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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 2026-08-04 (9 days ago) / Source: CFTC Commitments of Traders
| Market | Open Interest | Commercial (hedger) Net | Speculator Net | Spec Net WoW | Spec % of OI | 3y COT Index | 3y z-score | 52w trend | Positioning |
|---|---|---|---|---|---|---|---|---|---|
| Bitcoin (CME) | 20,143 | -3,332 | 3,752 | -152 | 18.6% | 99 | +2.72 sigma | speculators stretched long (>2.5 sigma) | |
| Nat Gas (NYMEX) | 390,344 | -253,667 | 254,489 | -4,085 | 65.2% | 99 | +2.33 sigma | speculators stretched long (>2 sigma) | |
| E-mini Nasdaq-100 (CME) | 303,624 | 15,442 | -14,639 | -19,553 | -4.8% | 2 | -2.09 sigma | speculators stretched short (>2 sigma) | |
| Euro FX (CME) | 799,909 | 31,462 | -58,091 | +14,356 | -7.3% | 8 | -1.77 sigma | leaning short of its 3-year range | |
| Copper (COMEX) | 289,395 | -86,169 | 77,123 | +9,842 | 26.6% | 99 | +1.40 sigma | leaning long of its 3-year range | |
| British Pound (CME) | 246,577 | 62,645 | -57,814 | +7,000 | -23.4% | 13 | -1.35 sigma | leaning short of its 3-year range | |
| 10-Year T-Note (CBOT) | 5,265,447 | 995,416 | -979,243 | -103,124 | -18.6% | 5 | -1.14 sigma | leaning short of its 3-year range | |
| Gold (COMEX) | 371,551 | -226,491 | 197,634 | +15,564 | 53.2% | 40 | +1.05 sigma | leaning long of its 3-year range | |
| WTI Crude (NYMEX) | 189,613 | -2,900 | 23,033 | +3,275 | 12.1% | 28 | -0.89 sigma | within its 3-year range | |
| Silver (COMEX) | 111,999 | -40,422 | 22,280 | +63 | 19.9% | 13 | -0.88 sigma | within its 3-year range | |
| E-mini S&P 500 (CME) | 2,116,079 | -84,376 | -27,258 | -10,062 | -1.3% | 81 | +0.88 sigma | within its 3-year range | |
| VIX Futures (CFE) | 369,655 | 65,590 | -61,109 | +2,304 | -16.5% | 26 | -0.86 sigma | within its 3-year range | |
| Japanese Yen (CME) | 419,393 | 50,568 | -45,473 | +117,939 | -10.8% | 47 | -0.09 sigma | within its 3-year range |
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.