CFTC Positioning Dashboard
An institutional view of who is long, who is short, where positioning is crowded, and whether futures behavior confirms or conflicts with price. Includes net spec, asset manager, hedge fund/leveraged money, retail/non-reportable, commercial/dealer, open interest, gross crowding, z-score, percentile, and week-over-week change lenses.
Most Crowded Long
Highest 3-year percentile for Asset Manager + Leveraged Money net positioning.
Most Crowded Short
Lowest 3-year percentile for Asset Manager + Leveraged Money net positioning.
Price / Positioning Confirmation
Assets where 13-week price action and institutional/HF positioning are moving together.
All-History COT Net Positioning %OI
Reference-aligned COT ranking across the assets covered in this deck. Ranked by each market's latest net positioning as a percent of open interest versus its full available CFTC history.
| Asset | Mapped COT Cohort | Mapped COT Net %OI | Mapped COT All-History %ile | Mapped COT History Start | Latest Date |
|---|---|---|---|---|---|
| S&P 500 | Asset Managers | 47.91% | 96% | 2006-06-13 | 2026-07-21 |
| Copper | Managed Money | 26.48% | 93% | 2006-06-13 | 2026-07-21 |
| Gold | Managed Money | 32.56% | 76% | 2006-06-13 | 2026-07-21 |
| Nasdaq 100 | Asset Managers | 25.31% | 72% | 2006-06-13 | 2026-07-21 |
| Bitcoin | Leveraged Money | -38.72% | 71% | 2021-01-05 | 2026-07-21 |
| US Dollar | Leveraged Money | -3.59% | 50% | 2006-06-13 | 2026-07-21 |
| Natural Gas | Managed Money | -6.12% | 39% | 2006-06-13 | 2026-07-21 |
| Russell 2000 | Asset Managers | -0.22% | 36% | 2006-06-13 | 2026-07-21 |
| Silver | Managed Money | 10.60% | 33% | 2006-06-13 | 2026-07-21 |
| Euro FX | Legacy Non-Commercial | -5.17% | 32% | 2000-01-04 | 2026-07-21 |
| Japanese Yen | Legacy Non-Commercial | -35.90% | 21% | 2000-01-04 | 2026-07-21 |
| Crude Oil | Managed Money | 3.43% | 10% | 2006-06-13 | 2026-07-21 |
| 2-Year Treasury Notes | Legacy Non-Commercial | -26.63% | 10% | 2000-01-04 | 2026-07-21 |
| 5-Year Treasury Notes | Legacy Non-Commercial | -20.69% | 10% | 2000-01-04 | 2026-07-21 |
| 10-Year Treasury Notes | Legacy Non-Commercial | -16.68% | 4% | 2000-01-04 | 2026-07-21 |
| SOFR-3M | Leveraged Money | -20.59% | 3% | 2022-01-04 | 2026-07-21 |
| VIX | Asset Managers | -10.48% | 1% | 2006-08-29 | 2026-07-21 |
Mapped cohort: Asset Managers for equity-index and VIX futures; Leveraged/Managed Money for all other markets. Net positioning is long contracts minus short contracts, excluding spreads. History begins at the first available CFTC observation for each contract.
Definitions And How To Read The Deck
Plain-English translation of the CFTC labels used throughout the dashboard.
Net Speculative / Non-Commercial
Legacy COT non-commercial long contracts minus short contracts. In physical commodity disaggregated reports, this equals managed money plus other reportables. In TFF markets, this deck uses asset managers + leveraged money + other reportables as the broad speculative proxy.
Institutional/HF Net
Asset manager net plus leveraged money net. For physical commodity disaggregated reports where asset-manager categories are not published, this becomes managed money net.
Asset Manager Net
Asset manager long contracts minus short contracts in the CFTC Traders in Financial Futures report. Think pensions, mutual funds, insurance, and real-money allocators.
Leveraged Money Net
Leveraged money long contracts minus short contracts. This is the hedge fund / CTA / fast-money proxy in the TFF report, and managed money in physical commodity disaggregated reports.
Retail / Non-Reportable Net
Non-reportable long contracts minus short contracts. This is the small-trader proxy, not literal brokerage retail flow.
