Micro vs standard contracts: MBT, MES, and MNQ explained
Micro futures contracts are 1/10 the size of their standard counterparts, giving smaller accounts access to the same underlying assets and price movements without the capital commitment of a full-sized contract.
One MBT contract represents 0.1 BTC, compared to 5 BTC for a standard Bitcoin futures contract, reducing the capital requirement by a factor of 50.
MES and MNQ give eligible US traders access to S&P 500 and Nasdaq-100 index exposure at 1/10 the size of the standard E-mini contracts, available on Kraken alongside crypto perps.
The lower capital requirement makes micro contracts practical for smaller accounts, without sacrificing the precision of exchange-traded futures or the ability to size positions proportionally to your risk tolerance.
Micro futures on Kraken are available to eligible US traders only, provided through Kraken Derivatives US, a CFTC-regulated Futures Commission Merchant and NFA member.
What are micro futures contracts?
Micro futures contracts are smaller-sized versions of standard CME futures contracts. They trade on the same exchange, are regulated by the same authority, and settle through the same mechanism. The only difference is notional size.
Standard CME Bitcoin futures require exposure to 5 BTC per contract. At current prices, that's a position most retail traders can't size appropriately. Micro contracts change that. One MBT gives you the same BTC price exposure at 1/10 the size, so smaller accounts can participate in the same market without overextending.
CME introduced micro contracts specifically to give retail traders access to regulated futures markets without the capital requirements of full-sized contracts.
For eligible US traders on Kraken, micro Bitcoin futures (MBT) and micro equity index futures (MES, MNQ) are available through Kraken Derivatives US, meaning clients can trade on a registered Futures Commission Merchant with the peace of mind that the platform is regulated by the CFTC and is a member of the NFA.
MBT: micro Bitcoin futures
MBT is 1/10 of one Bitcoin per contract. That sizing makes it significantly more accessible than the standard 5 BTC contract, which carries a notional value roughly 50 times larger at equivalent prices.
The contract is cash-settled against the CME CF Bitcoin Reference Rate (BRR), the same reference rate used for standard Bitcoin futures. Trading hours run Sunday through Friday, nearly 24 hours per day on CME Globex, with a 60-minute break each day. The tick size is 5 index points, with a tick value of $0.50 per contract.
Margin requirements change with volatility and are set by CME. Check current initial and maintenance margin requirements on the CME Group website before opening a position.
For retail traders who want regulated BTC futures exposure without committing to the full contract, MBT is the practical option. Unlike Kraken's non-US perpetuals where you set leverage via a slider, leverage on CME-cleared contracts like MBT is determined by the contract structure and your posted margin, not a separate leverage input. For a more detailed breakdown, read our position sizing with leverage article.
MES and MNQ: micro index contracts
MES is the Micro E-mini S&P 500, priced at $5 times the S&P 500 Index with a minimum tick of 0.25 index points (tick value: $1.25 per contract). It is 1/10 the size of the standard E-mini S&P 500 (ES), which is priced at $50 times the index.
MNQ is the Micro E-mini Nasdaq-100, priced at $2 times the Nasdaq-100 Index with a minimum tick of 0.25 index points. It is 1/10 the size of the standard E-mini Nasdaq-100 (NQ), which is priced at $20 times the index. This makes both contracts more accessible for lower capital traders.
Both contracts trade nearly 24 hours per day, five days a week on CME Globex. For eligible US traders on Kraken, MES and MNQ are available alongside crypto perpetual contracts, giving traders access to equity index exposure and crypto exposure within the same platform.
For a full step-by-step guide to placing your first futures trade, check out what are TradFi futures? For regulatory context specific to US futures trading, you can read about US futures compliance and product nuances in our dedicated article.
Comparison table: micro vs standard contracts
The table below compares micro contracts with their standard counterparts, across key aspects such as contract size, settlement and regulatory bodies.
MBT | BTC (standard) | MES | ES (standard) | MNQ | NQ (standard) | |
|---|---|---|---|---|---|---|
Contract size | 0.1 BTC | 5 BTC | $5 x S&P 500 | $50 x S&P 500 | $2 x Nasdaq-100 | $20 x Nasdaq-100 |
Tick size | 5 index pts ($0.50) | 5 index pts ($25.00) | 0.25 pts ($1.25) | 0.25 pts ($12.50) | 0.25 pts ($0.50) | 0.25 pts ($5.00) |
Settlement | Cash (BRR) | Cash (BRR) | Cash | Cash | Cash | Cash |
Regulation | CFTC / CME | CFTC / CME | CFTC / CME | CFTC / CME | CFTC / CME | CFTC / CME |
Best for | Retail, smaller accounts | Institutional, well-capitalized | Retail, smaller accounts | Institutional, well-capitalized | Retail, smaller accounts | Institutional, well-capitalized |
Available on Kraken (US) | Yes | No | Yes | No | Yes | No |
Why use micro contracts instead of standard?
Four reasons drive most retail traders toward micro contracts:
The first is lower capital requirement. Standard BTC futures require significantly higher initial margin than micro contracts. The notional difference is roughly 50x, which puts standard contracts out of reach for most retail traders without substantial capital.
The second is position sizing precision. Micro contracts let smaller accounts size positions in proportion to their actual risk tolerance. A trader with a $10,000 account managing risk at 2% per trade has $200 of risk budget per position. Micro contracts make that math workable. Standard contracts do not.
The third is identical regulatory protection. MBT, MES, and MNQ carry the same CFTC oversight and CME clearing as their standard counterparts. Choosing a micro contract does not mean accepting weaker market infrastructure.
The fourth is reduced slippage exposure. Retail order sizes in micro contracts are proportionate to liquidity at those levels. Executing a standard BTC contract at retail volume is harder to do cleanly, whereas executing an MBT position of equivalent notional size across multiple micro contracts is far more manageable.
How to trade micro futures on Kraken
Micro futures on Kraken are available to eligible US traders through Kraken Derivatives US. Access requires a funded Kraken account with an accepted Derivatives Terms of Service agreement.
On Kraken Pro, micro contracts appear in the futures market selector alongside crypto perpetual contracts. MBT, MES, and MNQ are listed separately from perps and use CME contract labels.
Frequently Asked Questions (FAQs)
Disclaimer
The educational material on this page is for information only and does not constitute an offer to trade futures. Kraken Futures is provided by a different licensed Kraken entity depending on where you live. Derivatives are complex instruments that carry a high risk of rapid losses due to leverage. You should not risk money you cannot afford to lose. Tax treatment depends on your individual circumstances and may change. Geographic restrictions may apply and can change without notice. Kraken products and services may not be covered by investor-compensation or deposit-protection schemes. Nothing on this page is investment, legal or tax advice. Access is subject to eligibility, local regulation and the Terms of Service for the legal entity you face.