Before placing a trade, it’s crucial to understand the DAX futures contract specifications—including lot size, tick value, margin requirements, and expiry dates. These details help traders manage risk, plan entries and exits, and choose the right contract (full, mini, or micro).
Let’s explore the DAX futures contract specs across Eurex and CME exchanges.
Available DAX Futures Contracts
| Exchange | Contract | Symbol |
|---|---|---|
| Eurex | Full-size DAX Futures | FDAX |
| Eurex | Mini DAX Futures | FDXM |
| CME | Micro DAX Futures | FDAX (CME) |
1. Lot Size and Multiplier
| Contract | Index Point Multiplier | Lot Size Equivalent |
|---|---|---|
| FDAX (Eurex) | €25 per point | Large, institutional use |
| FDXM (Eurex Mini) | €5 per point | Mid-size for active traders |
| FDAX (CME Micro) | €5 per point | Ideal for retail traders |
✅ The lot size determines the exposure per point movement in the index.
2. Tick Size and Tick Value
| Contract | Tick Size | Tick Value |
|---|---|---|
| FDAX (Eurex) | 0.5 index points | €12.50 |
| FDXM (Eurex) | 0.5 index points | €2.50 |
| FDAX (CME) | 1.0 index point | €5.00 |
📌 Tick size = smallest price move
📌 Tick value = profit or loss per tick move
3. Margin Requirements (Approximate)
| Contract | Initial Margin |
|---|---|
| FDAX (Eurex) | €25,000 – €30,000 |
| FDXM (Mini) | €5,000 – €6,000 |
| FDAX (CME Micro) | €2,000 – €3,000 |
➡️ These vary by broker and market volatility. Micro contracts offer low-barrier entry for individuals.
4. Expiry and Contract Months
DAX futures use quarterly expiration cycles:
| Month | Code |
|---|---|
| March | H |
| June | M |
| September | U |
| December | Z |
🗓️ Example: FDAXM24 = June 2024 DAX Futures
✅ Contracts expire on the third Friday of the month.
5. Settlement Type
- All DAX futures contracts are cash-settled
- No delivery of shares or underlying assets
- Final settlement is based on the DAX index close on expiry day
6. Trading Hours Summary
| Exchange | Trading Time (Local) |
|---|---|
| Eurex | 01:10 – 22:00 CET |
| CME (Micro DAX) | 5:00 PM – 4:00 PM CT (Sun–Fri) |
Choosing the Right Contract
| Trader Type | Recommended Contract |
|---|---|
| Institutional | FDAX |
| Swing Trader | FDXM |
| Retail or Beginner | Micro FDAX (CME) |
Final Thoughts
Understanding the full DAX futures contract specs—from lot size to expiration—empowers you to make informed trading decisions and avoid costly mistakes. Whether you’re scalping on the Micro or swing trading the Mini, knowing the structure of the instrument is step one in managing risk and executing with precision.
FAQs
1. What’s the minimum tick value for DAX futures?
For FDAX, it’s €12.50. For Micro DAX (CME), it’s €5.00.
2. When do DAX futures expire?
Quarterly, on the third Friday of March, June, September, and December.
3. Can I hold DAX futures to expiry?
Yes, but most traders roll over or exit before expiration to avoid volatility.
4. Are all DAX contracts available to retail traders?
Only Micro DAX (CME) and FDXM (Eurex) are typically suited for retail accounts.
5. How do I choose between Eurex and CME?
CME Micro DAX is better for U.S. traders; Eurex suits European-based access and higher volume.