Trading 30-Year U.S. Treasury Bond (ZB)
The long-bond future — a direct play on long-term interest rates and Fed policy.
Session: Globex nearly 24h; active around US RTH
ZB is rates expressed as price: bonds rise when yields fall. It moves on the Fed, inflation data, and risk sentiment, and it's a cleaner macro instrument than most — but its fractional pricing (32nds) trips up traders who haven't internalized the tick math.
The desk reads ZB against the rates and inflation frame, with the regime gate distinguishing trending-rate environments from range-bound ones. Volume Profile works on bonds like anything else; the macro is the gate that decides whether the level holds.
ZB is priced in 32nds — one tick is $31.25, and the contract moves on rate surprises. Know the tick math cold before you size, and treat CPI and Fed days as event risk.
Frequently asked questions
What is the tick value of ZB futures?
The 30-Year U.S. Treasury Bond future (ZB) is priced in 32nds of a point; one tick (1/32) is worth $31.25 per contract.
What drives Treasury bond futures?
Long-term interest-rate expectations, Fed policy, inflation data, and risk sentiment. Bond prices rise when yields fall, so ZB is effectively a direct play on the long end of the rate curve.
Why is ZB priced in 32nds?
U.S. Treasury futures use a traditional fractional convention where a point is divided into 32nds. It catches new traders off guard — internalize that one 32nd equals $31.25 before sizing a position.
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