Ultra 10-Year Treasury futures broker guide · Updated September 9, 2026 · U.S. audience
Best Brokers for Ultra 10-Year Treasury Futures 2026: Top 7 TN & MTN Picks
The Best Brokers for Ultra 10-Year Treasury Futures combine competitive commissions, appropriate margin requirements and reliable CBOT execution with professional tools for trading one of the most important points on the U.S. Treasury yield curve. Ultra 10-Year Treasury Note futures, ticker TN, were specifically designed to provide more precise exposure to securities close to the true 10-year maturity point than the classic ZN contract.
This 2026 comparison ranks seven of the Best Brokers for Ultra 10-Year Treasury Futures for U.S. traders: NinjaTrader, AMP Futures, TradeStation, Webull, Interactive Brokers, tastytrade and Charles Schwab. We also cover Micro Ultra 10-Year Treasury Note futures, ticker MTN, which provide one-tenth the contract exposure of TN with financial settlement.
Quick answer: Best Brokers for Ultra 10-Year Treasury Futures in 2026
NinjaTrader is our top overall choice because it combines approximately $500 TN intraday margin and $50 MTN intraday margin with futures-specific Desktop, Web and Mobile platforms, SuperDOM, Market Replay, Strategy Builder, Strategy Analyzer, NinjaScript/C# automation and simulation.
AMP Futures is particularly competitive for professional traders and currently publishes approximately $701.25 TN and $70 MTN day margins. TradeStation supports both TN and MTN and stands out for EasyLanguage systematic trading. Webull, Interactive Brokers, tastytrade and Charles Schwab complete the ranking for different retail, global and multi-asset workflows.
Explore NinjaTrader TN & MTN Futures
Affiliate link. Verify current margins, commissions, CBOT fees and market-data requirements before trading.
Table of contents
- Top Ultra 10-Year Treasury brokers
- Why TN matters in 2026
- TN vs MTN specifications
- TN vs ZN
- 1. NinjaTrader
- 2. AMP Futures
- 3. TradeStation
- 4. Webull
- 5. Interactive Brokers
- 6. tastytrade
- 7. Charles Schwab
- TN and MTN margins
- Trading costs
- Treasury curve comparison
- DOM and order flow
- TradingView
- Automated TN trading
- Settlement and rollover
- How to choose
- FAQ
- Final verdict
Best Brokers for Ultra 10-Year Treasury Futures at a glance
| Rank | Broker | Best for | TN | MTN |
|---|---|---|---|---|
| 1 | NinjaTrader | Best overall | Yes | Yes |
| 2 | AMP Futures | Professional platform flexibility | Yes | Yes |
| 3 | TradeStation | Systematic strategies | Yes | Yes |
| 4 | Webull | Desktop/mobile trading | Yes | Verify current availability |
| 5 | Interactive Brokers | Global multi-asset trading | Yes | Yes |
| 6 | tastytrade | Options-oriented accounts | Yes | Not highlighted publicly |
| 7 | Charles Schwab | thinkorswim users | Yes | Not listed on current market table |
The Best Brokers for Ultra 10-Year Treasury Futures depend on strategy. An active TN trader may prioritize intraday margin, DOM execution and liquidity, while an MTN trader may prioritize smaller contract exposure and lower capital requirements.
Why Ultra 10-Year Treasury futures matter in 2026
TN is not an obscure Treasury contract. Its importance has increased materially.
CME reported that Ultra 10-Year Treasury Note futures average daily volume increased approximately 27% year over year to 1.2 million contracts in May 2026. The contract also reached a single-day record of approximately 4.8 million contracts on May 26.
CME separately notes that regular daily TN volume routinely exceeds hundreds of thousands of contracts and open interest has hovered around several million contracts.
This liquidity is one reason the Best Brokers for Ultra 10-Year Treasury Futures can serve both retail traders and sophisticated professional participants.
TN vs MTN: contract size, tick value and settlement
Choosing the correct contract is essential before comparing the Best Brokers for Ultra 10-Year Treasury Futures.
TN is Ultra 10-Year U.S. Treasury Note futures. One contract has a $100,000 face-value basis. Its minimum outright price movement is one-half of 1/32 of a point, worth $15.625 per contract.
