HE Futures (Lean Hogs): Tick Value, Expiries, Order Flow

HE contract specifications

The contract unit is 40,000 pounds, quoted in cents per pound. The minimum fluctuation is $0.00025 per pound (0.025 cent), worth $10 per contract, and one cent per pound is worth $400 per contract. There is no delivery of hogs: open contracts are cash-settled on the CME Lean Hog Index for the two-day period ending on the last trading day. Senzoukria's contract table holds the tick as 0.025 with a multiplier of 400 on the CME venue code.

HE last trading day and next contracts

Trading ends on the tenth business day of the contract month.

For HEV6, the default moves to the next listed month on October 10, 2026 (4 calendar days before October 14, 2026), and HEV6 stays selectable with its badge until that date.

HE tick value and P&L arithmetic

• One tick = 0.025 × $400 = $10 per contract.
• One cent per pound = 40 ticks = $400 per contract.
• 20 ticks (0.5 cents) = $200 per contract, $600 on 3 contracts.
• One tick of slippage in the automatic backtest costs $10 per contract on each entry.

Reading HE order flow

With row resolution off, an HE footprint has one row per tick of 0.025 cents. The fixed steps give 2 ticks = 0.05, 4 ticks = 0.1, 8 ticks = 0.2, 16 ticks = 0.4, 32 ticks = 0.8 cents per row.

Lean hogs trade in 0.025-cent ticks on 40,000 pounds, $10 per tick, the same arithmetic as live cattle. The contract never delivers animals; its final price comes from the CME Lean Hog Index, built from USDA daily reports of hogs purchased by packers, so an expiring month converges on that index rather than on a delivery price.

Using HE in Senzoukria

• Symbol picker on a Rithmic or Databento CME source: type HE; on September 25, 2026 the listed contract is HEV6 (October 2026), in the Livestock family.
• Heatmap and DOM show that contract's book with CME as the venue in the ladder header.
• Replay lists HE in the Livestock group. In the automatic backtest, set Point value ($) to 400; the field defaults to 2, the MNQ value.