Educational content. This article defines contract size and explains how it determines the notional value, point value, and margin of a CFD position. It does not constitute investment advice or a trading recommendation. CFD trading carries significant risk of loss and may not be suitable for all investors.
Contract size is the number that turns a lot into money. A trader who knows that one lot of gold is 100 ounces and one lot of silver is 5,000 ounces can size a position on either metal correctly; a trader who assumes the two are the same is carrying an exposure on silver that is roughly three quarters the size of a gold lot while expecting something far smaller. Most sizing errors on non-forex CFDs trace back to this one specification.
This article defines contract size, separates it from lot size, shows how it produces notional value and point value, lists the contract size for every asset class on Vanto, and explains why the figure differs between brokers.
What Is Contract Size in Trading?
Contract size is the quantity of the underlying asset that one lot of a CFD represents, so it is the multiplier that converts a lot count and a price into an amount of exposure.
On a forex pair the contract size is 100,000 units of the base currency, a convention that is nearly universal across retail brokers. On every other asset class the contract size is set by the broker for each instrument: a gold CFD might represent 100 ounces, a silver CFD 5,000 ounces, an oil CFD 100 barrels, and an index CFD a single index point. The contract size is fixed for the instrument and does not change with the price, the account type, or the leverage.
The figure appears in the MT5 symbol specification window under "Contract size" and in the Vanto trading calculator for every instrument.
Contract Size vs Lot Size
Contract size and lot size are different quantities: a lot is the unit in which volume is entered, and the contract size is how much of the underlying one of those units represents.
Entering a volume of 1.00 on any instrument opens one lot. What that lot means depends entirely on the contract size. One lot of EURUSD is 100,000 euros; one lot of XAUUSD is 100 ounces of gold; one lot of DE40 is one euro per index point. The lot count is chosen by the trader, the contract size is fixed by the specification, and the exposure is the product of the two. What is a lot in trading covers the lot hierarchy from standard to micro; this article covers the multiplier behind it.
How Contract Size Determines Notional Value
Notional value is contract size multiplied by the current price multiplied by the number of lots, and it is the full exposure of the position, not the margin used to open it.
The formula is the same on every instrument:
Notional value = contract size × price × lots
Three examples at Vanto, using round-number prices near the levels of early September 2026:
- 1 lot EURUSD at 1.1600: 100,000 × 1.16 × 1 = USD 116,000
- 1 lot XAUUSD at USD 4,300: 100 × 4,300 × 1 = USD 430,000
- 0.1 lot XAUUSD at USD 4,300: 100 × 4,300 × 0.1 = USD 43,000
The notional is what the position is worth in the market. Margin, which is what the account has to post, is a fraction of it, and the gap between the two is what leverage means in practice. What is margin in trading explains that arithmetic.
How Contract Size Determines Point Value
Point value is the amount a position gains or loses for the smallest quoted price change, and it equals the contract size multiplied by the size of that change multiplied by the number of lots.
Because contract sizes differ, the same nominal price move is worth very different amounts on different instruments:
| Instrument | Contract size | Price move | Value per lot |
|---|---|---|---|
| EURUSD | 100,000 EUR | 0.0001 (1 pip) | USD 10 |
| XAUUSD | 100 troy ounces | 0.01 | USD 1 |
| XAGUSD | 5,000 troy ounces | 0.01 | USD 50 |
| UKOIL | 100 barrels | 0.01 | USD 1 |
| DE40 | 1 index point | 1.0 (1 point) | EUR 1 |
| BTCUSD | 1 coin | 1.00 | USD 1 |
The silver row is the one that catches traders out. A 0.01 move on silver is worth fifty times a 0.01 move on gold per lot, because the silver contract holds fifty times as many ounces. At a silver price near USD 65 that makes one lot of XAGUSD about USD 325,000 of notional, roughly three quarters of a gold lot, on an instrument whose price is a fraction of gold's. What is a pip covers the forex convention in the first row in detail.
Contract Size by Asset Class at Vanto
Contract size at Vanto follows the asset class: 100,000 base-currency units on all forex pairs, 100 ounces on gold and 5,000 on silver, 100 units on energies, one point on every index, and one coin on every cryptocurrency.
| Asset class | Instruments | Contract size (1 lot) | Notional of 1 lot at the September 2026 snapshot |
|---|---|---|---|
| Forex | 42 pairs | 100,000 units of base currency | About USD 116,000 (EURUSD) |
| Metals | XAUUSD | 100 troy ounces | About USD 437,000 |
| Metals | XAGUSD | 5,000 troy ounces | About USD 324,000 |
| Energies | UKOIL, USOil | 100 barrels | About USD 9,500 (UKOIL) |
| Energies | NGas | 100 units | About USD 300 |
| Indices | 18 indices | 1 index point | About EUR 25,800 (DE40), about USD 53,000 (US30) |
| Cryptocurrencies | 13 coins | 1 coin | About USD 77,000 (BTCUSD) to under USD 1 (DOGEUSD) |
Source: Vanto calculator data, snapshot 2026-09-02. Notional values use that day's ask prices and are rounded; they change with the price, while the contract sizes do not.
