MNQ vs NQ: Micro vs E-mini Nasdaq Futures Explained
Tick value, margin, contract size, and when to trade the Micro Nasdaq vs the full E-mini on a funded account — from a real funded futures trader.
Updated July 24, 2026 · 10 min read
Disclosure: This guide contains a small number of affiliate links. SATO Trades may earn a commission at no extra cost to you. Contract specs are stable, but prop firm margins, contract limits and rules change — verify current details before purchasing an evaluation.
MNQ vs NQ is the first real sizing decision every futures trader makes on the Nasdaq-100. Same index, same hours, same setups — but the Micro E-mini moves 1/10 the dollars per tick of the full E-mini, and on a funded account that difference is the line between a survivable losing day and a busted evaluation.
What is the difference between MNQ and NQ?
NQ is the E-mini Nasdaq-100 futures contract with a $20 multiplier — each 0.25 tick is worth $5, one full point is $20. MNQ is the Micro E-mini Nasdaq-100, sized at 1/10 of NQ: $2 per point, $0.50 per tick. Same index, same tick size, same market hours — 10 MNQ equals 1 NQ in exposure. Start on MNQ, graduate to NQ once expectancy is proven.
- →NQ = $5/tick, MNQ = $0.50/tick. Everything else is identical.
- →10 MNQ = 1 NQ in dollar exposure and P&L.
- →Start on MNQ until expectancy is positive over 40+ days.
- →MNQ has lower margin and fits small drawdowns cleanly.
- →Every major prop firm supports both — size limits scale with account.
- →Micros let you scale in / out in 10% steps — huge for consistency-rule accounts.
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MNQ vs NQ Side-by-Side
Both contracts settle to the same underlying index — Nasdaq-100 — trade on the same CME Globex venue, and share identical market hours. The only differences that matter are dollars per tick, notional exposure, and margin.
| Spec | NQ (E-mini) | MNQ (Micro) |
|---|---|---|
| Multiplier | $20 × index | $2 × index |
| Tick size | 0.25 index points | 0.25 index points |
| Tick value | $5.00 | $0.50 |
| Value per point | $20 | $2 |
| Notional (@ index 20,000) | ~$400,000 | ~$40,000 |
| Exchange symbol | NQ | MNQ |
| Trading hours | Sun 6pm – Fri 5pm ET | Sun 6pm – Fri 5pm ET |
| Ratio | 10 MNQ = 1 NQ | |
Contract specs sourced from CME. Prop firm margin requirements vary — see the firm-specific sections below.
What the Dollar Difference Actually Feels Like
Numbers on a spec sheet don't sting. Real P&L does. Here's what the same trade looks like on each contract:
| Move | 1 MNQ | 1 NQ | 10 MNQ |
|---|---|---|---|
| 1 tick (0.25 pt) | $0.50 | $5 | $5 |
| 1 point | $2 | $20 | $20 |
| 10 points | $20 | $200 | $200 |
| 50 points | $100 | $1,000 | $1,000 |
| 100 points | $200 | $2,000 | $2,000 |
Practical read: a 30-point stop on 1 NQ is a $600 loser. The same stop on 1 MNQ is $60. On a $50K evaluation with a $2,500 drawdown, that difference decides whether one bad idea ends the account.
Margin: Why MNQ Is a Small-Account Weapon
CME initial margin on NQ typically sits in the $15,000–$25,000 range (varies monthly). MNQ is 1/10 that. But futures prop firms don't use CME initial — they set day-trade margin per contract, which is what actually gates your sizing.
Typical intraday day-trade margin ranges you'll see across firms:
- NQ: ~$500 – $1,500 per contract intraday (higher near close & overnight).
- MNQ: ~$50 – $150 per contract intraday.
On a $50K evaluation with a $2,500 max drawdown, one NQ is realistically the largest position you should carry — a 5-point stop hits 10% of your drawdown. With MNQ you can run 3–5 contracts with the same total risk and still leave headroom for a second trade. Micros make the math on small evaluations actually workable.
MNQ trades cleanly on Tradeify Static plans
Tradeify supports NinjaTrader, Tradovate and TradingView on MNQ and NQ, and the static drawdown plans suit the small-size ladder-up MNQ style. Use the SATO partner link and code SATO for the best current discount.
MNQ vs NQ on a Funded Account
Every major futures prop firm supports both contracts. The differences that matter for a funded trader are contract limits (how many you can carry per account size), how micros count against those limits, and how the drawdown type interacts with your position.
| Firm | MNQ / NQ Support | Micro counting | Best fit |
|---|---|---|---|
| FundedNext Futures | Both, all plans | Micros count fractional vs limit | Flex for news-driven MNQ scalps — see the FundedNext review. |
| Tradeify | Both, all plans | Micros count fractional | Static plans + MNQ for consistency-friendly ladders. See the Tradeify review. |
| Apex Trader Funding | Both, all plans | Micros count fractional (check current rulebook) | EOD drawdown + MNQ for small evaluations. See the Apex review. |
Contract limits and how micros count toward them vary by firm and account size — check the current rulebook before assuming.
When to Trade MNQ vs When to Trade NQ
- You're on a small evaluation ($25K–$50K) with a tight drawdown.
- You're still building expectancy — under 40 clean trading days.
- Your setup requires wider stops (30+ points on NQ).
- You want to scale in / out in 10% increments (5 MNQ, 4 MNQ, 3 MNQ...).
- You're managing multiple funded accounts through a copier and need finer per-account granularity.
- You're consistently running 10+ MNQ — consolidation cuts fees.
- Your expectancy is positive over 40–60 days and 1 NQ risk fits inside your daily loss limit with room.
