How do interest rate futures work?

Interest rate futures are contracts that let you take a position on where interest rates or bond prices are heading without owning the underlying debt. They are cash-settled and trade on regulated exchanges, so your exposure is to the rate movement itself.

What markets do interest rate futures cover?

Interest rate futures cover two main categories: government bond futures, such as U.S. treasury notes and bonds, and short-term rate futures tied to benchmark rates like SOFR and the Fed Funds rate. See the individual market pages for contract specifics.

What factors influence interest rate futures prices?

Prices may be influenced by economic data, central bank policy decisions, and changing inflation expectations. Interest rate markets can move sharply around these events.

What is the difference between standard and micro interest rate futures?

Contract size is the key difference. Micro contracts are 1/10th the size of standard contracts, giving you more control over rate exposure without committing to a full-sized position. Both are available across key rate markets.

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Trade Interest Rates Futures

Trade the Cost of Money

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Interest rate futures respond to every Fed decision, inflation print, and central bank signal. Trade U.S. treasuries and short-term rate contracts directly through a regulated, exchange-cleared provider.

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Futures trading involves significant risk of loss and is not suitable for all investors.

Explore interest rate futures markets

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U.S. treasury futures

The 5-Year T-Note, 10-Year T-Note, and 30-Year T-Bond sit at the center of global finance.

Deep order books and massive daily volume
Actively traded across the world
Reliable liquidity with efficient entry and exit

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Micro treasury futures

Cash-settled and sized for retail traders, giving you U.S. rate market exposure at one-tenth of the standard contract size.

Lower capital commitment than standard Treasury contracts
Multiple treasury maturities, scaled for precise risk management
Same underlying market exposure as standard contracts

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Short-term rate futures

SOFR and Fed Funds futures track short-term U.S. interest rates and central bank policy in real time.

Direct exposure to Fed policy decisions
Responds immediately to FOMC meetings and rate guidance
Available without the duration risk of longer-dated treasuries

Why trade interest rate futures with StoneX?

Trade the Fed

React instantly to Federal Open Market Committee (FOMC) meetings and Consumer Price Index (CPI) releases with near 24/5 market access.

Use right-sized contracts

Scale your risk precisely with micro yield contracts designed for individual traders.

Access advanced platforms

Trade the yield curve with purpose-built platforms built for fast execution and comprehensive charting.

Tap into unmatched liquidity

Access tight spreads on treasury markets, some of the most heavily traded in the world.

Ready to start trading interest rate futures?

Access global interest rate markets with the tools, structure, and insight required to trade with confidence. 
Start with a live account today. 

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The trading of derivatives such as futures, options, and over-the-counter (OTC) products or “swaps” may not be suitable for all investors. Derivatives trading involves substantial risk of loss, and you should fully understand the risks prior to trading. Past results are not necessarily indicative of future results.

Interest rate futures trading FAQs

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