How much one contract actually controls
A futures price is quoted in points, and a multiplier turns points into money. Price times multiplier is the notional value — the amount you are exposed to, whatever the margin you posted. This calculator gives the notional for one contract and for a position.
The formula
Worked example: 2 contracts at 5,000, multiplier 50
- Per contract: $250,000
- Position: $500,000
Those are E-mini S&P 500 figures: $50 per index point. With initial margin near $12,000 a contract, $24,000 controls half a million — leverage above 20 to 1. A 1% move in the index is $2,500 per contract, in either direction.
The same move, different contracts
| Contract | Multiplier | Price | Notional, 1 contract | 1% move |
|---|---|---|---|---|
| E-mini S&P 500 (ES) | $50 | 5,000 | $250,000 | $2,500 |
| Micro E-mini S&P (MES) | $5 | 5,000 | $25,000 | $250 |
| Crude oil (CL) | 1,000 bbl | 75 | $75,000 | $750 |
| Gold (GC) | 100 oz | 2,400 | $240,000 | $2,400 |
| 10-year Treasury (ZN) | $1,000 | 110 | $110,000 | $1,100 |
The micro contract is a tenth of the E-mini in every respect, which is why it exists: a $25,000 position lets a small account learn the mechanics with $250 at stake per percent, not $2,500.
Margin is a deposit, not a price
Initial margin — typically 3% to 12% of notional depending on volatility — is returned when the position closes. Losses are settled daily against it. If the position moves against you by more than the maintenance margin allows, the broker demands a top-up and, failing that, closes the position. Two E-mini contracts and a 5% drop in the index is a $25,000 loss, roughly the whole initial margin.
Notional against portfolio
The useful comparison is notional against what you own. A $100,000 portfolio holding two E-mini contracts has $500,000 of index exposure — five times its size. Hedgers use the same arithmetic in reverse: a $500,000 equity portfolio is hedged by selling two contracts, and the calculator gives the count.
What this calculator leaves out
Margin requirements, commissions, the cost of rolling into the next expiry, and the fact that a futures contract expires — unlike a share, it cannot be held indefinitely.
Related calculators
- Margin call calculator — the drop that triggers a forced close
- Financial leverage ratio — exposure against capital
- Hedge ratio — how many contracts offset a portfolio