Contract Multiplier
The amount of the underlying that one futures contract represents (for example $50 per index point), converting each unit of price movement into a monetary value.
Related terms
Related lessons
Futures Contract Specifications
Every futures contract is defined by a precise set of specifications — the underlying, contract size, tick size and value, expiry months and settlement type. Learn to read a contract's 'specs', why the multiplier and tick value determine your real exposure, and how mini and micro contracts scale risk to fit your account.
ES: E-mini S&P 500 Futures
The E-mini S&P 500 (ES) is the world's most heavily traded equity-index future — the benchmark instrument for gaining or hedging exposure to the US stock market around the clock. Learn what it tracks, its key specifications, why it's so widely used, and how it differs from an ETF like SPY.
CL: Crude Oil Futures
Crude oil (CL) is the world's most actively traded commodity future — a physically-settled contract on WTI crude, driven by geopolitics, OPEC and the global economy. Learn its specifications, why physical settlement matters, the meaning of contango and backwardation, and the cautionary tale of negative oil prices.
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