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CFTC Commitments of Traders, futures positioning
Where large speculators and commercials sit across 13 futures markets, and how stretched that positioning is versus its own three-year range. Weekly and lagged, straight from the CFTC. This is positioning context, not a trade signal.
As of CFTC week of 2026-09-29 (4 days ago) / Source: CFTC Commitments of Traders
In the CFTC Commitments of Traders report for the week of 2026-09-29, E-mini Nasdaq-100 (CME) had the most stretched speculator positioning of the 13 markets tracked: a 3-year z-score of +2.20 sigma, with a speculator net position of 51,247 contracts (18.9% of open interest). 2 of the 13 markets were 2 sigma or more from their own three-year range.
As of . Source: CFTC Commitments of Traders. Method and limitations.
| Market | Open Interest | Commercial (hedger) Net | Speculator Net | Spec Net WoW | Spec % of OI | 3y COT Index | 3y z-score | 52w trend | Positioning |
|---|---|---|---|---|---|---|---|---|---|
| E-mini Nasdaq-100 (CME) | 270,554 | -61,591 | 51,247 | -4,903 | 18.9% | 98 | +2.20 sigma | speculators stretched long (>2 sigma) | |
| Nat Gas (NYMEX) | 1,782,129 | 213,503 | -231,020 | -14,490 | -13.0% | 1 | -2.11 sigma | speculators stretched short (>2 sigma) | |
| British Pound (CME) | 251,740 | 100,882 | -91,075 | -8,507 | -36.2% | 3 | -1.85 sigma | leaning short of its 3-year range | |
| Bitcoin (CME) | 19,596 | -2,770 | 2,465 | -291 | 12.6% | 91 | +1.76 sigma | leaning long of its 3-year range | |
| Euro FX (CME) | 853,959 | 40,577 | -63,256 | -10,922 | -7.4% | 6 | -1.62 sigma | leaning short of its 3-year range | |
| Copper (COMEX) | 301,201 | -94,841 | 85,411 | -5,111 | 28.4% | 99 | +1.44 sigma | leaning long of its 3-year range | |
| VIX Futures (CFE) | 421,113 | 77,929 | -79,610 | -330 | -18.9% | 15 | -1.11 sigma | leaning short of its 3-year range | |
| Gold (COMEX) | 406,456 | -250,967 | 218,632 | -7,221 | 53.8% | 56 | +1.05 sigma | leaning long of its 3-year range | |
| WTI Crude (NYMEX) | 1,878,576 | -142,618 | 109,463 | -31,643 | 5.8% | 17 | -0.97 sigma | within its 3-year range | |
| E-mini S&P 500 (CME) | 1,895,922 | 35,281 | -142,499 | -9,271 | -7.5% | 29 | -0.91 sigma | within its 3-year range | |
| Silver (COMEX) | 107,047 | -40,010 | 22,083 | -3,361 | 20.6% | 7 | -0.91 sigma | within its 3-year range | |
| Japanese Yen (CME) | 360,720 | -55,985 | 55,440 | -16,542 | 15.4% | 74 | +0.73 sigma | within its 3-year range | |
| 10-Year T-Note (CBOT) | 5,676,556 | 851,842 | -900,615 | -88,863 | -15.9% | 17 | -0.23 sigma | within its 3-year range |
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Follow positioning extremes in your signal feed
When a market's speculator positioning reaches 2 sigma or more from its three-year range, Kresmion records a positioning signal from that week's CFTC report. A free account opens the signal feed, and signal alerts can be switched on in the account settings.
How to read this
The CFTC publishes the Commitments of Traders report every Friday, covering positions as of the prior Tuesday, so every figure here is lagged by a few days. Commercials are hedgers (producers and users of the underlying); non-commercials are large speculators (funds); retail covers the small, nonreportable accounts.
The 3y z-score is a deterministic statistic: (current speculator net % of open interest, minus its trailing three-year mean, divided by its trailing three-year standard deviation). The current week is excluded from its own baseline. A reading beyond plus or minus 2 sigma means positioning is unusually stretched versus its own past three years. That is a description of crowding, not a forecast: stretched positioning can persist or unwind, and this page makes no directional call.
Spec Net WoW is the week-over-week change in the speculator net position from the prior CFTC release. The 3y COT index rescales the current speculator net into a 0 to 100 reading versus its own trailing three year range (0 at the three year low, 100 at the high), and the 52w trend traces the weekly speculator net over the past year. All three are descriptive context that fills in as history accumulates, and a blank reading shows where a value is not yet available.
One number, one source. Every figure on this page comes from the CFTC Commitments of Traders report.
Cite this data
Kresmion computes the week-over-week change in the speculator net position, the speculator share of open interest, the 3-year z-score and the 3-year COT index from the positions the CFTC reports; they describe positioning, not a forecast.
Upstream: CFTC Commitments of Traders
Kresmion, "CFTC Commitments of Traders, Futures Positioning", data as of 2026-09-29, https://kresmion.com/tools/cot-positioning. Upstream data: CFTC Commitments of Traders.
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