Derivatives positioning
See which traders hold the other side of each futures market
Net positioning by trader class across a curated financial core of 15 US futures markets: the S&P 500 and Nasdaq-100, the 2-year and 10-year Treasury notes and the long bond, 3-month SOFR, seven major currencies, and gold and WTI crude as the two finance-adjacent commodities. Traders in Financial Futures (TFF) classes from Jun 13, 2006, legacy commercial and non-commercial classes from Jan 15, 1986, all from the CFTC's own historical files. Each net position is normalized by open interest and ranked against that market's own history.
Data as of Aug 11, 2026 report week (CFTC COT, futures only)
What this data is. The CFTC states that the COT reports "provide a breakdown of each Tuesday's open interest for futures and options on futures markets in which 20 or more traders hold positions equal to or above the reporting levels established by the CFTC," and that "the COT Report is generally published each Friday at 3:30 pm Eastern Time (US), using the data from the immediately preceding Tuesday of that week." Everything on this page is therefore a Tuesday snapshot of positions published with a three-day lag, from the futures-only series.
What it is not. Positions are stocks, not flows: a week-over-week change nets out everything that happened in between. Classifications are self-reported on CFTC Form 40 and adjusted by Commission staff, not audited portfolio labels, and the CFTC itself cautions in the TFF Explanatory Notes that it "does not maintain a history of large-trader classifications," so pre-2010 TFF history was "backcast" with recent classifications, an approach that "diminishes the data's accuracy as it goes further back in time." Positioning extremes describe crowding, not direction: they are not price predictions. Spreading positions (equal long and short held by the same trader) are excluded from the net by construction.
Two classification schemes. For financial futures the TFF report splits reportable traders into dealer/intermediary (the sell side), asset manager/institutional, leveraged funds ("typically hedge funds and various types of money managers"), and other reportables. Gold and WTI are physical-commodity markets outside the TFF universe, so they are carried here from the legacy report's two classes: commercial (traders "engaged in business activities hedged by the use of the futures or option markets," in Form 40's words) and non-commercial, the speculative side. See the methodology for exact market codes, files, and checks.
At a 5-year positioning extreme now
Every market-class reading from the Aug 11, 2026 report ranked inside its own trailing 5 years of weekly net-share history. Listed: the 10 of 56 readings sitting at or beyond their 5th/95th percentile. The percentile ranks the latest net share against that market-class's own recent range, not against zero, so a reading at the top of its range can still be a net short. It is not a forecast.
| Market | Trader class | Net, % of OI | Net contracts | 5y percentile | 5y range, % of OI |
|---|---|---|---|---|---|
| Nasdaq-100 (consolidated) | Leveraged funds | -32.0% | -96,727 | 0.4 | -32.0% .. +6.3% |
| Gold | Commercial | -63.1% | -252,640 | 0.8 | -63.3% .. -13.6% |
| 10-year Treasury note | Asset manager / institutional | +46.8% | 2,554,411 | 98.1 | -2.5% .. +49.3% |
| 2-year Treasury note | Dealer / intermediary | -11.0% | -480,452 | 1.9 | -11.7% .. -0.1% |
| 3-month SOFR | Dealer / intermediary | +23.1% | 3,048,077 | 97.7 | -9.8% .. +26.6% |
| British pound | Asset manager / institutional | -46.7% | -119,863 | 2.7 | -53.0% .. +18.0% |
| Euro FX | Leveraged funds | -7.6% | -60,600 | 3.1 | -10.3% .. +6.5% |
| Mexican peso | Leveraged funds | +29.5% | 76,282 | 96.2 | -17.1% .. +35.2% |
| Euro FX | Dealer / intermediary | -25.7% | -206,036 | 95.8 | -68.1% .. -19.6% |
| 3-month SOFR | Leveraged funds | -19.4% | -2,559,816 | 4.2 | -22.7% .. +13.1% |
Source: CFTC, Commitments of Traders Percentile = share of that market-class's weekly net-share readings in the trailing 5 years at or below the latest. Aug 11, 2026 report. Methodology
Equity indexes
The Asset manager / institutional position is the deepest net long in S&P 500 (consolidated)
Weekly US futures-only net positions by trader class as a percent of open interest, from Jun 15, 2010 to the latest report. CME 13874+ | TFF.
