Positioning
Who holds which side of the main futures markets: pension funds and other asset managers, hedge funds, speculators and commercial hedgers, each group’s net position as a share of the market, and how stretched it is against the past three years.
Positions this week
CFTC Commitments of Traders · Sep 29, 2026S&P 500, asset managers
+47.7% of OI
−1.7 pp on the week
Asset managers · 72th pct of 3 years · Sep 29
S&P 500, leveraged funds
−19.6% of OI
+0.3 pp on the week
Leveraged funds · 22th pct of 3 years · Sep 29
10-year note, leveraged funds
−35.9% of OI
−0.3 pp on the week
Leveraged funds · 55th pct of 3 years · Sep 29
Yen, leveraged funds
−3.9% of OI
−5.9 pp on the week
Leveraged funds · 79th pct of 3 years · Sep 29
WTI crude, speculators
+4.2% of OI
−1.3 pp on the week
Managed money · 31th pct of 3 years · Sep 29
Gold, speculators
+29.6% of OI
−1.3 pp on the week
Managed money · 53th pct of 3 years · Sep 29
Net position is longs less shorts as a share of all open contracts. Positive is net long.
Stock indexes and volatility
Asset managers and leveraged funds| Contract | Group | Net contracts | % of open interest | On the week | 3-year percentile | Place in three years |
|---|---|---|---|---|---|---|
| S&P 500 (E-mini) | Asset managers | 904,003 | +47.7% | −1.7 pp | 72 | |
| Leveraged funds | −372,489 | −19.6% | +0.3 pp | 22 | ||
| Nasdaq-100 (E-mini) | Asset managers | 69,744 | +25.8% | +0.6 pp | 42 | |
| Leveraged funds | −24,723 | −9.1% | +1.6 pp | 68 | ||
| VIX futures | Asset managers | −66,500 | −15.8% | −2.4 pp | 1 | |
| Leveraged funds | −7,467 | −1.8% | +1.8 pp | 85 |
Commodity Futures Trading Commission, Commitments of Traders: Traders in Financial Futures and Disaggregated, futures only · positions as of Sep 29, 2026 · read Oct 7, 8:26 PM ET
Treasuries
Asset managers and leveraged funds| Contract | Group | Net contracts | % of open interest | On the week | 3-year percentile | Place in three years |
|---|---|---|---|---|---|---|
| 2-year Treasury note | Asset managers | 1,638,478 | +36.2% | −2.8 pp | 19 | |
| Leveraged funds | −1,165,980 | −25.7% | +4.1 pp | 100 | ||
| 10-year Treasury note | Asset managers | 2,776,531 | +48.9% | +2.1 pp | 97 | |
| Leveraged funds | −2,036,432 | −35.9% | −0.3 pp | 55 | ||
| Treasury bond | Asset managers | 436,956 | +23.3% | +1.4 pp | 6 | |
| Leveraged funds | −251,395 | −13.4% | −4.8 pp | 96 |
Commodity Futures Trading Commission, Commitments of Traders: Traders in Financial Futures and Disaggregated, futures only · positions as of Sep 29, 2026 · read Oct 7, 8:26 PM ET
Currencies
Against the dollar: long the euro is short the dollar| Contract | Group | Net contracts | % of open interest | On the week | 3-year percentile | Place in three years |
|---|---|---|---|---|---|---|
| Euro | Asset managers | 220,603 | +25.8% | −0.5 pp | 5 | |
| Leveraged funds | −39,265 | −4.6% | −1.4 pp | 15 | ||
| Japanese yen | Asset managers | 51,634 | +14.3% | +3.3 pp | 69 | |
| Leveraged funds | −14,161 | −3.9% | −5.9 pp | 79 | ||
| British pound | Asset managers | −128,544 | −51.1% | −3.8 pp | 2 | |
| Leveraged funds | 4,606 | +1.8% | −3.6 pp | 6 |
Commodity Futures Trading Commission, Commitments of Traders: Traders in Financial Futures and Disaggregated, futures only · positions as of Sep 29, 2026 · read Oct 7, 8:26 PM ET
Commodities
Speculators (managed money) and hedgers (producers and merchants)| Contract | Group | Net contracts | % of open interest | On the week | 3-year percentile | Place in three years |
|---|---|---|---|---|---|---|
| WTI crude | Managed money | 79,592 | +4.2% | −1.3 pp | 31 | |
| Producers and merchants | 319,539 | +17.0% | +0.6 pp | 91 | ||
| Natural gas | Managed money | −132,799 | −7.5% | −3.9 pp | 10 | |
| Producers and merchants | −14,084 | −0.8% | +0.5 pp | 81 | ||
| Gold | Managed money | 120,318 | +29.6% | −1.3 pp | 53 | |
| Producers and merchants | −21,263 | −5.2% | +1.3 pp | 91 | ||
| Copper | Managed money | 78,058 | +25.9% | −1.5 pp | 88 | |
| Producers and merchants | −104,340 | −34.6% | +2.7 pp | 17 | ||
| Corn | Managed money | 381,220 | +20.5% | −1.3 pp | 97 | |
| Producers and merchants | −732,985 | −39.5% | +2.2 pp | 4 | ||
| Wheat (Chicago) | Managed money | −22,109 | −4.6% | −2.1 pp | 88 | |
| Producers and merchants | −57,195 | −11.8% | +2.4 pp | 14 |
Commodity Futures Trading Commission, Commitments of Traders: Traders in Financial Futures and Disaggregated, futures only · positions as of Sep 29, 2026 · read Oct 7, 8:26 PM ET
S&P 500 futures
Net position, % of open interest, three years- Asset managers
- Leveraged funds
10-year Treasury futures
Net position, % of open interest, three years- Asset managers
- Leveraged funds
Asset managers are pension funds, insurers and mutual funds; leveraged funds are hedge funds and trend followers. In Treasuries, leveraged funds’ large net short is mostly the futures side of the cash-futures basis trade, not a bet on yields. A position at the edge of its three-year range is the one most likely to be unwound quickly if the market moves against it.
ARCANE reporting
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Sources
Every number above, where it comes from and when it was read- Commodity Futures Trading CommissionCommitments of Traders: Traders in Financial Futures and Disaggregated, futures onlyData for Sep 29, 2026 · read Oct 7, 8:26 PM ET