MTN is Micro Ultra 10-Year U.S. Treasury Note futures. It has a $10,000 contract size, exactly one-tenth of TN. The same fractional price increment produces a tick value of only $1.5625.
| Feature | TN | MTN |
|---|---|---|
| Product | Ultra 10-Year Treasury Note | Micro Ultra 10-Year Treasury Note |
| Exchange | CBOT | CBOT |
| Contract size | $100,000 face value | $10,000 |
| Relative size | 100% | 10% of TN |
| Minimum price movement | 1/2 of 1/32 | 1/2 of 1/32 |
| Tick value | $15.625 | $1.5625 |
| One full point | $1,000 | $100 |
| Settlement | Physical delivery | Financial settlement |
MTN therefore provides similar directional exposure at one-tenth the contract size. This can improve position sizing for smaller accounts and strategies requiring gradual scaling.
TN vs ZN: why Ultra 10-Year is different
A key distinction separates this page from our existing 10-Year Treasury broker guide.
ZN is the classic 10-Year Treasury Note futures contract, but its current deliverable basket generally covers Treasury securities with approximately 6.5 to 8 years remaining maturity.
TN was specifically designed to provide tighter exposure to the true 10-year section of the curve. Its deliverable basket consists of original-issue 10-Year Treasury Notes with approximately 9 years 5 months to 10 years remaining maturity at delivery.
| Feature | ZN | TN |
|---|---|---|
| Primary use | Benchmark classic 10-Year futures | Precise 10-Year maturity exposure |
| Face value | $100,000 | $100,000 |
| Tick value | $15.625 | $15.625 |
| Deliverable maturity | Roughly 6.5-8 years | 9 years 5 months-10 years |
| Settlement | Physical | Physical |
TN therefore does not cannibalize the intent behind our Best Brokers for 10-Year Treasury Futures 2026 page. The two contracts serve related but materially different Treasury exposures.
1. NinjaTrader — Best overall Ultra 10-Year Treasury futures broker
NinjaTrader ranks first among our Best Brokers for Ultra 10-Year Treasury Futures because it supports both TN and MTN with unusually low published intraday margins.
| Contract | NinjaTrader day margin | Initial margin |
|---|---|---|
| TN | $500 | $2,805 |
| MTN | $50 | $280.50 |
NinjaTrader’s broader platform environment includes:
- NinjaTrader Desktop.
- NinjaTrader Web.
- NinjaTrader Mobile.
- SuperDOM.
- Market Replay.
- Strategy Builder.
- Strategy Analyzer.
- NinjaScript/C#.
- Simulation.
- TradingView connectivity.
The $50 MTN margin is especially useful for traders who want precise 10-year Treasury exposure without immediately using the full $100,000 TN contract.
Read our NinjaTrader Review 2026.
Check NinjaTrader TN & MTN Pricing
Affiliate link. NinjaTrader may temporarily increase margins around major economic releases.
2. AMP Futures — Best for professional platform flexibility
AMP Futures ranks second among the Best Brokers for Ultra 10-Year Treasury Futures because it explicitly supports both TN and MTN.
AMP currently publishes approximately:
| Contract | Maintenance | Day margin |
|---|---|---|
| TN | $2,805 | $701.25 |
| MTN | $280 | $70 |
AMP’s main advantage is platform choice. Traders can build a professional rates workflow around compatible charting, DOM, data-feed and automation software.
The drawback is complexity: platform, data, routing and brokerage costs can vary according to configuration.
See our NinjaTrader vs AMP Futures 2026.
3. TradeStation — Best for systematic TN and MTN strategies
TradeStation ranks highly among the Best Brokers for Ultra 10-Year Treasury Futures because its current margin system lists both TN and MTN.
TradeStation uses the platform symbol TEN for Ultra 10-Year futures while the CME root remains TN.
Its current table lists approximately $701.25 as the reduced TN day-trading requirement, with a full initial requirement around $2,805. MTN is separately listed with an approximately $281 initial / $255 maintenance requirement.
The primary advantage is EasyLanguage. Traders can develop and test systematic Treasury strategies without building every component from a general-purpose programming language.
See our NinjaTrader vs TradeStation 2026.
4. Webull — Best modern desktop/mobile TN alternative
Webull provides a modern retail alternative among the Best Brokers for Ultra 10-Year Treasury Futures.