- You need tighter fills — NQ typically has a slightly tighter effective spread in RTH.
- You're on a larger funded account ($100K+) with commensurate drawdown.
Common MNQ / NQ Mistakes
- Skipping straight to NQ. Every loser is 10x the tuition. Almost every blown funded account I've reviewed started with someone sizing NQ before they were ready.
- Running 15+ MNQ instead of a smaller NQ. Round-turn commissions add up fast. Once you're consistently over 10 micros, consolidate.
- Treating MNQ like play money. Micros feel cheap but a bad 30-point stop on 5 MNQ is still $300. Size to the setup, not to the "it's only micros" feeling.
- Mixing MNQ and NQ in the same account. Confusing when you're calculating drawdown headroom mid-session. Pick one per account, per session.
- Forgetting overnight margin. Day-trade margin flips to overnight rates before close. Sizing that fits at 10:30 ET might not fit at 15:55 ET.
MNQ + Copy Trading: The Small-Account Scaling Path
The reason micros exist for a funded trader isn't tiny size — it's clean per-account granularity when running a copier across multiple funded accounts. A 1-lot NQ signal copied to five $50K accounts is 5 NQ of firm-wide exposure at open — that's real news-risk. The same signal at 5 MNQ per account is 5 NQ of exposure but distributed and scalable per-account.
Full case study on scaling MNQ / NQ across multiple funded accounts: scaling prop firm accounts with copy trading.
Practice MNQ on an Apex EOD Drawdown eval
Apex's EOD drawdown accounts don't punish deep intraday excursions the way trailing does — a better fit for the widen-the-stop MNQ style while you're building expectancy. Use the SATO partner link and code SATO for the best current discount.
MNQ vs NQ Cost Comparison Over 100 Trades
Round-turn commissions vary by platform and prop firm, but the pattern is stable. Assume a typical prop-firm cost of ~$1.00 round-turn on MNQ and ~$4.00 on NQ (real numbers vary; check your firm):
| 100 trades | 1 MNQ / trade | 1 NQ / trade | 10 MNQ / trade |
|---|---|---|---|
| Commissions | ~$100 | ~$400 | ~$1,000 |
| Exposure | 1x | 10x | 10x |
1 NQ is cheaper than 10 MNQ for identical exposure. Rule of thumb: below 5 micros, stay on MNQ; at 10 micros consolidate to NQ.
MNQ vs NQ FAQ
What is the difference between MNQ and NQ?+
NQ is the E-mini Nasdaq-100 futures contract; MNQ is the Micro E-mini Nasdaq-100, sized at 1/10 of NQ. NQ has a $20 multiplier ($5 per 0.25 tick), MNQ has a $2 multiplier ($0.50 per 0.25 tick). Same underlying index, same market hours, same tick size — only the notional exposure and the dollars per tick change.
What is the tick value of MNQ?+
MNQ moves in 0.25-point ticks worth $0.50 each. One full Nasdaq point is $2. A 10-point move on 1 MNQ is $20; the same move on 1 NQ is $200.
What is the tick value of NQ?+
NQ moves in 0.25-point ticks worth $5 each. One full Nasdaq point is $20. A 10-point move on 1 NQ is $200; a 100-point move is $2,000 per contract.
How many MNQ equal one NQ?+
10 MNQ = 1 NQ in exposure. If your risk plan calls for 1 NQ but you want finer sizing, 10 MNQ gives the same P&L with the ability to scale in and out in increments of 10% instead of 100%.
Is MNQ cheaper than NQ on prop firm accounts?+
MNQ has a much lower margin requirement (typically ~$50–$150 intraday vs $500–$1,500 for NQ depending on firm and time of day) and moves 1/10 the dollars per tick. On evaluations with a small drawdown or a strict consistency rule, MNQ lets you trade the same setup without a single loser blowing the account.
Should beginners trade MNQ or NQ?+
Start on MNQ. The setup, execution, and mindset are identical, but a $20 loss on a 10-point stop hurts less than $200. Once you've booked 20+ green trading days on MNQ with a positive expectancy, size up to NQ or run multiple MNQ contracts.
Can I trade MNQ on Apex, Tradeify, and FundedNext?+
Yes. Every major futures prop firm — Apex Trader Funding, Tradeify, FundedNext Futures — supports both MNQ and NQ on their evaluation and funded accounts. Contract limits scale with account size, and micros usually count as fractional contracts against your position limit.
What is the contract size of MNQ vs NQ?+
NQ is $20 × the Nasdaq-100 index. At an index level of 20,000 that's a notional exposure of $400,000 per contract. MNQ is $2 × the index — $40,000 notional at the same level. Micros exist specifically to let retail and prop firm traders scale exposure without $400K per lot.
Does MNQ move exactly with NQ?+
Yes. Both contracts settle to the same Nasdaq-100 index and trade nearly tick-for-tick. MNQ can occasionally show a wider bid/ask spread during thin overnight sessions, but during RTH (9:30–16:00 ET) they track each other cleanly.
When should I graduate from MNQ to NQ?+
Two conditions: your expectancy on MNQ is positive over at least 40–60 trading days, and 1 NQ risk fits inside your account's daily loss limit and trailing drawdown with room to spare. If you're routinely running 10+ MNQ, the sizing is already NQ — just consolidate. If you're running 1–3 MNQ and it stings, you're not ready.
Start on MNQ. Graduate to NQ. Get paid.
Micros exist so you can build expectancy without blowing accounts. FundedNext, Tradeify and Apex all support both contracts on every plan. Use the SATO partner links and code SATO for the best current discount.
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Last updated July 24, 2026. Contract specs are stable, but prop firm margin, contract limits and rules change — verify current details before purchasing an evaluation.