M2K Tick Value — $0.50 Per Tick (0.10 Russell 2000 Points × $5 Multiplier)
The short answer: The M2K (Micro E-mini Russell 2000) tick value is $0.50.
One minimum price move = 0.10 Russell 2000 index points × $5 contract multiplier = $0.50. The full-size RTY has the same 0.10-point tick size but a $50 multiplier, making each RTY tick worth $5.00 — exactly 10 times the M2K.
How M2K tick value is calculated
Every futures contract has two spec values that determine tick value:
- Tick size: the minimum price increment. For M2K, this is 0.10 Russell 2000 index points.
- Contract multiplier: the dollar value per point. For M2K, this is $5.00 per Russell 2000 point.
Tick value = tick size × multiplier = 0.10 × $5.00 = $0.50
This spec is exchange-defined and consistent with CME’s 1:10 design: the full-size RTY uses a $50 multiplier and has a tick value of $5.00 (0.10 × $50). M2K at $0.50 is exactly one-tenth of RTY at $5.00. The M2K is financially (cash) settled — at expiration, positions settle in cash against the final Russell 2000 index value, with no physical delivery of underlying small-cap stocks.
M2K vs RTY: tick value comparison
| Contract | Name | Multiplier | Tick size | Tick value | 1-point move |
|---|---|---|---|---|---|
| M2K | Micro E-mini Russell 2000 | $5/pt | 0.10 pts | $0.50 | $5.00 |
| RTY | E-mini Russell 2000 | $50/pt | 0.10 pts | $5.00 | $50.00 |
A 1-point move in the Russell 2000 is worth $5.00 on one M2K contract (10 ticks × $0.50) and $50.00 on one RTY contract. If you hold 10 M2K contracts, the exposure is identical to 1 RTY contract.
Spec values verified via AMP Futures contract-specifications page (as of 2026-06-04) and NinjaTrader Micro E-mini Russell 2000 contract page (as of 2026-06-04).
P&L worked examples
Example 1 — small move
The Russell 2000 rises 2.0 points while you hold 1 M2K long contract.
- 2.0 points ÷ 0.10 tick size = 20 ticks
- 20 ticks × $0.50 tick value = $10.00 gross profit
Example 2 — intraday range
M2K drops 15 points against a long position.
- 15.0 ÷ 0.10 = 150 ticks
- 150 × $0.50 = $75.00 gross loss
Example 3 — scaling with multiple contracts
You hold 4 M2K contracts and the Russell 2000 rallies 10 points.
- 10.0 ÷ 0.10 = 100 ticks
- 100 × $0.50 × 4 contracts = $200.00 gross profit
These are gross figures. Subtract commissions on each round-trip to get net P&L.
Per-broker round-trip commission — one M2K contract
A round-trip is one open + one close. Figures below are commission components only unless noted “all-in.”
| Broker & plan | Per side | Round-trip | Includes exchange fees? | As of |
|---|---|---|---|---|
| Tradovate Free | $0.39 | $0.78 | No | 2026-06 |
| Tradovate Monthly ($99/mo) | $0.29 | $0.58 | No | 2026-06 |
| Tradovate Lifetime ($1,499) | $0.09 | $0.18 | No | 2026-06 |
| NinjaTrader Free (all-in) | $0.95 | $1.90 | Yes (NFA + clearing + commission bundled) | 11/13/2025 |
| NinjaTrader Monthly ($79/mo, all-in) | $0.85 | $1.70 | Yes | 11/13/2025 |
| NinjaTrader Lifetime ($1,499, all-in) | $0.65 | $1.30 | Yes | 11/13/2025 |
| IBKR (Tiered & Fixed, first 1,000/mo) | $0.25 | $0.50 | No (exchange + regulatory fees additional) | 2026-06 |
| tastytrade (open + close, excl. clearing) | $0.75 | $1.50 + $0.60 clearing | No ($0.30/contract clearing + exchange + NFA extra) | 2026-04-06 |
See the full broker commissions guide for the complete breakdown, including the NinjaTrader all-in fee structure and IBKR Tiered step-down detail.
Per-tick cost of trading
Commissions consume ticks. For scalping strategies on M2K, the break-even move in ticks is:
- NinjaTrader Free: $1.90 round-trip ÷ $0.50 tick = 3.8 ticks = 0.38 Russell 2000 points to break even
- IBKR $0.25/side (exc. exchange fees): $0.50 round-trip ÷ $0.50 tick = 1.0 tick = 0.10 Russell 2000 points (before exchange fees)
- Tradovate Free (exc. exchange fees): $0.78 ÷ $0.50 = 1.56 ticks = 0.156 Russell 2000 points
Because the M2K tick is 0.10 Russell 2000 points, a 3.8-tick NinjaTrader break-even equals a 0.38-point minimum required move — a very small price move in absolute terms, but one that still needs to be factored into short-term strategies.
