Each Futures contract has a predefined lot size. For example, a Nifty 50 Futures contract currently has a lot size of 65, which means each contract represents 65 units of the Nifty index.

Similarly, equity futures also have fixed lot sizes. For instance, Reliance Industries Futures has a lot size of 500, which means one futures contract is equivalent to 500 shares of Reliance Industries.

Therefore, the total contract value of a Futures contract is calculated as:

Futures Price × Lot Size

For example, if the Nifty near-month futures contract is trading at ₹23,200, then the total contract value would be:

₹23,200 × 65 = ₹15,08,000

This represents the total exposure you take when you trade one Nifty Futures contract.