ZN is the most liquid interest rate futures contract in the world and the global reference for the 10-year point of the curve. It is the default hedge for corporate bond inventory, mortgage pipelines and anything else with intermediate duration.
Its tick is finer than zb — half a 32nd rather than a full one — reflecting the tighter markets and larger volumes. The deliverable basket is broad, so cheapest-to-deliver switching is an everyday consideration for basis traders.
Example: ZN at 110'075 means 110 + 7.5/32 = 110.234, so $110,234 per contract. With a DV01 near $65, a 5-basis-point move is about $325 per contract, and a 100-lot position carries $32,500 of risk per 5 basis points.
Related: treasury-futures, zb, zf, cheapest-to-deliver, thirty-seconds-pricing