Which Futures Contracts Are Most Traded?

Futures trading gives you access to some of the most active and liquid markets in the world. But not all futures contracts see the same level of activity. Some are traded millions of times each day, while others only attract a niche audience.

In this guide, we’ll break down the most traded futures contracts by asset class, explain why volume matters, and show you how to use this information to your advantage as a trader.

Whether you’re just starting out or looking to refine your strategy, knowing which contracts are most active can help you trade smarter.

Key Takeaways

• The most traded futures contracts are typically equity index, interest rate, and energy futures. These markets offer high daily volume and attract both institutional and retail traders.

• High-volume futures contracts provide better liquidity and lower trading costs. Tight bid-ask spreads and faster execution make them ideal for active strategies like day trading.

• Micro futures provide retail traders access to popular markets with lower capital requirements. Contracts like MES and MCL mirror their larger counterparts but require less margin.

• Tracking volume and open interest helps traders choose the right contract. Use tools like CME Group data and MetroTrade to find active markets that fit your strategy.

Why Trading Volume Matters in Futures

Volume is one of the most important indicators in futures trading. It tells you how many contracts have changed hands over a given period (usually daily). High volume means more traders are active in the market, which brings two major benefits:

1. Tighter spreads: With more participants, the difference between the bid and ask prices narrows.

2. Faster execution: High liquidity helps you get in and out of trades more efficiently.

Markets with more volume also tend to attract institutional traders, which increases overall activity and can lead to more predictable price patterns.

Learn how to use futures market data for trading

How Volume Is Measured

When analyzing futures activity, it’s important to understand the difference between volume and open interest:

• Volume is the number of contracts traded during a session.

• Open interest is the total number of contracts still open (not closed or offset).

High volume shows strong daily activity. High open interest shows how many traders are holding positions overnight or longer. Both help you gauge how “active” a market really is.

You can find this data directly from:

• CME Group’s website

• Third-party trading platforms like Sierra Chart, Quantower, or ATAS

Most Traded Futures Contracts by Asset Class

Let’s look at the most actively traded contracts across key sectors.

Equity Index Futures

Equity index futures like the E-mini S&P 500 and Micro E-mini contracts are the most actively traded in the world. They offer high liquidity, tight spreads, and strong intraday movement. Traders use them to speculate on market direction or hedge portfolios.

S&P 500 E-mini (ES):

• Regularly trades over 1 million contracts per day.
• Popular with day traders and institutions.
• Offers deep liquidity and tight spreads.

Micro E-mini S&P 500 (MES):

• Smaller version of the ES, with 1/10th the size.
• Great for new traders or smaller accounts.
• Also sees nearly 1 million contracts traded daily.

Other high-volume index futures include:

• Nasdaq-100 (NQ) and Micro NQ (MNQ)
• Dow Jones (YM) and Micro YM (MYM)
• Russell 2000 (RTY) and Micro RTY (M2K)

Interest Rate Futures

Interest rate futures, especially U.S. Treasury contracts like the 10-Year Note, regularly lead in volume across global markets. These contracts reflect expectations for Federal Reserve policy and are widely used by institutions to manage interest rate risk. Their depth makes them attractive for both swing and macro strategies.

10-Year T-Note Futures (ZN):

• Trades over 1 million contracts daily.
• Sensitive to Fed policy and inflation data.

5-Year (ZF) and 2-Year (ZT) Note Futures:

• Also highly traded, especially around Fed announcements.

Fed Funds Futures (ZQ):

• Used to speculate on upcoming interest rate changes.

These contracts help hedge or speculate on U.S. Treasury yields and short-term rates. They also play a large role in managing interest rate risk.

Energy Futures

Crude oil and natural gas futures are among the most volatile and news-driven markets. Their volume spikes around geopolitical events, OPEC meetings, and inventory reports. These contracts appeal to traders seeking momentum and intraday price swings.

Crude Oil (CL):

• WTI crude is the global benchmark.
• Trades between 450K–1 million contracts per day.
• Active around inventory data and OPEC news.

Micro WTI Crude Oil (MCL):

• Smaller contract for retail traders.
• Same underlying market as CL.

Natural Gas (NG):

• Another highly active market, with strong seasonal and weather-related moves.

Learn more about energy futures

Agricultural Futures

Corn, soybeans, and wheat are the most traded agricultural contracts. While not as volatile as energy or equities, they offer seasonal opportunities and strong daily volume. These contracts are widely used by producers, hedgers, and commodity-focused traders.