Its current official margin table lists:
| TN margin type | Current reference |
|---|---|
| Initial | $2,805 |
| Maintenance | $2,550 |
| Reduced intraday | $1,402.50 |
The reduced requirement applies during Webull’s specified intraday window and can change according to market conditions.
Webull’s public margin table currently emphasizes TN rather than MTN, so traders specifically seeking MTN should confirm current availability before opening an account for that purpose.
See our NinjaTrader vs Webull 2026.
5. Interactive Brokers — Best for global multi-asset traders
Interactive Brokers belongs among the Best Brokers for Ultra 10-Year Treasury Futures because its futures margin infrastructure supports both TN and MTN.
IBKR applies a more conservative risk-based approach than brokers advertising aggressive reduced intraday margins. Current TN requirements are around the $2,900 initial range with maintenance near $2,550, although these figures can change dynamically.
The advantage is the broader ecosystem:
- Cash U.S. Treasuries.
- Global government bonds.
- International futures.
- Stocks and ETFs.
- Options.
- Foreign exchange.
- Institutional-style APIs.
IBKR is therefore particularly compelling when TN or MTN represents only one part of a larger global rates portfolio.
Read our NinjaTrader vs Interactive Brokers 2026.
6. tastytrade — Best for options-oriented TN traders
tastytrade explicitly lists /TN Ultra 10-Year U.S. Treasury Note futures in its current futures product lineup.
This makes it a useful Best Brokers for Ultra 10-Year Treasury Futures alternative for traders already using tastytrade for options, equities and other futures.
The strongest advantage is account consolidation. TN can be combined with other interest-rate, equity and commodity positions inside one active-trading workflow.
MTN is not currently highlighted on tastytrade’s public supported-products list, so traders needing Micro Ultra 10-Year futures should verify support directly.
See our NinjaTrader vs tastytrade 2026.
7. Charles Schwab — Best for existing thinkorswim users
Charles Schwab completes our Best Brokers for Ultra 10-Year Treasury Futures ranking because its current futures-market directory explicitly lists /TN Ultra 10-Year T-Note.
TN can be traded inside the broader Schwab futures environment alongside ZT, ZF, ZN, ZB, UB and other markets.
The advantage is thinkorswim and the broader Schwab ecosystem. The limitation is cost and Micro coverage: Schwab’s current public table does not list MTN.
See our NinjaTrader vs thinkorswim 2026.
Best Brokers for Ultra 10-Year Treasury Futures: TN and MTN margins
| Broker | TN margin reference | MTN margin reference |
|---|---|---|
| NinjaTrader | $500 day / $2,805 initial | $50 day / $280.50 initial |
| AMP Futures | $701.25 day / $2,805 maintenance | $70 day / $280 maintenance |
| TradeStation | About $701.25 reduced / $2,805 full | About $281 initial / $255 maintenance |
| Webull | $1,402.50 reduced / $2,805 initial | Verify current availability |
| Interactive Brokers | Risk-based, around $2,900 initial | Risk-based |
| tastytrade | Verify current live requirement | Verify support |
| Charles Schwab | Standard risk-based requirement | Not listed publicly |
Best Brokers for Ultra 10-Year Treasury Futures: commissions and total costs
The lowest commission does not automatically identify the Best Brokers for Ultra 10-Year Treasury Futures.
Total costs may include:
- Broker commission.
- CBOT exchange fee.
- NFA regulatory fee.
- Clearing charges.
- Routing fees.
- Real-time Treasury data.
- Depth-of-market data.
- Platform subscriptions.
- Professional analytics.
- VPS infrastructure for automated systems.
The smaller MTN contract can reduce dollar risk per tick, but a trader should still calculate all-in fees because a very small contract can make fixed per-contract charges more significant as a percentage of exposure.
Where TN fits on the Treasury futures curve
| Contract | Primary curve exposure | Tick value |
|---|---|---|
| ZT | 2-Year | $7.8125 |
| ZF | 5-Year | $7.8125 |
| ZN | Classic 10-Year / shorter deliverable basket | $15.625 |
| TN | True Ultra 10-Year point | $15.625 |
| ZB | Classic long bond | $31.25 |
| UB | Ultra long bond | $31.25 |
Continue through the TradeboticsAI Treasury cluster:
- Best Brokers for 2-Year Treasury Futures 2026
- Best Brokers for 5-Year Treasury Futures 2026
- Best Brokers for 10-Year Treasury Futures 2026
- Best Brokers for 30-Year Treasury Futures 2026
- Best Brokers for Ultra Bond Futures 2026
Best Brokers for Ultra 10-Year Treasury Futures for DOM trading
Depth-of-market execution can materially affect the Best Brokers for Ultra 10-Year Treasury Futures ranking.
