In short. Micro futures are contracts one-tenth the size of their E-mini: MNQ is 1/10 of NQ ($0.50 per tick instead of $5), MES is 1/10 of ES ($1.25 instead of $12.50). They let a trader size a prop firm account in finer steps: 23 micros where 2 minis would be too much and 3 too many.
Most prop firms allow micros and count 10 micros as 1 mini against the account's contract limit. Commissions per contract are lower on micros but higher per unit of exposure, so a trader at full size usually mixes minis and micros.
For order flow, micros trade in the same book as the mini (separate contract, separate volume), so the footprint and the DOM are read on the mini, and the micro is only the execution vehicle.
Questions traders ask
What is Micro futures?
Micro futures are contracts one-tenth the size of their E-mini: MNQ is 1/10 of NQ ($0.50 per tick instead of $5), MES is 1/10 of ES ($1.25 instead of $12.50). They let a trader size a prop firm account in finer steps: 23 micros where 2 minis would be too much and 3 too many.