%OI
Net position divided by total open interest. This normalizes contract counts across assets with different market sizes.
All-History COT %OI
Reference-aligned rank of the latest COT net position as a percent of open interest. It uses Asset Managers for equity/VIX futures, Managed Money for physical commodities, Leveraged Money for other TFF markets, and legacy non-commercial positioning for core FX and Treasury futures.
Gross %OI
Long plus short exposure divided by open interest. High gross exposure means the trader group is very active even if net exposure is near zero.
3Y Percentile
Where the latest reading sits versus its own trailing three-year history. 80+ is crowded high; 20 or lower is crowded low.
1Y Z-Score
Latest reading minus its one-year average, divided by its one-year volatility. This flags unusually large positioning states.
COT Index
A 0-100 location of the current net position within its rolling range. It is another way to identify crowding.
Total USD Futures Positioning
Legacy non-commercial net positioning across major FX futures converted to USD notional. Foreign-currency futures longs represent USD shorts, so the sign is flipped before summing.
Price / Positioning Confirmation
Price and positioning are confirming when both move in the same direction over 13 weeks. Divergence can flag fading conviction or contrarian accumulation.
Cross-Asset Dashboard
One table for the portfolio meeting: price move, open interest, institutional positioning, crowding, and confirmation state.
| Asset | Latest Date | Price 13W | OI 13W | Inst/HF %OI | Inst/HF 3Y %ile | Inst/HF 13W | Asset Manager Net | Lev Money Net | COT Read | Pressure Read |
|---|---|---|---|---|---|---|---|---|---|---|
| S&P 500 | 2026-07-21 | 6.6% | -1.2% | 31.3% | 67.9% | 3.7K | 929.2K | -322.9K | Long Tilt | Trend Confirmed |
| Nasdaq 100 | 2026-07-21 | 10.0% | 7.2% | -0.7% | 1.9% | -47.4K | 72.6K | -74.7K | Crowded Short | Price Up / Positioning Fading |
| Russell 2000 | 2026-07-21 | 8.3% | 0.0% | -18.1% | 5.8% | -33.4K | -890.0 | -73.5K | Crowded Short | Price Up / Positioning Fading |
| Natural Gas | 2026-07-21 | -5.0% | 6.5% | -6.1% | 17.3% | -2.2K | n/a | -102.8K | Crowded Short | Risk-Off Confirmation |
| Crude Oil | 2026-07-21 | 0.5% | -6.1% | 3.4% | 19.9% | -35.9K | n/a | 64.0K | Crowded Short | Price Up / Positioning Fading |
| Gold | 2026-07-21 | -12.7% | 4.8% | 32.6% | 48.7% | 31.9K | n/a | 124.8K | Balanced | Buying Into Weakness |
| Silver | 2026-07-21 | -22.5% | -7.8% | 10.6% | 26.9% | 2.4K | n/a | 11.3K | Short Tilt | Buying Into Weakness |
| Copper | 2026-07-21 | 8.1% | 7.8% | 26.5% | 96.2% | 11.9K | n/a | 71.5K | Crowded Long | Trend Confirmed |
| Bitcoin | 2026-07-21 | -12.9% | -17.9% | -25.4% | 45.5% | 142.0 | 2.7K | -7.9K | Balanced | Buying Into Weakness |
| US Dollar | 2026-07-21 | 3.7% | 76.0% | 33.2% | 80.8% | 13.3K | 19.9K | -1.9K | Crowded Long | Trend Confirmed |
| Euro FX | 2026-07-21 | -2.9% | 1.2% | 21.5% | 10.3% | -134.5K | 228.9K | -56.7K | Crowded Short | Risk-Off Confirmation |
| Japanese Yen | 2026-07-21 | 2.4% | 20.5% | -41.6% | 5.8% | -93.2K | -79.9K | -96.2K | Crowded Short | Price Up / Positioning Fading |
| VIX | 2026-07-21 | -12.6% | 17.2% | -9.7% | 39.1% | 5.1K | -41.5K | 3.1K | Short Tilt | Buying Into Weakness |
| SOFR-3M | 2026-07-21 | -0.4% | 8.6% | -24.6% | 3.2% | -2.5M | -521.2K | -2.7M | Crowded Short | Risk-Off Confirmation |
| 2-Year Treasury Notes | 2026-07-21 | -0.9% | -7.7% | 5.2% | 96.2% | 7.0K | 1.8M | -1.6M | Crowded Long | Buying Into Weakness |
| 5-Year Treasury Notes | 2026-07-21 | -1.9% | -5.3% | 11.7% | 97.4% | 350.3K | 2.9M | -2.1M | Crowded Long | Buying Into Weakness |
| 10-Year Treasury Notes | 2026-07-21 | -2.4% | 1.1% | 9.0% | 100.0% | 312.3K | 2.5M | -2.1M | Crowded Long | Buying Into Weakness |
Weekly And Tactical Highlights
Largest one-week positioning moves, plus the 4-week and 13-week context that separates noise from a real allocation shift.