Two features of the table matter for sizing. The first is the range: at one lot, the exposures run from a few hundred dollars on natural gas to more than USD 400,000 on gold, so "one lot" carries no information about risk until the contract size is known. The second is that the minimum and step volumes also differ by instrument, particularly on cryptocurrencies, where the smallest tradable lot on a low-priced coin can be far larger than 0.01, so the smallest available position is not always the smallest number the platform accepts. Both figures sit next to the contract size in the symbol specification.
Why Contract Size Determines Margin
Required margin is notional value divided by leverage, and because notional value is built from contract size, the contract size is what decides how much collateral a lot locks.
At the maximum leverage available on each class at Vanto, one lot at the prices above requires roughly:
- EURUSD at 1:500: USD 116,000 / 500 = about USD 232
- XAUUSD at 1:500: USD 430,000 / 500 = about USD 860
- XAGUSD at 1:500: USD 325,000 / 500 = about USD 650
- DE40 at 1:100: EUR 25,800 / 100 = about EUR 258
- BTCUSD at 1:10: USD 77,000 / 10 = about USD 7,700
Leverage amplifies both the gains and the losses on that notional. The margin is the deposit that leverage lets the trader post; the contract size is the reason the deposit on a gold lot is nearly four times the deposit on a EURUSD lot at the same ratio. What is leverage in trading covers the ratios by asset class, and what is the stop-out level explains what happens when floating losses on that notional consume the margin.
Why Contract Size Differs Between Brokers
Contract size differs between brokers on non-forex CFDs because each broker defines its own contract specification, and the same instrument can be listed with a different multiplier at two firms.
A gold CFD is 100 ounces at most brokers but not at all of them, and index CFDs in particular vary: one broker's "1 lot" on a US index may be one dollar per point, another's ten. The consequence is that a position size copied from a strategy written for another platform can be off by a factor of ten. The only reliable reference is the specification of the instrument on the platform where the order is placed. Crypto CFD trading tabulates the contract sizes across the cryptocurrency range, and the commodities trading guide does the same for metals and energies.
Frequently Asked Questions
What is the contract size of 1 lot of gold?
One lot of XAUUSD at Vanto has a contract size of 100 troy ounces, so its notional value is 100 times the gold price, about USD 430,000 at a price of USD 4,300, and each 0.01 move in the quote is worth USD 1 per lot.
What is the contract size of silver?
One lot of XAGUSD at Vanto has a contract size of 5,000 troy ounces, fifty times the gold contract, so a 0.01 move is worth USD 50 per lot and one lot at a silver price near USD 65 carries about USD 325,000 of notional value.
How do you calculate notional value from contract size?
Multiply the contract size by the current price and by the number of lots. One lot of EURUSD at 1.1600 is 100,000 × 1.16 = USD 116,000; 0.5 lots of XAUUSD at USD 4,300 is 100 × 4,300 × 0.5 = USD 215,000.
Is contract size the same as lot size?
No. Lot size is the volume entered on the order, and contract size is the quantity of the underlying that one lot represents. The exposure of a position is the product of the two, together with the price.
Where can I find the contract size of an instrument?
In the MT5 symbol specification window, under "Contract size", and in the Vanto trading calculator, which lists the contract size, pip value, and margin for every instrument alongside the live price.
Check Contract Sizes Before Sizing a Position
The Vanto trading calculator shows the contract size, notional value, pip value, and required margin for every instrument at the live price, and the MT5 symbol specification window shows the same figures inside the platform. For the units that sit on either side of the contract size, see what is a lot in trading and what is a pip. For the collateral the contract size determines, see what is margin in trading. A demo account lets you compare the notional of one lot across instruments without risking capital.
Risk warning. Trading securities, futures, options, and contracts for differences are complex financial instruments that require knowledge and understanding. Prices can fluctuate significantly and securities may become valueless. Investors may incur losses exceeding the potential for profits. Trading on margin can result in losses greater than the amount initially deposited. Past performance is not necessarily a guide to future performance. The information in this article is for educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any financial instrument. Consider whether CFD trading is appropriate for your circumstances and seek independent advice if necessary.