest (industry) |
| Spread | Wide (1–2 ticks) | Tightest (1 tick) |
| Suitability | Beginners, testers | Experienced, pros |
| Capital Needed | Lower ($50+) | Higher ($500+) |
| Max Risk/Reward | Lower, scalable | Higher, more direct |
Real-World Example: Profit & Loss
S&P 500 moves 10 points:
- E-mini (ES): 10 × $50 = $500
- Micro E-mini (MES): 10 × $5 = $50
Micro contracts offer more granular risk and sizing control—making them perfect for learning and precise risk management. This 10:1 ratio means you need exactly 10 Micro E-mini contracts to equal one E-mini in exposure and dollar value.
Margin Requirements Explained
Your upfront cost varies by contract:
- Initial Margin: ~$23,000 (ES), ~$2,300 (MES)
- Day Trading Margin: As low as $500 (ES), $50 (MES) at many brokers
Tip: Lower margin lets you trade more contracts or keep more cash in reserve for active strategies. The maintenance margin—the minimum you must maintain to keep positions open—is typically slightly lower than the initial requirement.
Liquidity & Execution Quality
E-minis are ultra-liquid—often 1+ million contracts traded daily; spreads are consistently $12.50 per tick for rapid fills. The E-mini S&P 500 (ES) is among the most liquid futures contracts globally, ensuring instant execution at any time during trading hours.
Micro E-minis now offer strong retail liquidity and competitive spreads (1–2 ticks, $1.25–$2.50). For most individuals, liquidity is not a problem. Since their 2019 launch, Micro contracts have grown significantly in volume, making them viable for virtually all retail trading strategies.
For technical traders, combining strong liquidity with the right indicators can improve entries and exits. Learn more in our breakdown of the Best Trading Indicators for Day Trading Futures.
Cost & Commission Impact
Commissions are charged per contract:
- E-mini: $0.50–$2.00 per side
- Micro E-mini: $0.25–$0.50 per side
If you scale up (e.g., trade 10 micros per E-mini), total fees can add up. Always check your rates and optimize contract mix for cost and spread efficiency.
Example: Trading 10 MES contracts at $0.50 each ($5.00 total) versus 1 ES contract at $1.50 means the Micros cost more in commissions. However, for beginners learning with 1–2 contracts, Micros are far more cost-effective.
Trader Profiles: Who Should Choose Which?
| Trader Profile | Typical Account | Best Choice | Why? |
|---|---|---|---|
| Beginner | $3K – $10K | Micro E-mini | Learn & reduce risk |
| Strategy Developer | $5K – $15K | Micro E-mini | Flexible scaling |
| Active Day Trader | $25K+ | E-mini (ES) | Tight spreads matter |
| Swing Trader | $15K – $50K | Mix of both / E-mini | Flexibility & overnight holds |
| Scalper | $10K – $30K | E-mini (ES) | Profitable spreads |
| Hedger | Varies | Micro E-mini | Portfolio matching |
If you’re considering smaller, more flexible contracts, check out our dedicated overview: Start Smaller with Micro Futures — including margin examples, tick values, and how to open a demo account to practice risk-free.
Demonstrated Expertise: Trading Both Contracts
Advanced traders combine both E-mini and Micro E-mini contracts:
Pyramiding: Start core position in E-minis, scale with Micros as trade moves, allowing flexible sizing.
Example Pyramid Approach:
- Initial Entry: 1 ES contract at 6,000
- First Add: 2 MES contracts at 6,010
- Second Add: 2 MES contracts at 6,020
- Total Exposure: Equivalent to 1.4 ES contracts
- Benefit: Better average entry with controlled risk scaling
Partial Profits: Use MES to trim positions or take profits without fully closing ES exposure. If you’re long 2 ES contracts and want to reduce by 30%, you can’t do that precisely. But with 20 MES contracts, you can close exactly 6 contracts for precise profit-taking.
Testing Strategies: Prove concepts risk-light in MES before scaling up size in ES. This approach lets you gain confidence without risking significant capital during the learning phase.
Risk Management Guidelines for Micro vs E-mini Futures
Stick to the 1–2% risk per trade rule.
$10,000 Account (1% risk = $100)
MES: $100 ÷ $5 = 20-point stop loss per contract (trade 1–2 MES safely)
ES: $100 ÷ $50 = 2-point stop loss per contract (often too tight for most strategies)
$50,000 Account (1% risk = $500)
MES: $500 ÷ $5 = 100-point stop for 10 MES with flexibility
ES: $500 ÷ $50 = 10-point stop for 1 ES
Key Risk Management Principles:
- Always use stop losses on every trade
- Maintain 3–5× margin buffer beyond minimum requirements
- Never risk more than you can afford to lose
- Keep detailed records of every trade for analysis
- Understand that leverage amplifies both gains AND losses
- Start small and scale up as you gain experience
FAQs: Micro vs Mini Futures
No. Today’s MES contracts offer robust retail liquidity for virtually all individual traders. The bid-ask spreads remain competitive at 1–2 ticks, making them suitable for most trading strategies.
Ten Micro E-minis = one E-mini in exposure and dollar value. This 10:1 ratio applies consistently across all movements.
Yes—futures contracts aren’t subject to PDT restrictions. You can day trade with any account size, making them attractive alternatives to stock trading for small accounts.
Not directly, but you can offset risk between contracts (CME margin offsets apply). You can also close Micro positions and open E-mini positions (or vice versa) at any time.
Micro E-mini: lowest risk, lowest margin, highest flexibility for learning and testing. The smaller size allows you to make inevitable beginner mistakes with minimal financial consequences.
For accounts under $10,000, Micro E-mini contracts are strongly recommended. They allow proper risk management with appropriate stop losses, whereas E-mini contracts would require stops that are either too tight or risk too much capital per trade.
Summary: Making the Best Choice Between Micro and E-mini Futures
If you’re new, start with Micro E-minis to learn in a safe environment. Experienced traders with larger capital can add E-minis for top liquidity and cost efficiency. Both contracts let you trade major indices with less capital and more control than full-size futures.
The fundamental difference is simple: Micro contracts are 1/10th the size of E-mini contracts, which cascades into differences in margin requirements, profit/loss per point, and overall risk exposure.
Choose the contract that matches your capital, experience, and strategy—and scale up as your skills and account grow.
Whether you decide to trade Micro E-mini futures for precise position sizing or E-mini futures for maximum liquidity, both provide excellent opportunities to participate in the futures market. You can also trade directly in your browser using our web-based futures trading platform, no installation required — perfect for managing both Micro and E-mini contracts on the go, with lower barriers to entry than ever before.
Trading futures and options involves a substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results.