| Asset | WoW Inst/HF | 4W Inst/HF | 13W Inst/HF | 13W Price | Read |
|---|---|---|---|---|---|
| SOFR-3M | 54.6K | 44.3K | -2.5M | -0.4% | Risk-Off Confirmation |
| 10-Year Treasury Notes | 39.6K | 17.0K | 312.3K | -2.4% | Buying Into Weakness |
| Japanese Yen | -31.8K | -635.0 | -93.2K | 2.4% | Price Up / Positioning Fading |
| S&P 500 | 30.8K | -13.0K | 3.7K | 6.6% | Trend Confirmed |
| 2-Year Treasury Notes | 24.7K | -4.0K | 7.0K | -0.9% | Buying Into Weakness |
| Euro FX | -21.4K | -67.1K | -134.5K | -2.9% | Risk-Off Confirmation |
| 5-Year Treasury Notes | -19.5K | -25.1K | 350.3K | -1.9% | Buying Into Weakness |
| Nasdaq 100 | -12.0K | -13.9K | -47.4K | 10.0% | Price Up / Positioning Fading |
| Copper | 11.3K | 5.0K | 11.9K | 8.1% | Trend Confirmed |
| Russell 2000 | 6.2K | -23.3K | -33.4K | 8.3% | Price Up / Positioning Fading |
Full Metric Library
Expanded institutional table: price, open interest, net contracts, percent of open interest, percentiles, z-scores, long/short ratios, and gross crowding.
| Asset | Latest Date | Latest Price | Price 4W | Price 13W | Open Interest | OI 4W | OI 13W | OI 26W | NonComm Net | NonComm %OI | NonComm 3Y %ile | Inst/HF Net | Inst/HF %OI | Inst/HF 1Y Z | Inst/HF 3Y %ile | Inst/HF WoW | Inst/HF 4W | Inst/HF 13W | Asset Manager Net | Lev Money Net | Retail Net | Retail %OI | Retail 3Y %ile | Commercial Net | Commercial 3Y %ile | NonComm L/S | Asset Mgr L/S | Lev Money L/S | Broad Spec Gross %OI | Institutional/HF Gross %OI |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| S&P 500 | 2026-07-21 | 748.3 | 2.0% | 6.6% | 1.9M | -2.1% | -1.2% | 0.7% | 609.2K | 31.4% | 58.3% | 606.3K | 31.3% | 1.18 | 67.9% | 30.8K | -13.0K | 3.7K | 929.2K | -322.9K | 123.7K | 6.4% | 81.4% | -732.9K | 31.4% | 1.83 | 5.33 | 0.31 | 107.1% | 101.8% |
| Nasdaq 100 | 2026-07-21 | 709.0 | -0.7% | 10.0% | 286.9K | 8.2% | 7.2% | 7.4% | -1.8K | -0.6% | 2.6% | -2.1K | -0.7% | -2.27 | 1.9% | -12.0K | -13.9K | -47.4K | 72.6K | -74.7K | 7.5K | 2.6% | 50.0% | -5.7K | 95.5% | 0.99 | 3.27 | 0.38 | 111.9% | 106.0% |
| Russell 2000 | 2026-07-21 | 296.5 | 0.4% | 8.3% | 411.5K | 6.4% | 0.0% | -0.5% | -81.8K | -19.9% | 6.4% | -74.4K | -18.1% | -0.88 | 5.8% | 6.2K | -23.3K | -33.4K | -890.0 | -73.5K | 9.7K | 2.4% | 59.0% | 72.1K | 94.9% | 0.72 | 0.99 | 0.43 | 124.4% | 121.9% |
| Natural Gas | 2026-07-21 | 10.4 | -9.6% | -5.0% | 1.7M | 4.1% | 6.5% | 4.1% | -171.1K | -10.2% | 13.5% | -102.8K | -6.1% | -1.11 | 17.3% | 3.0K | -20.0K | -2.2K | n/a | -102.8K | 12.0K | 0.7% | 25.0% | -33.1K | 54.5% | 0.63 | n/a | 0.69 | 45.3% | 34.0% |