NinjaTrader provides SuperDOM and market-depth functionality, while AMP supports multiple professional DOM-oriented platforms.
A TN trading workflow may include:
- Price-ladder execution.
- Level II market depth.
- Time and sales.
- Volume analysis.
- ZN/TN relative-value monitoring.
- Treasury curve spreads.
- Bracket orders.
- Rapid position management.
Displayed liquidity is not predictive. Orders can be canceled, modified or executed rapidly.
Best Ultra 10-Year Treasury futures brokers for TradingView
TradingView support can influence the Best Brokers for Ultra 10-Year Treasury Futures decision for traders who prefer browser-based charting.
NinjaTrader provides TradingView broker connectivity while retaining NinjaTrader Desktop, Web and Mobile. Traders can therefore use TradingView for convenient charting while using NinjaTrader’s native environment for deeper futures analysis, replay and automation.
Always verify that TN or MTN and the required order types are supported through the exact broker connection before live trading.
Read our Best Futures Brokers with TradingView 2026.
Best Brokers for Ultra 10-Year Treasury Futures for automated trading
Automation can significantly change the Best Brokers for Ultra 10-Year Treasury Futures ranking.
NinjaTrader is our preferred integrated environment because NinjaScript is based on C#. Strategy Builder provides visual rule construction, while Strategy Analyzer provides backtesting and optimization.
TradeStation is particularly strong for EasyLanguage developers. Interactive Brokers can be attractive for externally developed API systems, while AMP supports a broad range of professional third-party environments.
Automated TN and MTN systems should account for:
- Quarterly futures rollover.
- Federal Reserve announcements.
- CPI and employment reports.
- Treasury auctions.
- ZN/TN spread behavior.
- Order rejection.
- Partial fills.
- Connection failures.
- Position synchronization.
- Margin increases.
- Delivery deadlines for TN.
- Emergency flatten procedures.
Read our Best Automated Futures Trading Platforms 2026.
TN physical delivery vs MTN financial settlement
Settlement creates an important distinction when evaluating the Best Brokers for Ultra 10-Year Treasury Futures.
TN is physically deliverable. Its deliverable basket consists of original-issue 10-Year Treasury Notes with approximately 9 years 5 months to 10 years remaining maturity.
Retail traders normally close or roll TN positions before delivery-related broker deadlines.
MTN is cash settled. It references the settlement value of the corresponding Ultra 10-Year futures contract and therefore avoids Treasury-note delivery.
MTN still expires and requires contract management, so cash settlement does not eliminate rollover risk.
How to choose the Best Brokers for Ultra 10-Year Treasury Futures
Choose NinjaTrader for the strongest overall TN/MTN ecosystem
NinjaTrader combines the lowest published TN and MTN intraday margins in this shortlist with simulation, DOM execution, historical testing and C# automation.
Choose AMP Futures for professional platform freedom
AMP directly supports both TN and MTN with competitive margins and a broad range of professional trading front ends.
Choose TradeStation for systematic Treasury strategies
TradeStation supports both contracts and provides one of the strongest EasyLanguage research environments.
Choose Webull for modern TN desktop/mobile trading
Webull provides a simple multi-device experience, although its TN margin is higher than NinjaTrader or AMP.
Choose Interactive Brokers for global portfolios
IBKR is especially compelling when Treasury futures sit inside a diversified portfolio containing cash bonds and global markets.
Choose tastytrade for TN plus active options trading
tastytrade explicitly supports TN and is convenient for options-focused traders.
Choose Schwab for thinkorswim
Schwab explicitly supports TN and may be the natural choice for existing thinkorswim users who do not require MTN.
Frequently asked questions
What are the Best Brokers for Ultra 10-Year Treasury Futures in 2026?
Our top seven are NinjaTrader, AMP Futures, TradeStation, Webull, Interactive Brokers, tastytrade and Charles Schwab. NinjaTrader ranks first overall because it combines low published TN/MTN margins with a complete futures platform and automation ecosystem.