Corn (ZC):

• Trades over 300K contracts per day.
• Important for farmers, producers, and food companies.

Soybeans (ZS):

• Widely traded due to global export demand.
• Often paired with soybean oil (ZL) and meal (ZM).

Wheat (ZW):

• Still active, though not as heavily traded as corn or soybeans.

While ag contracts may be less active than indexes or rates, they still offer strong volume and trading opportunities—especially for swing and seasonal strategies.

Metals Futures

Gold, silver, and copper futures provide exposure to physical commodities with global demand. Gold futures are especially active during periods of market uncertainty or inflation. These contracts are used to hedge risk or diversify trading portfolios.

Gold (GC):

• Trades 100K–350K contracts per day. 
• Considered a safe haven in volatile markets. 
• Deep liquidity and global participation.

Micro Gold (MGC):

• 1/10th the size of the GC contract. 
• Popular among smaller accounts.

Silver (SI) and Copper (HG) also have solid volume, particularly during inflationary cycles or industrial expansion.

Learn more about metal futures

Currency Futures

Currency futures track major global currencies like the euro, pound, and yen. They offer a transparent and regulated alternative to spot forex trading. Volume is solid, and many traders use them for macro exposure or hedging.

Euro FX (6E):

• Most traded currency futures contract.
• Around 100K–300K contracts traded daily.

British Pound (6B), Japanese Yen (6J), and Australian Dollar (6A):

• Used by global traders, hedgers, and exporters.

Currency futures are attractive for those who prefer standardized clearing and regulated exchanges over the spot forex market.

Crypto Futures

Crypto futures like Bitcoin and Micro Bitcoin allow traders to access digital assets through regulated exchanges. While still growing, they offer strong volatility and cash-settled exposure without the need for a crypto wallet. Institutions and retail traders alike are entering this market segment.

Bitcoin Futures (BTC):

• Available on CME with regulated clearing.
• Used by institutions and hedge funds.

Micro Bitcoin (MBT):

• Retail-friendly size.
• Lower margin and more accessible.

Volume is still developing, but these contracts are gaining traction as more traders explore digital assets through traditional platforms.

Comparison Table: Most Traded Futures Contracts

Source: CME Group
Note: Volumes are approximate and vary day to day.

What Active Traders Look for in High-Volume Contracts

Traders often prefer the most liquid markets because they:

• Have lower costs thanks to tight spreads and smaller slippage.

• Offer quick execution, which is vital for scalping and day trading.

• Provide consistent movement, making them more chartable and technical.

High-volume markets also make it easier to scale your trading strategy as your account grows.

Micro Futures: Big Volume, Smaller Size

Micro contracts provide traders the same market exposure with less capital.

Examples include:

• MES (Micro E-mini S&P 500)

• MCL (Micro Crude Oil)

• MGC (Micro Gold)

• MNQ, MYM, M2K for other indexes

Each micro is 1/10th the size of its standard version. You get similar volume and volatility but lower margin requirements, making them ideal for retail traders or those testing new strategies.

Where to Track Futures Volume Daily

If you’re looking to follow market activity, try these sources:

• CME Group: Official daily and historical volume data.

• MetroTrade platform: Track live volume for the contracts you trade.

• Third-Party trading platforms: Offer real-time depth of market data.

Monitoring volume helps you spot breakouts, reversals, and optimal trading times.

How to Choose the Right High-Volume Contract

Choosing the most active contract isn’t just about numbers—it’s about fit. Ask yourself:

• What’s my account size?
  Micro contracts may be better if you’re starting out.

• How much volatility can I handle?
  Crude oil and Nasdaq futures move fast. Treasury or gold may move slower.

• Am I day trading or swing trading?
  High-volume contracts are better for intraday execution, while open interest may matter more for longer-term positions.

• Am I trading news or technical setups?
  News-driven markets like energy and currencies react sharply to headlines.

The best way to find your fit is through practice—and a free MetroTrade demo account is the perfect place to start.

Conclusion

Volume is more than just a number. It’s a window into market activity, trader behavior, and potential opportunity. Whether you’re trading equity indexes, bonds, crude oil, or even Bitcoin, the most traded futures contracts offer the best combination of liquidity, efficiency, and accessibility.

For retail traders, micro futures now make it easier than ever to access these markets—without committing large amounts of capital. The key is understanding the dynamics of each asset class and aligning them with your strategy.

Want to trade the most active futures markets?
Start risk-free with a 30-day demo account on MetroTrade and explore live markets without committing real capital. Then, open a live trading account once you’ve set your strategy.

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