| Crude Oil | 2026-07-21 | 128.9 | 15.8% | 0.5% | 1.9M | -2.5% | -6.1% | -5.1% | 81.7K | 4.4% | 12.2% | 64.0K | 3.4% | 0.40 | 19.9% | 2.0K | -18.9K | -35.9K | n/a | 64.0K | 26.9K | 1.4% | 59.0% | 383.4K | 98.7% | 1.36 | n/a | 1.52 | 28.9% | 16.7% |
| Gold | 2026-07-21 | 374.8 | -0.7% | -12.7% | 383.4K | 8.9% | 4.8% | -27.4% | 183.9K | 48.0% | 34.0% | 124.8K | 32.6% | 0.39 | 48.7% | 4.1K | 9.4K | 31.9K | n/a | 124.8K | 29.3K | 7.6% | 62.8% | -19.3K | 91.7% | 5.50 | n/a | 8.49 | 69.3% | 41.3% |
| Silver | 2026-07-21 | 53.1 | -4.8% | -22.5% | 106.4K | -2.3% | -7.8% | -30.0% | 23.5K | 22.1% | 16.7% | 11.3K | 10.6% | -0.65 | 26.9% | -219.0 | -459.0 | 2.4K | n/a | 11.3K | 17.0K | 16.0% | 30.1% | -13.0K | 98.7% | 2.77 | n/a | 2.63 | 47.0% | 23.6% |
| Copper | 2026-07-21 | 39.5 | 5.9% | 8.1% | 270.0K | 0.5% | 7.8% | -3.0% | 74.0K | 27.4% | 96.8% | 71.5K | 26.5% | 1.11 | 96.2% | 11.3K | 5.0K | 11.9K | n/a | 71.5K | 8.1K | 3.0% | 54.5% | -91.2K | 12.2% | 3.17 | n/a | 5.28 | 52.6% | 38.9% |
| Bitcoin | 2026-07-21 | 66.5K | 6.1% | -12.9% | 20.5K | -0.1% | -17.9% | -16.4% | -4.6K | -22.2% | 42.3% | -5.2K | -25.4% | 0.07 | 45.5% | -546.0 | -1.7K | 142.0 | 2.7K | -7.9K | -68.0 | -0.3% | 13.5% | 4.6K | 58.3% | 0.68 | 2.39 | 0.34 | 115.1% | 110.5% |
| US Dollar | 2026-07-21 | 28.5 | 0.1% | 3.7% | 54.0K | -1.7% | 76.0% | 82.4% | 21.8K | 40.3% | 89.1% | 17.9K | 33.2% | 2.00 | 80.8% | 740.0 | 4.6K | 13.3K | 19.9K | -1.9K | 2.7K | 5.1% | 98.1% | -24.5K | 0.6% | 2.00 | 12.82 | 0.89 | 121.3% | 107.3% |
| Euro FX | 2026-07-21 | 1.1 | 0.2% | -2.9% | 800.1K | 1.9% | 1.2% | -9.2% | 184.9K | 23.1% | 10.9% | 172.3K | 21.5% | -2.37 | 10.3% | -21.4K | -67.1K | -134.5K | 228.9K | -56.7K | 23.4K | 2.9% | 19.9% | -208.2K | 90.4% | 1.48 | 2.00 | 0.62 | 120.2% | 115.8% |
| Japanese Yen | 2026-07-21 | 163.2 | 1.0% | 2.4% | 423.8K | -1.7% | 20.5% | 44.8% | -130.9K | -30.9% | 9.0% | -176.1K | -41.6% | -1.96 | 5.8% | -31.8K | -635.0 | -93.2K | -79.9K | -96.2K | -2.8K | -0.7% | 25.0% | 133.7K | 92.3% | 0.61 | 0.47 | 0.46 | 125.9% | 113.8% |
| VIX | 2026-07-21 | 17.0 | -12.5% | -12.6% | 396.5K | 12.2% | 17.2% | -0.3% | -38.1K | -9.6% | 38.5% | -38.4K | -9.7% | 0.98 | 39.1% | -5.3K | 5.0K | 5.1K | -41.5K | 3.1K | 1.5K | 0.4% | 78.8% | 36.6K | 60.9% | 0.79 | 0.52 | 1.03 | 82.7% | 81.6% |
