US 2-Year Note

UST 2Y NOTE · CHICAGO BOARD OF TRADE · CFTC code 042601 · week ending 2026-08-11

Trader category

Range

Leveraged Money is net short 31.1% of open interest — a crowded long

Leveraged Money holds a net position of −1,359,521 contracts, or 31.1% of the 4,377,812 contracts of open interest, leaving the category net short. That is more than two standard deviations above its three-year average — positioning is stretched, and stretched positioning is fuel for a sharp unwind if the narrative changes (z = +2.25 and sits at 98 on a 0–100 scale of its three-year range). In contracts, the net position moved −25,340 while open interest moved −22,503 — long liquidation, with longs closing out rather than new sellers arriving. That is −0.73pp as a share of open interest.

Net position as a share of open interest

Leveraged Money · blue above the line is net long, red below is net short

Open interest

The denominator. Positioning shares mean little without knowing whether the market itself is growing or shrinking.

Z-score vs its own 3-year history

Shaded beyond ±2σ. Measures how unusual today's share is for this market.

COT Index (0–100)

Rank within the 3-year range. Shaded below 10 and above 90.

Weekly flow, adjusted for open interest

Change in the net share week over week, in percentage points of open interest.

Who is on the other side

Net share of open interest by trader group. The groups net to zero — every long is someone's short.

Dealer / Intermediary Asset Manager Leveraged Money Other Reportable Non-Reportable

The classic Commercial / Large Speculator split is not offered for financial futures. The CFTC's financial taxonomy (Dealer, Asset Manager, Leveraged Money) is a different cut rather than a subdivision of the legacy one, and no combination of its categories reproduces the legacy figures, so presenting one would be a guess.

Recent weeks (table view)

Week	Open interest	Net	Net % OI	Δ pp	Z	COT Idx
2026-08-11	4,377,812	−1,359,521	-31.05%	-0.73	2.25	98
2026-08-04	4,400,315	−1,334,181	-30.32%	5.18	2.41	100
2026-07-28	4,406,588	−1,564,294	-35.50%	1.30	1.59	95
2026-07-21	4,335,075	−1,595,128	-36.80%	0.64	1.39	90
2026-07-14	4,465,199	−1,671,766	-37.44%	1.94	1.29	87
2026-07-07	4,460,937	−1,756,528	-39.38%	-0.43	0.97	80
2026-06-30	4,490,379	−1,748,875	-38.95%	0.45	1.03	81
2026-06-23	4,536,973	−1,787,552	-39.40%	0.21	0.95	80
2026-06-16	4,303,653	−1,704,817	-39.61%	-0.31	0.91	79
2026-06-09	4,276,371	−1,680,942	-39.31%	2.55	0.95	80
2026-06-02	4,331,344	−1,813,011	-41.86%	-6.13	0.52	70
2026-05-26	4,960,871	−1,772,557	-35.73%	2.31	1.52	94