Today, March 25th is their first day live and to little fanfare it seems but there's actual trading with tight bid-ask spread and currently more bids and offers than the 10Y micro -- about 200 on each side.

Specifications:

Ultra 10-Year Note
Minimum tick: $1.5625 (1/2 of 1/32 of a point)
Maintenance margin (on 25 March 2024): 280 USD
Globex code: MTN

Ultra T-Bond
Minimum tick: $3.125 (1/32 of a point)
Maintenance margin (on 25 March 2024): 595 USD
Globex code: MWN

They're regular micros, a tenth of the size of their full-sized counterparts, but unlike the big contracts both micros use FIFO -- first in, first out -- matching.

Will these take off? Interesting to also have to 10Y yield micro futures which I very much like and hope to see grow. And great to have more tools to reach the long end of the curve.

Update: I'm on IBKR and currently can watch these but not yet trade them. There are also some interesting inter-commodity spreads. For example the two micros can be traded against each other for an 80% margin haircut with 2 MTN to 1 MYN, and MTN (the Ultra 10) can be paired against 10Y (ten year yield micro) for a 75% haircut with a ratio of 5 MTN to 4 10Y.

CMEGroup just sent me a promotional email advertising these new micros (I've been looking forward to their release) that includes this more proper introduction:

Micro Treasury Futures

Understanding Micro Treasury Futures includes a section near the end about inter-commodity spreads



What do you think? Will you trade these?