Micro Futures vs. Standard Futures: Which Fits Your Strategy?

When it comes to trading futures, one size doesn’t fit all. Some traders thrive on the exposure and capital efficiency of standard contracts, while others prefer the accessibility and flexibility of micro contracts. The good news? You don’t have to choose one forever—you can align your contract size with your account, your goals, and your level of experience.

In this article, we’ll compare standard and micro contracts for three of the most popular futures markets: the S&P 500, Gold, and WTI Crude Oil. By the end, you’ll have a clearer picture of which contract type might fit your trading strategy best.

Key Takeaways

• Micro futures are 1/10th the size of their standard counterparts, making them more accessible for smaller accounts.
• Standard futures contracts offer larger exposure and can be more capital efficient for experienced traders.
• The choice between micro and standard contracts depends on risk tolerance, trading goals, and account size.

The Basics: Standard vs. Micro Futures Contracts

Before diving into specific markets, let’s define the difference:

• Standard Futures: The traditional contracts, often used by institutions, fund managers, and experienced traders. They carry higher notional values and margin requirements.
• Micro Futures: Smaller contracts (typically 1/10th the size) designed for retail traders who want the same market access with lower capital requirements and more flexibility.
• Both are traded on regulated exchanges like CME Group, ensuring transparency, liquidity, and fair pricing.

Comparing S&P 500 Futures

Standard E-mini S&P 500 (ES)

• Contract size: $50 x Index
• A 10-point move = $500 gain/loss
• Margin requirement: Roughly $12,000* (varies)

Micro E-mini S&P 500 (MES)

• Contract size: $5 x Index (1/10th the E-mini)
• A 10-point move = $50 gain/loss
• Margin requirement: Around $1,200*

Which Fits Your Strategy?

➡️ If you want larger exposure to the U.S. equity market and have the capital, standard contracts may be more efficient.

➡️ If you’re testing strategies, trading a smaller account, or scaling positions, micros provide flexibility without overextending risk.

Comparing Gold Futures

Standard Gold Futures (GC)

• Contract size: 100 troy ounces
• A 1 point move = $100 gain/loss
• Margin requirement: Roughly $7,000–$8,000*

Micro Gold Futures (MGC)

• Contract size: 10 troy ounces
• A 1 point move = $10 gain/loss
• Margin requirement: Around $700–$800*

Which Fits Your Strategy?

➡️ If you want significant exposure to gold price movements for hedging or speculation, the standard contract is capital efficient.

➡️ If you want to trade gold with smaller swings or use it as a portfolio hedge without tying up thousands, micros are a great fit.

Comparing WTI Crude Oil Futures

Standard Crude Oil Futures (CL)

• Contract size: 1,000 barrels
• A $1 move = $1,000 gain/loss
• Margin requirement: Around $6,000–$7,000*

Micro WTI Crude Oil Futures (MCL)

• Contract size: 100 barrels
• A $1 move = $100 gain/loss
• Margin requirement: Around $600–$700

Which Fits Your Strategy?

➡️ Standard contracts suit traders or hedgers who need bigger exposure to crude oil prices.

➡️ Micros are ideal for those who want to learn the market dynamics of crude or hedge positions at a smaller scale.

Factors to Consider When Choosing Contract Size

Account Size

Smaller accounts may benefit from micro contracts. Larger accounts can use standard contracts for capital efficiency.

Risk Tolerance 

If you prefer smaller dollar swings and more precise control, micros are the better choice. If you’re comfortable with higher volatility, standards may fit.

Trading Goals

Micros are perfect for testing strategies, diversifying, or hedging on a smaller scale. Standards are better for generating larger exposure or professional-level hedging.

Experience Level

Newer traders may want to start with micros to gain experience. Seasoned traders might prefer standard contracts for efficiency.

Choosing the Contract That Fits

Both micro and standard futures contracts provide access to the same global markets, but the best choice depends on your strategy, account size, and comfort with risk. For many traders, micro contracts offer a stepping stone into futures—giving you a chance to learn, practice, and scale gradually. For others, standard contracts remain the tool of choice for efficiency and size.

The best part? You don’t have to pick just one. Many traders use both, depending on market conditions and their portfolio needs.

Ready to find out which contract type fits your strategy? Explore micro contracts risk-free with a free demo of the StoneX Futures trading platform. It’s the fastest way to learn how both micro and standard futures can work for you.