32nds

US Treasury price math for JavaScript/TypeScript — parse and format 32nds quotes (105-16+, 110'165), count ticks, convert basis points, and compute dollar values. Zero dependencies.

npm install 32nds

Why

Treasuries don't trade in decimals. A 10-year note is quoted like 105-16+: a handle of 105 points, 16 thirty-seconds, plus half a 32nd — 105.515625% of par. Every fixed-income UI, blotter, and P&L report has to translate between that notation and numbers, and npm had nothing for it: bond analytics libraries compute yield and duration, but none of them can read a price the way the market writes it.

32nds does exactly that one job, correctly:

import { parsePrice, formatPrice, tickValue } from "32nds";

parsePrice("105-16+");                    // 105.515625
parsePrice("104-072");                    // 104.2265625  (7¼ 32nds)
parsePrice("110'165", { style: "cme" });  // 110.515625   (futures display)

formatPrice(99.109375);                   // "99-03+"
formatPrice(110.5, { style: "cme" });     // "110'160"

tickValue(1_000_000);                     // 312.50 — a 32nd on \$1MM face

A nice property: Treasury fractions are dyadic rationals (powers of two), so every value here is exact in IEEE 754 floating point. No decimal library, no epsilon comparisons.

Conventions handled

Notation	Meaning	Decimal
105-16	105 + 16/32	105.50
105-16+	+ half a 32nd (1/64)	105.515625
104-072	trailing digit = eighths of a 32nd (cash market)	104.2265625
105-16½	unicode fractions accepted	105.515625
110'165	CME futures: 2/5/7 = ¼/½/¾ of a 32nd	110.515625
-0-08+	signed quotes (price changes)	−0.265625

Separators -, ', and : are accepted. A decimal point is deliberately not a separator: parsePrice("105.16") throws instead of silently reading 16/32 — decimals are already numbers.

API

parsePrice(quote, opts?) → number

Quote string → percent-of-par number. opts.style: "eighths" (default, cash-market: trailing digit 0–7 is eighths of a 32nd) or "cme" (futures: 0/2/5/7 = 0/¼/½/¾). Throws RangeError on malformed input, 32nds ≥ 32, or invalid fraction digits.

formatPrice(price, opts?) → string

Number → quote string. Rounds to the style's resolution first (1/256 eighths, 1/128 cme).

• style — "eighths" (default) or "cme" (always renders the fraction digit, like Globex: 110'160)
• sep — separator; defaults "-" (eighths) / "'" (cme)
• plus — render half a 32nd as "+" (default true)
• pad — two-digit 32nds, 99-03 (default true)

Ticks and values

• ticksBetween(from, to, tick?) — signed tick count between two prices (default tick 1/32)
• roundToTick(price, tick?) — snap a price to the nearest tick
• change32nds(from, to) — a move expressed in 32nds
• toBps(decimal) / fromBps(bps) — basis-point conversion (toBps(0.0025) → 25)
• dollarValue(price, face) — dollar value of a price on a face amount
• tickValue(face, tick?) — dollar value of one tick (tickValue(1_000_000) → 312.50)

Tick constants

THIRTY_SECOND (1/32, cash tick), HALF_32ND (1/64, ZN futures), QUARTER_32ND (1/128, ZF/ZT futures), EIGHTH_32ND (1/256, cash quote resolution).

References

• CME Group — Calculating U.S. Treasury Pricing
• CME Group — Treasury Futures Price Rounding Conventions

Related

Part of a small fixed-income toolkit: day-count (ISDA conventions) · accrued-interest · sifma-holidays (bond-market calendar) · treasurydirect (auction data client).

Author

Built by Moshe Malka — engineering leader in New York City. Studio work at Quentin.Code.

MIT © Moshe Malka