A micro single stock future is a CME Group futures contract representing 10 shares of an individual stock—one-tenth the size of a standard single stock future, which represents 100 shares. Both track the same underlying company; the micro just does it in a smaller package.
That size difference matters more than it sounds. Share price can quietly influence which names a smaller account can actually trade, and the names traders care about most tend to be the expensive ones. A micro contract can help reduce that constraint by providing exposure in a smaller contract size.
Here's how micro contracts work, how they differ from standard single stock futures, and how traders use the two sizes together.
What are micro single stock futures?
Micro single stock futures (SSFs) are futures contracts on individual U.S. stocks, sized at 10 shares per contract. Everything else about them matches the standard contract: the same underlying stock, the same nearly 24-hour session, the same quarterly expirations, and the same cash settlement. If you already know what single stock futures are, a micro is the same instrument with a smaller multiplier.
If you already know what single stock futures are, a micro is the same instrument with a smaller multiplier.
The symbol tells you which size you're looking at. Standard contracts carry an S prefix: SNVDA, STSLA, SAAPL. Micro contracts carry an X prefix: XNVDA, XTSLA, XAAPL. One character, one order of magnitude. Not every name lists in both sizes, so check the platform for the one you want.
Instruments shown are for illustrative purposes only and are not a recommendation to trade.
Prices are quoted per share for both sizes, so the quote screen looks identical. What changes is what each tick is worth and how much notional value you're carrying, which is where the practical differences start.
Micro vs. standard single stock futures: how the two contracts compare
The relationship between micro and standard single stock futures mirrors what index traders already know from E-mini and Micro E-mini contracts: same market, same mechanics, one-tenth the size.
Same market, same mechanics, one-tenth the size.
Contract size, tick value, and symbols
A one-cent move in the underlying stock is worth $1.00 on a standard contract and $0.10 on a micro. That's the whole difference in a sentence, and it flows through everything else in the table below.
| Feature | Standard SSF | Micro SSF |
|---|---|---|
| Shares per contract | 100 | 10 |
| Symbol prefix | S (SNVDA, STSLA, SAAPL) | X (XNVDA, XTSLA, XAAPL) |
| Minimum price move | $0.01 per share = $1.00 per tick | $0.01 per share = $0.10 per tick |
| Notional value | 100 × futures price | 10 × futures price |
| Margin basis | Typically around 20% of notional | Same rate, applied to one-tenth the notional |
| Trading hours | Nearly 24 hours a day, Sunday–Friday | Same |
| Settlement | Financially settled in U.S. dollars | Same |
| Expirations | Quarterly (March, June, September, December) | Same |
Notional value and margin
Notional value scales directly with contract size. On a stock trading at $200, the standard contract carries $20,000 in notional and the micro carries $2,000.
Margin rates are the same for both sizes and typically run around 20% of notional. Because the micro's notional is one-tenth the standard's, the dollar margin required works out to roughly one-tenth as well. Margin is a good-faith deposit rather than a loan, and it's worth reading up on how futures margin and leverage work before you size a position around it. Leverage magnifies losses as readily as gains.
Ask what the margin is as a percentage of notional, not as a flat dollar figure. The percentage is what stays constant between the two sizes; the dollar amount moves with the share price of whichever name you're trading.
Why a smaller contract puts high-priced stocks back in reach
For a smaller account, a high share price can put a name out of range on its own. That constraint has nothing to do with whether the trader understands the stock. It's arithmetic, and it tends to push people toward cheaper, thinner names just to stay active.
A micro contract can provide more flexibility around that arithmetic without shrinking the watch list. With micro contracts, the most-followed names stay tradable at a size that fits the account, which means a trader can hold a position in a company they actually follow rather than a proxy for it.
The most-followed names stay tradable at a size that fits the account.
The nearly 24-hour session compounds that. Earnings releases and overnight headlines are exactly when these names move, and a micro lets a trader take a smaller position into that volatility rather than sitting it out. For more on that use case, see our guide to trading single stocks around earnings.
How micro contracts change position sizing and scaling
Futures traders already make this call every session with index products. Choosing between a standard and a micro contract is the same decision applied name by name: SNVDA for 100 shares of Nvidia, XNVDA for 10. Anyone who's weighed choosing a contract size that fits their account on the index side has done this before.
Mixing the two sizes is where it gets more interesting. Standard and micro contracts on the same name let a trader add and trim in 10-share steps instead of 100, which matters most on higher-priced stocks and when scaling out of a position that's working.
Standard and micro contracts on the same name let a trader add and trim in 10-share steps instead of 100.
Holding standard and micro contracts together turns position sizing from a set of big steps into a set of small ones. That can provide more flexibility for managing exposure, along with a smaller-sized way in.
Starting small is also a reasonable way to meet a new instrument. CME Group's current single stock futures offering is new to everyone, and trading a name in micros until you've seen how it behaves as a future costs less than learning the same lesson in standard size. Traders coming from micro E-mini futures will find the pattern familiar.
How to trade micro single stock futures on NinjaTrader
Micro SSFs trade through the same NinjaTrader account and the same workflow as any other futures contract, across desktop, web, and mobile. The steps:
- Open a NinjaTrader account if you don't have one, or log in to the one you have.
- Review and attest to the Security Futures Risk Disclosure Statement, which is required before trading any security futures product.
- Search for the contract by its X-prefixed symbol in the platform.
- Check the contract specs (expiration, margin requirement, and settlement terms) for the name you want to trade.
- Place the order, long or short, with no share borrow required either way.
Available contracts change as the lineup grows, so check the platform for the current list rather than assuming a name is or isn't there. Commissions follow the same schedule as the rest of your account, starting as low as $0.09 per micro contract, per side, depending on your plan. See our commission plans for the full breakdown.
Practicing in the sim environment first
A new instrument is a good reason to use the sim environment before going live. NinjaTrader's sim environment runs on real-time market data, so you can work through order entry, watch how a micro contract's notional and margin behave on a name you follow, and get comfortable with the mechanics without money on the line.
A new instrument is a good reason to use the sim environment before going live.
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.
Practicing in the same contract size you plan to trade live is worth the extra step. A strategy that behaves one way in micros will behave differently at 10 times the notional.
Ready to trade the names you follow at a size that fits your account? Open a NinjaTrader account to get started, or practice micro single stock futures in sim first with real-time market data and no capital at risk. Futures and security futures trading involves substantial risk and is not suitable for everyone, so trade only with risk capital you can afford to lose.
FAQs on micro single stock futures
How many shares does a micro single stock future represent?
A micro single stock future represents 10 shares of the underlying stock, one-tenth the size of a standard single stock future's 100 shares. Everything else about the contract—settlement, expirations, and trading hours—matches the standard version.
What is the tick value of a micro single stock future?
A one-cent move in the underlying stock is worth $0.10 on a micro single stock future, compared with $1.00 on a standard contract. The minimum price fluctuation is $0.01 per share for both sizes.
How do I tell a micro contract from a standard one?
By the symbol prefix. Micro single stock futures use an X prefix, such as XNVDA or XTSLA, while standard contracts use an S prefix, such as SNVDA or STSLA.
Is the margin requirement lower on a micro contract?
The margin rate is the same for both sizes and typically runs around 20% of notional value. Because a micro contract's notional is one-tenth that of the standard contract, the dollar margin required is roughly one-tenth as well.
Can I trade standard and micro contracts on the same stock?
Yes. Holding both sizes on the same name lets you build and reduce exposure in 10-share increments rather than 100-share jumps, which can help when scaling into or out of a position.
