Rates · Market page
10-Year T-Note
Long exposure sits in the 26th percentile. The lead participant net position changed +71.8K contracts over the latest week.
Positions as of1 Sept 2026Released 5 Sept 2026
01
Positioning history
Current exposure in its own range.
Positioning history10-Year T-Note exposure is measured against its own history.Lead participant rolling z-score
2026-09-01+0.47σ
02
Participant structure
Who carries the reported exposure.
ParticipantNet contractsRelative size
Asset managers+2.6M
Dealers−587.1K
Leveraged funds−2.1M
Non-reportables+23.9K
Other reportables+21.5K
CFTC participant categories vary by report family. The primary positioning series uses managed money for physical commodities and leveraged funds for financial futures.
03
Comparable states
What followed similar positioning.
| Positioning bucket | N | 4W positive | 8W positive | 12W positive | Avg 12W |
|---|---|---|---|---|---|
| z ≥ 2.0 (extreme long) | 37 | 43.2% | 48.6% | 32.4% | +0.65% |
| 1.5 ≤ z < 2.0 | 82 | 57.3% | 48.8% | 54.9% | -0.28% |
| 1.0 ≤ z < 1.5 | 83 | 53.0% | 51.8% | 59.3% | -0.50% |
| neutral (−1.0 < z < 1.0) | 312 | 54.5% | 55.8% | 53.3% | -0.01% |
| −1.5 < z ≤ −1.0 | 129 | 53.5% | 47.3% | 44.2% | -0.10% |
| −2.0 < z ≤ −1.5 | 76 | 42.1% | 39.5% | 40.8% | -0.74% |
| z ≤ −2.0 (extreme short) | 68 | 44.1% | 52.9% | 44.1% | -0.96% |
Overlapping historical observations. Periods and sample sizes are shown so the comparison can be read in context.