S&P 500 futures (ES and MES)
The most liquid futures contract in the world and the benchmark for US stocks. It moves fewer points than NQ, but each point is worth more.
Tick size
0.25
smallest price move
Per tick
$12.50 / $1.25
ES / MES
Per point
$50 / $5
ES / MES
Front month
ESZ6
Dec 2026
- Exchange
- CME, traded electronically on Globex
- Contract size
- ES: $50 × the S&P 500 index. MES: $5 × the index.
- Contract months
- March, June, September, December (H M U Z)
- Last trading day
- Third Friday of the contract month. Volume moves to the next contract about eight days before.
Risk on a $2,000 drawdown
What one contract loses if the stop is hit, and how much of a typical $50K account's $2,000 trailing drawdown that uses. Example stops, before slippage and commission.
| Stop | 1 ES | 1 MES |
|---|---|---|
| 4 points | $200 · 10% | $20 · 1% |
| 8 points | $400 · 20% | $40 · 2% |
| 15 points | $750 · 37.5% | $75 · 3.8% |
When it trades
ES hours
| Event | New York | Your time | Why it matters |
|---|
Globex trades Sunday 6pm to Friday 5pm New York, with a one-hour break each day. Times follow US daylight saving automatically.
Things to know
- Moves on US data, Fed decisions and the cash open.
- At $50 a point, even a 10-point stop is $500 on one mini. MES is $5 a point.
Contract limits at futures prop firms
Maximum contracts on a $50K evaluation. From third-party reviews checked 17 October 2026; firms change these often, so confirm on your firm's rules page.
| Topstep | Trading Combine $50K | 5 minis / 50 micros |
| Apex Trader Funding | Evaluation $50K (rules from 1 Mar 2026) | 6 |
| Take Profit Trader | Test $50K | 6 |
| MyFundedFutures | Rapid EOD $50K | Varies by plan |
| Lucid Trading | LucidFlex $50K | Varies |
| Tradeify | Growth $50K | 4 minis / 40 micros |
How the drawdown, consistency rules and fees compare: Futures prop firms guide.
Education, not trading advice. Check contract details on your platform and your firm's rules before you trade.