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

Similarly, equity futures also have fixed lot sizes. For instance, Reliance Industries Futures has a lot size of 250, which means one futures contract is equivalent to 250 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 ₹22,200, then the total contract value would be:

₹22,200 × 50 = ₹11,10,000

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