MES: Micro E-mini S&P 500
Everything that decides whether MES fits a funded account: tick value, point value, margin, sessions, which prop firms offer it, and how many contracts the drawdown buffer actually supports at each account size.
MES contract specifications
| Detail | |
|---|---|
| Full name | Micro E-mini S&P 500 |
| Tick size | 0.25 index points |
| Tick value | $1.25 |
| Point value | $5.00 |
| Contract size | 1/10 of ES |
| Day-trading margin | ~$40–$100 intraday at prop firms; CME overnight around $2,455 |
| Sessions | Sunday 5:00 PM – Friday 4:00 PM CT, with a daily maintenance halt |
| Prop firms | Every major futures prop firm |
How many contracts fit each prop account size
| Account | Drawdown buffer | Contracts | Why |
|---|---|---|---|
| 25K | $1,000–$1,500 | 1–2 | At $5 per point a 20-point stop is $100. The S&P's narrower range makes this workable where MNQ is not. |
| 50K | $2,000–$2,500 | 2–5 | Five contracts move $25 per point. A 40-point stop is $1,000 — watch the ratio. |
| 100K | $3,000–$3,500 | 4–10 | Ten MES equals one ES in exposure with no liquidity penalty. |
| 150K | $4,500–$5,000 | 8–15 | Above this, ES becomes cleaner for single-exit strategies. |
The buffer decides the size, not the contract cap. Firms commonly permit 15 minis or 150 micros on a 150K account — far above what the drawdown floor supports. Run the arithmetic on the sizing checker or the position size calculator.
What this means for a systematic strategy
MES sits between MNQ and MGC on cost per point at $5, and its real advantage is range rather than tick value: the S&P moves proportionally less than the Nasdaq, so a percentage-based stop translates into fewer dollars. For a strategy that sizes off volatility rather than a fixed point stop, that makes MES the most forgiving of the three micros on a small account.
The trade-off is that the same low volatility caps the upside per trade. A strategy that needs a 100-point Nasdaq move to pay will wait a long time for the equivalent on the S&P.
Related
- All instruments compared
- Best instrument by prop account size
- MNQ vs MGC for prop accounts
- Rules cards for every firm
FAQ
How much is one MES point worth?
$5.00 per point, or $1.25 per tick (one tick is 0.25 index points). Ten MES contracts equal one ES in exposure.
Is MES better than MNQ for a small prop account?
Often yes. The S&P's narrower range means a volatility-based stop costs fewer dollars than the same stop on Nasdaq, so MES tolerates slightly more contracts on a 25K account.
What is the day trading margin for MES?
Roughly $40 to $100 per contract at prop firms and futures brokers, against a CME overnight requirement near $2,455.
Contract specifications verified September 2026 against CME Group and current futures specification trackers. Prop firm availability cross-checked against the rules cards. Margins vary by broker and rise during volatility; confirm before trading.