| SOFR-3M | 2026-07-21 | 96.0 | 0.0% | -0.4% | 13.1M | 2.7% | 8.6% | 0.7% | -3.1M | -23.6% | 3.2% | -3.2M | -24.6% | -2.11 | 3.2% | 54.6K | 44.3K | -2.5M | -521.2K | -2.7M | 2.4K | 0.0% | 73.7% | 3.1M | 97.4% | 0.46 | 0.69 | 0.30 | 64.3% | 60.4% |
| 2-Year Treasury Notes | 2026-07-21 | 102.9 | -0.2% | -0.9% | 4.3M | -4.5% | -7.7% | -5.3% | 396.9K | 9.2% | 97.4% | 225.8K | 5.2% | 0.99 | 96.2% | 24.7K | -4.0K | 7.0K | 1.8M | -1.6M | 66.8K | 1.5% | 3.8% | -463.7K | 4.5% | 1.14 | 4.10 | 0.18 | 136.4% | 122.4% |
| 5-Year Treasury Notes | 2026-07-21 | 106.3 | -0.5% | -1.9% | 6.2M | -1.0% | -5.3% | -8.8% | 742.2K | 12.1% | 96.2% | 718.7K | 11.7% | 1.85 | 97.4% | -19.5K | -25.1K | 350.3K | 2.9M | -2.1M | 4.8K | 0.1% | 1.9% | -747.0K | 15.4% | 1.20 | 3.75 | 0.15 | 133.0% | 126.9% |
| 10-Year Treasury Notes | 2026-07-21 | 108.6 | -0.7% | -2.4% | 5.3M | 0.0% | 1.1% | -8.3% | 527.0K | 10.0% | 100.0% | 472.4K | 9.0% | 1.89 | 100.0% | 39.6K | 17.0K | 312.3K | 2.5M | -2.1M | -10.4K | -0.2% | 1.3% | -516.6K | 1.3% | 1.16 | 4.46 | 0.16 | 138.3% | 129.6% |
S&P 500
Core US equity beta and the main risk-appetite reference line.
CFTC positioning is weekly, usually Tuesday data released Friday.
Asset manager plus leveraged money net futures positioning.
Where current positioning sits versus its own trailing 3-year range.
Trend Confirmed
Nasdaq 100
Growth beta. The key chart overlays QQQ, QQQ/SPY, and Asset Manager + Leveraged Money net futures positioning.
CFTC positioning is weekly, usually Tuesday data released Friday.
Asset manager plus leveraged money net futures positioning.
Where current positioning sits versus its own trailing 3-year range.
Price Up / Positioning Fading
Russell 2000
Small-cap risk appetite and domestic cyclicality.
CFTC positioning is weekly, usually Tuesday data released Friday.
Asset manager plus leveraged money net futures positioning.
Where current positioning sits versus its own trailing 3-year range.
Price Up / Positioning Fading
Natural Gas
Natural gas positioning and energy-volatility impulse before the broader crude oil complex.
CFTC positioning is weekly, usually Tuesday data released Friday.
Asset manager plus leveraged money net futures positioning.
Where current positioning sits versus its own trailing 3-year range.
Risk-Off Confirmation
Crude Oil
Energy positioning, inflation impulse, and macro cyclicality.
CFTC positioning is weekly, usually Tuesday data released Friday.
Asset manager plus leveraged money net futures positioning.
