I trade the 30 year and 10 year treasury futures contracts. There's 1 issue I dont understand working out the notional value. Lets take the ZB (30 year) as an example. Each increment is 1/32 ($31.25) so say beginning at 135'00 you have $135,000, 135'01 ($135,031.25), 135'02 ($135,062.50) etc. OK so you add another $31.25 to each increment as you go up. Now the problem whether its ZB or ZN (10 year) is what happens when you get to say 135'32? If 135'31 was $135,968.75 and you add another $31.25, you get $136,000. 135'32 and 136'00 cannot be the same so what have I not understood here? Can someone explain? As I see it, '00, '01 , '02 etc. to '31 will give you 32 increments. Why is there a '32? It appears to me '32 should be the same as '00 for the next number as in this example. My charts certainly show increments going from '00 to '32 before reverting to '00. Yes the 10 year (ZN) uses $15.625 (1/64) but I come to the same dilemma.