Positioning
Who holds what in the futures markets that move with liquidity: hedge funds, asset managers and speculators, from the CFTC’s weekly Commitments of Traders.
Headline figure
$0.00T
+$00.0B over 1 week
Sep 25, 2026
Headline figure
$0.00T
+$00.0B over 1 week
Sep 25, 2026
Headline figure
$0.00T
+$00.0B over 1 week
Sep 25, 2026
Headline figure
$0.00T
+$00.0B over 1 week
Sep 25, 2026
Headline figure
$0.00T
+$00.0B over 1 week
Sep 25, 2026
Headline figure
$0.00T
+$00.0B over 1 week
Sep 25, 2026
Speculative positioning by market
Leveraged funds in financial futures, managed money in commodities. Net = long minus short contracts. Open a market to read what its position means.
How to read positioning· who holds what, and why the extremes matter
What it is
Every Friday the CFTC publishes who held what in US futures markets on the Tuesday before: the Commitments of Traders. So the figures are three days old when they appear, and a week old by the next release.
Who is counted
Leveraged funds are hedge funds and trading firms in financial futures. Managed money is their counterpart in commodities, mostly trend-following funds. Asset managers (pensions, mutual funds) are shown separately on the Treasury chart, as the other side of the trade.
Net, and % of open interest
Net is long contracts minus short. Dividing by open interest, all contracts outstanding, makes markets of different sizes comparable: −30% means the group is short three of every ten contracts.
The 3-year range
0 is the most short the group has been in three years, 100 the most long. The ends are what matter: a position at an extreme is a crowded trade, and crowded trades unwind fast when the news turns, moving the price against the crowd.
Not every short is a bet
The largest shorts here, in Treasuries and CME bitcoin and ether, are mostly the short legs of basis trades: long the cash asset, short the future, collecting the gap. Their risk is not being wrong on direction but being forced to unwind. Open any market below to read what its position means.
| Market | Held by | Net | 1-week change | % of open interest | 3-year range (0 = most short) |
|---|---|---|---|---|---|
| 000,000 | 000,000 | 000,000 | 000,000 | 000,000 | 000,000 |
| 000,000 | 000,000 | 000,000 | 000,000 | 000,000 | 000,000 |
| 000,000 | 000,000 | 000,000 | 000,000 | 000,000 | 000,000 |
| 000,000 | 000,000 | 000,000 | 000,000 | 000,000 | 000,000 |
| 000,000 | 000,000 | 000,000 | 000,000 | 000,000 | 000,000 |
| 000,000 | 000,000 | 000,000 | 000,000 | 000,000 | 000,000 |
| 000,000 | 000,000 | 000,000 | 000,000 | 000,000 | 000,000 |
| 000,000 | 000,000 | 000,000 | 000,000 | 000,000 | 000,000 |
Source: CFTC Commitments of Traders, futures only. Treasuries sum six contracts at face value; other markets are in contracts.
Rates and equities
Weekly, positions as of Tuesday
Treasury futures: leveraged funds and asset managers
Net positions across six contracts at face value, USD billions
Source: CFTC Traders in Financial Futures; BlockPhi calculation
S&P 500 futures (E-mini)
Net positions of leveraged funds and asset managers, contracts
Source: CFTC Traders in Financial Futures
Currencies and crypto
Yen and dollar: leveraged funds
Net position as a share of open interest, percent
Source: CFTC Traders in Financial Futures; BlockPhi calculation
Bitcoin futures (CME)
Net positions of leveraged funds and asset managers, contracts of 5 BTC
Source: CFTC Traders in Financial Futures
Commodities and volatility
Gold (COMEX): managed money
Net position of managed money, contracts of 100 troy ounces
Source: CFTC disaggregated Commitments of Traders
VIX futures: leveraged funds
Net position of leveraged funds, contracts
Source: CFTC Traders in Financial Futures