Where current positioning sits versus its own trailing 3-year range.
Price Up / Positioning Fading
Managed-money short contracts divided by managed-money long plus short contracts in the CFTC disaggregated futures-only report. Higher readings show a larger bearish share of directional exposure.
Gold
Real-rate, dollar, and defensive-demand positioning.
CFTC positioning is weekly, usually Tuesday data released Friday.
Asset manager plus leveraged money net futures positioning.
Where current positioning sits versus its own trailing 3-year range.
Buying Into Weakness
Silver
Hybrid precious/industrial metal risk expression.
CFTC positioning is weekly, usually Tuesday data released Friday.
Asset manager plus leveraged money net futures positioning.
Where current positioning sits versus its own trailing 3-year range.
Buying Into Weakness
Copper
Global growth and industrial-cycle positioning.
CFTC positioning is weekly, usually Tuesday data released Friday.
Asset manager plus leveraged money net futures positioning.
Where current positioning sits versus its own trailing 3-year range.
Trend Confirmed
Bitcoin
High-beta liquidity and speculative appetite proxy.
CFTC positioning is weekly, usually Tuesday data released Friday.
Asset manager plus leveraged money net futures positioning.
Where current positioning sits versus its own trailing 3-year range.
Buying Into Weakness
US Dollar
Dollar positioning and cross-asset liquidity pressure.
CFTC positioning is weekly, usually Tuesday data released Friday.
Asset manager plus leveraged money net futures positioning.
Where current positioning sits versus its own trailing 3-year range.
Trend Confirmed
Legacy non-commercial net positions across EUR, JPY, GBP, CAD, CHF, AUD, NZD, and MXN futures, converted to USD notional. Foreign-currency futures longs are flipped because they represent USD shorts.
Euro FX
Euro futures positioning versus the dollar, using EUR/USD as the price proxy.
CFTC positioning is weekly, usually Tuesday data released Friday.
Asset manager plus leveraged money net futures positioning.
Where current positioning sits versus its own trailing 3-year range.
Risk-Off Confirmation
Japanese Yen
Yen futures positioning, carry pressure, and risk-off funding stress, using USD/JPY as the price proxy.
CFTC positioning is weekly, usually Tuesday data released Friday.
Asset manager plus leveraged money net futures positioning.
Where current positioning sits versus its own trailing 3-year range.
Price Up / Positioning Fading
VIX
Volatility risk transfer. Positions retain the literal CFTC sign: negative Asset Manager net means a net short VIX-futures exposure.
CFTC positioning is weekly, usually Tuesday data released Friday.
Asset manager plus leveraged money net futures positioning.
Where current positioning sits versus its own trailing 3-year range.
Buying Into Weakness
Asset Manager long contracts minus short contracts, multiplied by the CBOE VIX futures multiplier ($1,000 per VIX index point). Negative values indicate net short VIX futures exposure.
SOFR-3M
Short-rate futures positioning tied to Fed path expectations. Price proxy uses the current calendar-year December Fed Funds futures contract because it gives a cleaner Yahoo history; higher futures price means lower expected policy rates.
CFTC positioning is weekly, usually Tuesday data released Friday.
Asset manager plus leveraged money net futures positioning.
Where current positioning sits versus its own trailing 3-year range.
Risk-Off Confirmation
2-Year Treasury Notes
Front-end rate positioning tied to Fed policy expectations and curve repricing.
CFTC positioning is weekly, usually Tuesday data released Friday.
Asset manager plus leveraged money net futures positioning.
Where current positioning sits versus its own trailing 3-year range.
Buying Into Weakness
5-Year Treasury Notes
Intermediate-rate positioning and the belly of the curve.
CFTC positioning is weekly, usually Tuesday data released Friday.
Asset manager plus leveraged money net futures positioning.
Where current positioning sits versus its own trailing 3-year range.
Buying Into Weakness
10-Year Treasury Notes
Duration positioning. Price proxy uses the 10-year Treasury note futures contract.
CFTC positioning is weekly, usually Tuesday data released Friday.
Asset manager plus leveraged money net futures positioning.
Where current positioning sits versus its own trailing 3-year range.
Buying Into Weakness