M2K intraday margin
Intraday margin is the deposit required to hold an M2K position during the trading session. Key figures with source dates:
| Broker | M2K intraday margin | As of |
|---|---|---|
| NinjaTrader (Free plan) | $50 per contract | 11/13/2025 |
| Plus500 | $50 per contract | 2026-06-03 |
| Optimus Futures | Starts at $50 | 2026-06-03 |
Intraday margins can be raised in real time without advance notice. See the micro futures day-trading margins guide for a multi-broker comparison.
Quick reference: M2K tick value = $0.50. Every 0.10 Russell 2000 points = 1 tick = $0.50 per contract. Every 1.0 point = 10 ticks = $5.00 per contract. Every 10 points = $50 per contract.
M2K contract basics
The M2K (Micro E-mini Russell 2000) is listed on CME Globex. Key contract details:
| Spec | M2K value | Source |
|---|---|---|
| Contract size | $5 × Russell 2000 index | AMP Futures (2026-06-04) |
| Tick size | 0.10 index points | AMP Futures (2026-06-04) |
| Tick value | $0.50 | AMP Futures (2026-06-04) |
| Settlement | Financially (cash) settled | NinjaTrader (2026-06-04) |
| Trading hours | Sun 5:00 PM – Fri 4:00 PM CT | NinjaTrader (2026-06-04) |
| Expiration months | Quarterly: Mar (H), Jun (M), Sep (U), Dec (Z) | NinjaTrader (2026-06-04) |
| Last trading day | 3rd Friday of contract month | NinjaTrader (2026-06-04) |
For the complete Globex trading-hours schedule and daily maintenance halt, see the CME trading hours guide. For quarterly rollover mechanics, see futures rollover dates.
Drill M2K specs with flashcards until they’re automatic.
Start the micro futures deck →Frequently asked questions
- What is the M2K tick value?
- The M2K tick value is $0.50. Each minimum price move of 0.10 Russell 2000 index points multiplied by the $5 M2K contract multiplier equals $0.50.
- How much is a 1-point Russell 2000 move worth on one M2K contract?
- A 1-point move in the Russell 2000 equals 10 ticks (1.00 / 0.10 tick size). At $0.50 per tick, that is $5.00 profit or loss per M2K contract, depending on direction.
- How does M2K tick value compare to RTY?
- The RTY (E-mini Russell 2000) tick value is $5.00 per tick, exactly 10 times the M2K tick value of $0.50. Both contracts share the same 0.10-point tick size, but RTY uses a $50 multiplier versus M2K's $5.
- What is the M2K intraday margin at NinjaTrader?
- NinjaTrader's M2K intraday margin is $50 per contract on the Free plan as of 11/13/2025. NinjaTrader can raise this rate in real time during volatile sessions; the rate sheet is stamped 11/13/2025.
- Is the M2K contract cash-settled or physically settled?
- M2K is financially (cash) settled. At expiration, positions settle in cash against the final Russell 2000 index value. There is no physical delivery of underlying small-cap stocks.
- How is M2K tick value calculated?
- M2K tick value = tick size x contract multiplier = 0.10 Russell 2000 points x $5.00 = $0.50. The formula applies to all futures: multiply the minimum price increment by the dollar value per contract unit.
Methodology & sources
M2K spec values are confirmed via AMP Futures contract-specifications page (verified 2026-06-04) and NinjaTrader Micro E-mini Russell 2000 contract page (verified 2026-06-04). RTY full-size tick value ($5.00) confirmed via AMP Futures (2026-06-04). Settlement type (financially settled) confirmed via NinjaTrader (2026-06-04). NinjaTrader commission and margin figures are from the published rate sheet, stamped 11/13/2025. Tradovate commission figures from tradovate.com/pricing (verified 2026-06). IBKR figures from the IBKR commissions page (verified 2026-06). tastytrade figures from the tastytrade commissions PDF (stamped 2026-04-06). Plus500 margin figures from us.plus500.com/en/margins (fetched 2026-06-03). Optimus Futures margins from optimusfutures.com/Margin-Rates.php (fetched 2026-06-03).
- AMP Futures Contract Specifications — AMP Futures, verified 2026-06-04
- NinjaTrader — Micro E-mini Russell 2000 (M2K) Contract Page — NinjaTrader, verified 2026-06-04
- NinjaTrader Futures Commissions & Intraday Margins (PDF) — NinjaTrader, stamped 11/13/2025
- Tradovate Pricing — Tradovate, as of 2026-06