Consolidated S&P 500 and Nasdaq-100 futures (full-size, E-mini and micro combined by the CFTC). In the latest report the asset-manager net is +44.3% of S&P 500 open interest (5-year percentile 68.2) and the leveraged-funds net is -13.3% (5-year percentile 65.1). Dealers, the sell side of the products they design, have been net short in most weeks of this history.
Equity indexes
The Leveraged funds position is the deepest net short in Nasdaq-100 (consolidated)
Weekly US futures-only net positions by trader class as a percent of open interest, from Jun 15, 2010 to the latest report. CME 20974+ | TFF.
Source: CFTC historical compressed files | TFF Explanatory Notes Net = long minus short, futures only, All positions; spreading excluded by construction. Y axis in % of open interest; dashed line at zero. Methodology
Rates: Treasuries and SOFR
The Asset manager / institutional position is the deepest net long in 2-year Treasury note
Weekly US futures-only net positions by trader class as a percent of open interest, from Jun 13, 2006 to the latest report. CBOT 042601 | TFF.
The 10-year note is where the Treasury cash-futures basis trade leaves its footprint: leveraged funds short futures against long cash bonds, asset managers long futures on the other side. Leveraged funds' 10Y net set successive all-time short records through 2023-2024, reaching -2,184,910 contracts on Aug 20, 2024 against a deepest pre-2023 reading of -1,154,799, and hit its deepest net short in contracts, -2,534,616, on Aug 26, 2025. At the Aug 11, 2026 report the leveraged-funds net was -2,163,714 (-39.6%) and the asset-manager net 2,554,411 contracts.
Rates: Treasuries and SOFR
The Asset manager / institutional position is the deepest net long in 10-year Treasury note
Weekly US futures-only net positions by trader class as a percent of open interest, from Jun 13, 2006 to the latest report. CBOT 043602 | TFF.
Rates: Treasuries and SOFR
The Asset manager / institutional position is the deepest net long in Treasury bond (long bond)
Weekly US futures-only net positions by trader class as a percent of open interest, from Jun 13, 2006 to the latest report. CBOT 020601 | TFF.
Rates: Treasuries and SOFR
The Dealer / intermediary position is the deepest net long in 3-month SOFR
Weekly US futures-only net positions by trader class as a percent of open interest, from Jul 24, 2018 to the latest report. CME 134741 | TFF.
Source: CFTC historical compressed files | TFF Explanatory Notes Net = long minus short, futures only, All positions; spreading excluded by construction. Y axis in % of open interest; dashed line at zero. Methodology
Foreign exchange
The Asset manager / institutional position is the deepest net long in Euro FX
Weekly US futures-only net positions by trader class as a percent of open interest, from Jun 13, 2006 to the latest report. CME 099741 | TFF.
Foreign exchange
The Other reportables position is the deepest net long in Japanese yen
Weekly US futures-only net positions by trader class as a percent of open interest, from Jun 13, 2006 to the latest report. CME 097741 | TFF.
Foreign exchange
The Asset manager / institutional position is the deepest net short in British pound
Weekly US futures-only net positions by trader class as a percent of open interest, from Jun 13, 2006 to the latest report. CME 096742 | TFF.
Foreign exchange
The Dealer / intermediary position is the deepest net long in Swiss franc
Weekly US futures-only net positions by trader class as a percent of open interest, from Jun 13, 2006 to the latest report. CME 092741 | TFF.
Foreign exchange
The Dealer / intermediary position is the deepest net long in Canadian dollar
Weekly US futures-only net positions by trader class as a percent of open interest, from Jun 13, 2006 to the latest report. CME 090741 | TFF.
Foreign exchange
The Leveraged funds position is the deepest net long in Australian dollar
Weekly US futures-only net positions by trader class as a percent of open interest, from Jun 13, 2006 to the latest report. CME 232741 | TFF.
Foreign exchange
The Dealer / intermediary position is the deepest net short in Mexican peso
Weekly US futures-only net positions by trader class as a percent of open interest, from Jun 13, 2006 to the latest report. CME 095741 | TFF.
