Who's on which side.
Commitments of Traders: the weekly CFTC report that tells you what Commercials, Asset Managers, and Leveraged Funds are doing in every futures market that matters.
Where we are at the tails
Net positioning · all tracked contracts
| Contract | Net · Comm | Net · AM | Net · Lev | Lev %ile (5Y) | Δ 1W (lev) | Signal |
|---|---|---|---|---|---|---|
| View S&P 500 COT detailES · S&P 500 | −689k | +929k | −372k | 37% | +28k | NEUTRAL Leveraged funds (hedge funds) are net short 400,604 contracts at the 33rd percentile of two years and added 29,359 shorts, while asset managers (pension and mutual funds) added 22,072 longs to reach +923,449. |
| View Nasdaq 100 COT detailNQ · Nasdaq 100 | −113k | +73k | +10k | 98% | +8k | CROWDED LONG |
| View Russell 2000 COT detailRTY · Russell 2000 | +29k | +24k | −55k | 41% | −7k | NEUTRAL |
| View VIX COT detailVX · VIX | +65k | −36k | −31k | 54% | −5k | NEUTRAL |
| View 10Y Treasury COT detailTY · 10Y Treasury | −612k | +3.0M | −2.3M | 9% | −35k | RECORD SHORT Leveraged funds are net short 2,227,275 contracts at the 26th percentile after adding 120,051 shorts, against asset managers long 3,000,164 at the 100th percentile. |
| View Dollar COT detailDX · Dollar | −20k | +17k | +3k | 72% | +153 | FLIPPED LONG |
| View Euro COT detailEC · Euro | −109k | +145k | −79k | 0% | −7k | HISTORIC SHORT |
| View Yen COT detailJY · Yen | −123k | +79k | −15k | 82% | −187 | LONG |
| View Pound COT detailBP · Pound | +103k | −121k | +27k | 48% | +9k | NEUTRAL |
| View Franc COT detailSF · Franc | +52k | −21k | −17k | 3% | +657 | HISTORIC SHORT |
| View Aussie COT detailAD · Aussie | +61k | −131k | +50k | 93% | +2k | CROWDED LONG |
| View Loonie COT detailCD · Loonie | +68k | +16k | −86k | 7% | +10k | RECORD SHORT |
| View Gold COT detailGC · Gold | −196k | −196k | +104k | 47% | −2k | NEUTRAL Managed money (speculators) holds +105,562 contracts at the 25th percentile, so the crowd is not stretched, but producers are at the 99th percentile for shorts, a heavy hedge. |
| View Silver COT detailSI · Silver | −22k | −22k | +4k | 16% | +714 | CONTRARIAN LONG |
| View Crude Oil COT detailCL · Crude Oil | −481k | −481k | +22k | 6% | −9k | RECORD SHORT Managed money is net long 31,128 contracts at the 20th percentile after trimming 5,059, while producers sit at +366,392, the 96th percentile. |
| View Copper COT detailHG · Copper | +13k | +13k | +35k | 67% | −6k | BUILDING |
| View Nat Gas COT detailNG · Nat Gas | +243k | +243k | −225k | 0% | −19k | HISTORIC SHORT |
Watch whether leveraged funds add to the 10-year Treasury short beyond -2,227,275 contracts, and whether asset managers hold above +3,000,164. Natural gas managed money at -206,317 is the position most likely to snap if prices rise. Acid Capitalist is a news and commentary site, not a financial adviser, and none of this is a recommendation to trade. The Nasdaq leveraged fund long of +2,301 at the 93rd percentile is the level to track: a drop below zero would erase the extreme.
S&P 500 · 3-year positioning
What it means this week
Leveraged funds (hedge funds) added 120,051 contracts to their 10-year Treasury short in the week to 27 October, while asset managers hold the largest long in the two-year window.
Leveraged funds in 10-year Treasury futures went from -2,107,224 to -2,227,275 contracts, a change of -120,051. That is the largest weekly move in the whole report. Their position is at the 26th percentile of the past two years and the 10th percentile of five years.
Hedge funds press the Treasury short
The short is large and growing, and it is the other side of a record-sized asset manager long. If you hold bond funds, this is the one market where the two biggest groups are betting against each other in size.
By Nate Harmon · Week of Oct 27, 2026