What is TN futures?
TN is CME Group’s Ultra 10-Year U.S. Treasury Note futures contract traded on CBOT.
What is the TN contract size?
TN has a $100,000 face-value basis.
How much is one TN tick worth?
The minimum TN price increment is one-half of 1/32 of one point, worth $15.625.
What is MTN futures?
MTN is Micro Ultra 10-Year Treasury Note futures. It is one-tenth the size of TN with a $10,000 contract size.
How much is one MTN tick worth?
The minimum MTN tick is worth approximately $1.5625.
What is NinjaTrader’s TN margin?
NinjaTrader currently publishes approximately $500 intraday margin and $2,805 initial margin for TN.
What is NinjaTrader’s MTN margin?
NinjaTrader currently publishes approximately $50 intraday margin and $280.50 initial margin for MTN.
What is AMP’s TN margin?
AMP Futures currently publishes approximately $701.25 day margin and $2,805 maintenance margin for TN.
What is the difference between TN and ZN?
TN was designed to track the true 10-year maturity point more closely. Its deliverable basket has approximately 9 years 5 months to 10 years remaining maturity, while ZN’s deliverable basket is shorter.
Is TN physically delivered?
Yes. TN is physically deliverable under CME specifications.
Is MTN physically delivered?
No. MTN is financially settled.
Which broker is best for automated TN trading?
NinjaTrader is our preferred integrated choice because NinjaScript/C#, Strategy Builder, Strategy Analyzer and brokerage execution operate inside one futures ecosystem.
Why is TN especially relevant in 2026?
CME reported TN average daily volume of roughly 1.2 million contracts during May 2026, up approximately 27% year over year, with a record 4.8 million-contract day on May 26.
Final verdict: Best Brokers for Ultra 10-Year Treasury Futures 2026
The Best Brokers for Ultra 10-Year Treasury Futures combine competitive total trading costs, appropriate margins, reliable CBOT access and platforms capable of handling sophisticated Treasury trading.
NinjaTrader is our overall winner because it combines approximately $500 TN and $50 MTN current intraday margins with NinjaTrader Desktop/Web/Mobile, SuperDOM, Market Replay, Strategy Builder, Strategy Analyzer, NinjaScript/C# and simulation.
AMP Futures stands out for professional-platform flexibility and direct TN/MTN support, while TradeStation provides a strong systematic environment for both contracts.
Webull offers a polished TN desktop/mobile workflow, Interactive Brokers provides global multi-asset breadth, tastytrade is attractive for options-oriented traders and Charles Schwab serves existing thinkorswim users.
TN is also unusually important in 2026. CME reported significant year-over-year volume growth and a new daily volume record, confirming that the contract has become a major Treasury benchmark rather than a niche alternative.
For smaller accounts, MTN provides the same general Ultra 10-Year exposure at one-tenth the size and with cash settlement.
The Best Brokers for Ultra 10-Year Treasury Futures should ultimately be compared on margin, complete round-trip costs, market data, DOM quality, platform reliability, automation and settlement policy—not one advertised commission.
Use simulation before risking meaningful live capital.
Explore NinjaTrader TN & MTN Futures
Affiliate link. Verify current margins, commissions, CBOT fees, market-data subscriptions and futures risk disclosures before funding an account.
Official and primary sources checked
CME Ultra 10-Year Treasury Note Futures
CME Micro Ultra 10-Year Treasury Futures
NinjaTrader Pricing and Margins
AMP Futures Margins
TradeStation Futures Margins
Webull Futures Margins
Interactive Brokers Futures Margins
tastytrade Futures Products
Charles Schwab Futures Markets
Editorial scope: This ranking uses publicly available CME and broker information checked September 9, 2026. We did not independently benchmark latency, fill quality, slippage or platform uptime. Margin, commissions and exchange requirements can change.
Affiliate disclosure: TradeboticsAI may receive compensation from qualifying NinjaTrader referrals through marked affiliate links. Readers are not paid or incentivized to register, fund an account or trade.
Risk disclosure: Treasury futures involve leverage and substantial risk of loss. Losses may exceed the amount initially committed. Intraday margin is not a maximum-loss limit. Historical, simulated and backtested results are hypothetical and do not predict future performance. This material is educational and is not personalized financial advice.