Source: CFTC historical compressed files | TFF Explanatory Notes Net = long minus short, futures only, All positions; spreading excluded by construction. Y axis in % of open interest; dashed line at zero. Methodology
Gold and WTI crude (legacy classes)
The Commercial position is the deepest net short in Gold
Weekly US futures-only net positions by trader class as a percent of open interest, from Jan 15, 1986 to the latest report. COMEX 088691 | legacy.
The two finance-adjacent commodities, carried from the legacy futures-only report whose classes run back to Jan 15, 1986. Commercial and non-commercial nets mirror each other mechanically (with the non-reportable remainder absorbing the difference). Gold's non-commercial net stands at +54.4% of open interest (5-year percentile 94.6).
Gold and WTI crude (legacy classes)
The Commercial position is the deepest net short in WTI crude oil
Weekly US futures-only net positions by trader class as a percent of open interest, from Jan 15, 1986 to the latest report. NYMEX 067651 | legacy.
Source: CFTC historical compressed files | COT Explanatory Notes Net = long minus short, futures only, All positions; spreading excluded by construction. Y axis in % of open interest; dashed line at zero. Methodology
Latest reading vs own history, every market and class
All 56 market-class readings from the Aug 11, 2026 report, each ranked against its own full history and its trailing 5 years. Full histories differ by market: Jan 15, 1986 for gold and WTI, whose legacy report was published twice a month through Sep 30, 1992 and weekly from Oct 6, 1992, Jun 13, 2006 for most TFF markets, later for consolidated equity indexes (2010) and SOFR (2018).
| Market | Trader class | Net contracts | Net, % of OI | 5y pctile | Full-history pctile | Reports |
|---|---|---|---|---|---|---|
| S&P 500 (consolidated) | Dealer / intermediary | -770,462 | -35.9% | 17.6 | 5.5 | 844 |
| Asset manager / institutional | 950,268 | +44.3% | 68.2 | 90.2 | 844 | |
| Leveraged funds | -286,505 | -13.3% | 65.1 | 26.5 | 844 | |
| Other reportables | -19,563 | -0.9% | 50.2 | 65.3 | 844 | |
| Nasdaq-100 (consolidated) | Dealer / intermediary | 13,479 | +4.5% | 76.6 | 80.8 | 844 |
| Asset manager / institutional | 62,589 | +20.7% | 46.7 | 55.5 | 844 | |
| Leveraged funds | -96,727 | -32.0% | 0.4 | 0.1 | 844 | |
| Other reportables | 2,685 | +0.9% | 60.9 | 78.1 | 844 | |
| 2-year Treasury note | Dealer / intermediary | -480,452 | -11.0% | 1.9 | 3.5 | 1,053 |
| Asset manager / institutional | 1,680,389 | +38.4% | 49.8 | 87.6 | 1,053 | |
| Leveraged funds | -1,359,521 | -31.1% | 68.2 | 20.5 | 1,053 | |
| Other reportables | 111,776 | +2.6% | 50.2 | 61.3 | 1,053 | |
| 10-year Treasury note | Dealer / intermediary | -474,266 | -8.7% | 6.5 | 7.8 | 1,053 |
| Asset manager / institutional | 2,554,411 | +46.8% | 98.1 | 99.5 | 1,053 | |
| Leveraged funds | -2,163,714 | -39.6% | 18.0 | 4.5 | 1,053 | |
| Other reportables | 82,527 | +1.5% | 41.0 | 44.0 | 1,053 | |
| Treasury bond (long bond) | Dealer / intermediary | -243,296 | -13.1% | 10.0 | 23.2 | 1,053 |
| Asset manager / institutional | 549,650 | +29.5% | 65.5 | 75.2 | 1,053 | |
