On 3 November, CME Group reported a record October: 30 million contracts a day, up 15% on last year. Among its equity-index highlights: Micro E-mini Nasdaq-100 futures (MNQ), at 2.9 million contracts a day, up 74%. Micro contracts now make up half of all CME equity-index volume. More traders size in micros, and many keep doing it long after their account outgrows them. This note settles MNQ vs NQ with one rule: when to stay in micros, when to switch to the mini, and why the best answer is often both at once.
Key takeaways
- MNQ is exactly one tenth of NQ: $2 per index point against $20. Same index, same prices, same stop.
- Size the trade in micros first, then swap every full block of 10 MNQ for 1 NQ. Risk stays identical; you pay one commission instead of ten.
- The swap only pays if one NQ round turn costs less than ten MNQ round turns at your broker. The calculator below checks it with your own fees.
01What CME reported for October 2026
All figures are average daily volume (ADV) from CME Group's press release of 3 November 2026.
| Line | October 2026 ADV | Year on year |
|---|---|---|
| All CME Group products | 30 million | +15% |
| Equity index futures and options | 8.8 million | +15% |
| Micro E-mini Nasdaq-100 futures (MNQ) | 2.9 million | +74% |
| All Micro E-mini equity index futures and options | 4.4 million | 50% of equity index ADV |
Micro volume growing that fast means a lot of new accounts are sizing in MNQ. It also means a lot of growing accounts are still clicking 15, 30 or 100 micros when a mix of minis and micros would carry the same risk with far fewer fills.
02MNQ vs NQ: the only real difference is size
CME's contract specifications put MNQ at $2 times the Nasdaq-100 index, with a minimum move of 0.25 points, so one tick is worth $0.50. CME also states that every Micro E-mini is one tenth the size of its E-mini counterpart, which puts NQ at $20 per point. Both track the same index. A 30-point stop is a 30-point stop on either.
What changes is the step size of your risk. At a 30-point stop, each MNQ risks $60 and each NQ risks $600. With NQ alone you can only risk $600, $1,200, $1,800 and so on. If your budget per trade is $1,000, one NQ uses 60% of it and two NQ would break it. Ten MNQ risk exactly what one NQ risks, so micros let you land within $60 of the budget.
03The split rule: minis for the bulk, micros for the rest
You don't have to pick one. Size the trade in micros, then hand every full block of ten to a single mini:
MNQ = floor((risk budget − NQ × stop × $20) ÷ (stop × $2))
Your risk budget per trade is the dollar loss you accept if the stop is hit. On a prop account, take it from the distance to your floor, as in the prop firm position sizing formula. On a personal account, it is the share of the account you risk per trade.
The split always carries the same risk as the all-micro size, because ten MNQ equal one NQ point for point. The only thing that changes is the number of contracts you pay commission on.
04Worked example: three accounts, one 30-point stop
Fees differ by broker and plan, so the costs here are hypothetical: $1.00 all-in per MNQ round turn and $4.00 per NQ round turn. Put your own into the calculator.
| Risk budget | All MNQ | All NQ | Split | Cost: all MNQ | Cost: split |
|---|---|---|---|---|---|
| $450 | 7 ($420) | 0 ($0) | 7 MNQ | $7 | $7 |
| $1,000 | 16 ($960) | 1 ($600) | 1 NQ + 6 MNQ | $16 | $10 |
| $6,500 | 108 ($6,480) | 10 ($6,000) | 10 NQ + 8 MNQ | $108 | $48 |
At $450 the budget doesn't cover one NQ, so micros are the only way in. At $1,000 the split saves $6 a trade. At $6,500 it saves $60 a trade: 20 trades a month is $1,200 a month in fees for exactly the same risk. Fewer orders also means fewer partial fills to manage when the market moves fast.
The check behind it: each NQ in the split replaces ten MNQ, so the split saves 10 × MNQ cost − NQ cost per NQ. With the hypothetical fees that is $10 − $4 = $6 per NQ. If your broker charged $10 or more for an NQ round turn at the same $1.00 micro rate, the saving would be zero and staying in micros would cost you nothing.
Decision rule
- Budget under one NQ's risk (budget < stop × $20): trade MNQ only.
- NQ round turn costs 10× the MNQ round turn or more: stay in MNQ. Same risk, finer steps, no saving to chase.
- Otherwise: use the split. Re-run it whenever the stop or the budget changes.
Run your own numbers. The calculator opens with the $1,000 row loaded:
- Risk at the stop $960 (96%)
- All-MNQ size 16 MNQ
- All-NQ size 1 NQ ($600, 60%)
- Cost a trade, MNQ / split $16.00 / $10.00
- Saving per month $120
MNQ is $2 per point and NQ $20 per point (CME contract specifications). The default costs are hypothetical: enter your broker's all-in cost per round turn, including commission and exchange fees. Runs in your browser; nothing you enter leaves the page.
05When to stay all-micro even with a big budget
- You scale out in thirds or quarters. One NQ can't be split into three exits. If your plan takes partial profits, keep enough MNQ in the mix to cover each exit.
- Your prop firm counts contracts its own way. Some firms set separate caps for minis and micros, or count them at a ratio. Check your account's contract limit before you mix the two.
- Your stop is wide. At a 100-point stop one NQ risks $2,000. Most budgets under that are micro-only by the rule above, whatever the account size.
06Put the split into your sizing, not your head
Working this out by hand before every order is where mistakes creep in. A sizing tool should take the budget, the stop and the fees, and return the contracts ready to send. That is what Project Vault does: the futures risk console I built for live position sizing on Nasdaq and gold futures. If you want the same for your own trading or your firm's traders, that is the fintech and algorithmic trading work I take on. Sizing only protects an edge that is real, so run the 7-point backtest checklist first.
FAQFrequently asked questions
What is the difference between MNQ and NQ?
MNQ, the Micro E-mini Nasdaq-100 future, is one tenth the size of NQ, the E-mini Nasdaq-100. MNQ is worth $2 per index point and NQ $20 per point. Both track the same index at the same prices, so a stop of a given number of points is the same on either; only the dollar risk per contract differs.
When should I switch from MNQ to NQ?
Switch once your risk budget per trade covers at least one NQ at your stop, which is the stop in points times $20, and one NQ round turn costs less than ten MNQ round turns at your broker. Below that budget, or when the NQ costs ten times the micro or more, stay in MNQ.
Can I trade NQ and MNQ at the same time?
Yes. Size the trade in micros, then replace every full block of ten MNQ with one NQ. The split carries the same risk as the all-micro size, because ten MNQ equal one NQ point for point, and you pay commission on fewer contracts. Check your prop firm's contract caps before mixing.
How much did MNQ volume grow in October 2026?
CME Group reported Micro E-mini Nasdaq-100 futures average daily volume of 2.9 million contracts in October 2026, up 74% year on year. All Micro E-mini equity index futures and options averaged 4.4 million contracts a day, half of CME's equity index volume.
Sources
- CME Group: Record October ADV of 30 million contracts, up 15% year over year (3 Nov 2026) · retrieved 9 Nov 2026
- CME Group: Micro E-mini Nasdaq-100 futures contract specifications · retrieved 9 Nov 2026
- CME Group: Micro E-mini equity index futures products overview · retrieved 9 Nov 2026
Educational content, not financial advice. Volume figures are from CME Group's release of 3 November 2026; contract sizes from CME's specifications, checked on 9 November 2026. The fees in the worked example and calculator defaults are hypothetical; use your broker's actual costs. No affiliate links.