Micro vs mini futures: converting contracts and reading prop firm max position limits

What are mini futures (E-mini) and micro futures (Micro E-mini)?

Stock index futures come in several sizes. Among the S&P 500 futures listed by CME Group, E-mini S&P 500 (symbol ES) and Micro E-mini S&P 500 (symbol MES) are the 2 most often traded at futures prop firms.

CME's contract spec pages state the size of 1 contract (the contract unit) as "index × multiplier." ES is "$50 × S&P 500 index" per contract and MES is "$5 × S&P 500 index." The multipliers differ by exactly 10 times, so 10 MES contracts move about the same as 1 ES.

In futures prop firm rules, standard-size products such as E-minis, crude oil, and gold are often grouped as "mini," and micro products as "micro." Tradeify's help center says both full-size products and E-minis count as 1 mini.

Mini and micro track the same index or commodity price; only the contract size differs. CME's spec pages list the same trading hours for MES and ES, and for MNQ and NQ.

• Mini: a large contract; a 1-point move changes P&L a lot
• Micro: 1/10 the size of a mini, so you can fine-tune your size
• Futures prop position limits are often written as a number of minis and 10 times that number of micros

Micro vs mini futures specs for ES, NQ, YM, RTY, crude, and gold

For products commonly traded at futures prop firms, here are the contract size and the P&L per minimum price move (tick) from CME's contract spec pages.

Of the 6 products in the table, the 5 we could confirm all have a micro tick value of exactly 1/10 the mini. For stock indexes the multiplier is 1/10; for crude and gold the quantity per contract is 1/10.

Per 1-point move, ES is $50, MES is $5, NQ is $20, and MNQ is $2. Because P&L per point differs by product, the same number of contracts gives a different P&L size for each product. When you size a trade, look at the multiplier, not just the symbol.

Commissions are charged per contract. If you match 1 mini with 10 micros, you pay commissions on 10 contracts. The next sections show actual amounts.

How do prop firms convert micros to minis? 10 micros = 1 mini at 6 firms

Futures prop firms set a conversion so that minis and micros are counted on the same scale for position limits. Here is what the 6 firms' official help pages say.

Of the 6 firms, 4 state the conversion clearly, and the other 2 list position limits as minis and 10 times as many micros. If you remember "10 micros = 1 mini," you can read any firm's table.

Watch for exceptions. Topstep counts Micro Silver at 5 : 1 (2 of its other micros), and treats the crypto contracts MBT and MET the same as minis. My Funded Futures also counts MBT as a mini. If you trade crypto or silver, check the firm's product-by-product rules.

The conversion also matters for hedging rules. Apex Trader Funding bans hedging entirely, including opposite positions in a mini and a micro (such as ES and MES). Topstep and Take Profit Trader ban opposite positions in the same or related products (such as ES and MES) across your own accounts. Lucid Trading allows opposite mini and micro positions within the same account but not across accounts.

How do you read max contracts? 50K accounts at 6 firms

The maximum position is the cap on contracts you can hold at once. "4 mini / 40 micro" means up to 4 contracts if you trade only minis, or up to 40 if you trade only micros. If you mix them, convert every 10 micros to 1 mini and add them up.

Here are the maximum positions for 50K accounts (evaluation) at the 6 firms, from their official tables. One typical plan was chosen per firm.

Example of counting a mixed position

Take an account with a "4 mini / 40 micro" limit. If you hold 2 NQ and 20 MNQ, the 20 MNQ equal 2 minis, so the total is 4 minis, exactly at the limit. Add 1 MES and you are at 4.1 minis, over the limit.

My Funded Futures writes that an order combining different products to exceed the limit (for example 2 minis and 20 micros) is a violation even if it fills. Apex Trader Funding automatically rejects orders over the limit. Whether a firm blocks you or counts it as a violation differs, so it is safer to avoid orders right at the limit.

Limits can change in the funded account

The evaluation limit does not always carry over to the funded account. Apex Trader Funding's funded account (PA) uses tiers that rise with the previous day's closing profit, starting at 2 contracts on 50K. Topstep also uses balance-based tiers in the funded account (the scaling plan). Take Profit Trader's maximum position is fixed, with no tiers.

See Apex Trader Funding max position and scaling

See Topstep max position and scaling plan

See Tradeify max position

See Lucid Trading max position

See My Funded Futures max position

See Take Profit Trader account conditions

How many contracts should you trade? Sizing from your drawdown

The maximum position is the most you may hold, not how much you should hold. At a futures prop, you fail when account losses reach the drawdown amount, so the basic approach is to size from your drawdown room. The 50K accounts on the plans in the table above all have a $2,000 drawdown at the 6 firms.

The price move you can withstand is the drawdown amount divided by "P&L per point × contracts." Here are the moves that would use up the $2,000 drawdown on a 50K account.

Hold the full 4 NQ and a 25-point move against you reaches the drawdown. With 4 MNQ, you have 250 points of room. The same "4 contracts" means something completely different depending on mini or micro.

In practice, the drawdown level may move with profit (trailing), and there may be a separate daily loss limit (DLL). As a starting point, use the gap between your current balance and the drawdown level. The differences between drawdown types are covered in the guide "Futures prop firm drawdown types."

Commissions and other points when trading micros

Micros let you fine-tune size, but matching a mini's size costs more in commissions. Here is a comparison using 2 firms' official commissions.

For the same size, holding micros costs about 3 times as much in commissions. On commissions alone, micros make sense for small size and minis for larger size.

Micros also have some specific rules.

• Topstep stops new mini positions in stock index and metals futures for 5 minutes before and after Tier 1 economic releases, and limits micros to 3 contracts on 50K
• My Funded Futures sets a separate contract limit for metals micros (5 contracts on 50K)
• Topstep sets special balance-based limits (for both minis and micros) on products such as crude oil and gold

These limits can change without notice depending on market conditions. Check the current limits in the firm's help center before you trade.

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