| Leveraged funds | -364,824 | -19.6% | 68.6 | 25.1 | 1,053 | |
| Other reportables | -14,030 | -0.8% | 30.3 | 53.9 | 1,053 | |
| 3-month SOFR | Dealer / intermediary | 3,048,077 | +23.1% | 97.7 | 98.6 | 420 |
| Asset manager / institutional | -478,036 | -3.6% | 24.1 | 24.3 | 420 | |
| Leveraged funds | -2,559,816 | -19.4% | 4.2 | 2.6 | 420 | |
| Other reportables | -10,702 | -0.1% | 71.3 | 57.1 | 420 | |
| Euro FX | Dealer / intermediary | -206,036 | -25.7% | 95.8 | 44.2 | 1,053 |
| Asset manager / institutional | 225,389 | +28.1% | 7.7 | 65.5 | 1,053 | |
| Leveraged funds | -60,600 | -7.6% | 3.1 | 37.7 | 1,053 | |
| Other reportables | 10,440 | +1.3% | 29.9 | 31.0 | 1,053 | |
| Japanese yen | Dealer / intermediary | 23,257 | +5.9% | 33.0 | 44.1 | 1,053 |
| Asset manager / institutional | -26,251 | -6.7% | 57.1 | 29.4 | 1,053 | |
| Leveraged funds | -53,070 | -13.5% | 63.6 | 49.5 | 1,053 | |
| Other reportables | 62,748 | +16.0% | 73.2 | 89.5 | 1,053 | |
| British pound | Dealer / intermediary | 81,399 | +31.7% | 77.0 | 65.8 | 1,053 |
| Asset manager / institutional | -119,863 | -46.7% | 2.7 | 0.7 | 1,053 | |
| Leveraged funds | 40,670 | +15.9% | 68.2 | 68.9 | 1,053 | |
| Other reportables | 460 | +0.2% | 81.2 | 80.9 | 1,053 | |
| Swiss franc | Dealer / intermediary | 62,382 | +56.8% | 72.8 | 84.0 | 1,053 |
| Asset manager / institutional | -38,322 | -34.9% | 33.0 | 8.9 | 1,053 | |
| Leveraged funds | -11,432 | -10.4% | 29.9 | 36.7 | 1,053 | |
| Other reportables | -677 | -0.6% | 20.3 | 37.1 | 1,053 | |
| Canadian dollar | Dealer / intermediary | 193,131 | +53.0% | 81.2 | 94.8 | 1,053 |
| Asset manager / institutional | -104,545 | -28.7% | 31.8 | 7.9 | 1,053 | |
| Leveraged funds | -92,005 | -25.3% | 12.3 | 18.2 | 1,053 | |
| Other reportables | 9,743 | +2.7% | 13.0 | 25.3 | 1,053 | |
| Australian dollar | Dealer / intermediary | -33,186 | -12.4% | 11.9 | 43.4 | 1,053 |
| Asset manager / institutional | -42,679 | -16.0% | 64.4 | 39.5 | 1,053 | |
| Leveraged funds | 48,541 | +18.2% | 94.6 | 60.3 | 1,053 | |
| Other reportables | 2,962 | +1.1% | 35.2 | 66.4 | 1,053 | |
| Mexican peso | Dealer / intermediary | -92,899 | -35.9% | 46.4 | 50.9 | 1,053 |
| Asset manager / institutional | 34,186 | +13.2% | 10.7 | 31.8 | 1,053 | |
| Leveraged funds | 76,282 | +29.5% | 96.2 | 77.6 | 1,053 | |
| Other reportables | -23,635 | -9.1% | 71.6 | 29.7 | 1,053 | |
| Gold | Non-commercial | 217,940 | +54.4% | 94.6 | 99.3 | 1,929 |
| Commercial | -252,640 | -63.1% | 0.8 | 0.2 | 1,929 | |
| WTI crude oil | Non-commercial | 99,196 | +5.2% | 9.6 | 44.4 | 1,928 |
| Commercial | -129,637 | -6.9% | 90.0 | 53.8 | 1,928 |
Source: CFTC, Commitments of Traders | CFTC historical compressed files US federal government work, public domain; data as published in the CFTC's historical compressed files plus the current-year files. Methodology
Related: the spot prices and fundamentals behind the WTI crude position on commodities and energy; repo-market volumes behind the basis trade on short-term funding; Treasury yields and term premia on rates. See the full methodology for files, market codes, class definitions, checks, and caveats.