UST 2Y NOTE COT report
UST 2Y NOTE - CHICAGO BOARD OF TRADE positioning from the CFTC Legacy report. Net positions equal long contracts minus short contracts. Commercial, non-commercial and non-reportable classifications describe participants; they are not buy or sell signals.
Positions as of 2026-10-27. Open interest: 4524447 contracts. This is the latest stored observation, not live trading data.
How are traders positioned?
| Category | Long | Short | Net contracts |
|---|---|---|---|
| Non-commercial | 737591 | 1747067 | -1009476 |
| Commercial | 3481507 | 2504458 | 977049 |
| Non-reportable | 203140 | 170713 | 32427 |
Non-commercial percentile: 89 across 103 stored observations. This is the share of sampled net positions at or below the latest value, not a price forecast.
Position history in contracts
| Observation date | Non-commercial net |
|---|---|
| 2026-10-27 | -1009476 |
| 2026-10-20 | -856783 |
| 2026-10-13 | -911579 |
| 2026-10-06 | -852904 |
| 2026-09-29 | -792024 |
| 2026-09-22 | -907065 |
| 2026-09-15 | -855353 |
| 2026-09-08 | -929107 |
| 2026-09-01 | -882518 |
| 2026-08-25 | -861296 |
| 2026-08-18 | -927337 |
| 2026-08-11 | -1021043 |
| 2026-08-04 | -1004228 |
| 2026-07-28 | -1124574 |
| 2026-07-21 | -1154597 |
| 2026-07-14 | -1157477 |
| 2026-07-07 | -1261008 |
| 2026-06-30 | -1287581 |
| 2026-06-23 | -1318846 |
| 2026-06-16 | -1270507 |
| 2026-06-09 | -1219838 |
| 2026-06-02 | -1350188 |
| 2026-05-26 | -1255246 |
| 2026-05-19 | -1560837 |
| 2026-05-12 | -1602612 |
| 2026-05-05 | -1673329 |
| 2026-04-28 | -1709263 |
| 2026-04-21 | -1743353 |
| 2026-04-14 | -1703806 |
| 2026-04-07 | -1712015 |
| 2026-03-31 | -1637324 |
| 2026-03-24 | -1638179 |
| 2026-03-17 | -1482667 |
| 2026-03-10 | -1338236 |
| 2026-03-03 | -1338541 |
| 2026-02-24 | -1348036 |
| 2026-02-17 | -1234408 |
| 2026-02-10 | -1289687 |
| 2026-02-03 | -1347602 |
| 2026-01-27 | -1218999 |
| 2026-01-20 | -1225122 |
| 2026-01-13 | -1304880 |
| 2026-01-06 | -1346654 |
| 2025-12-30 | -1399607 |
| 2025-12-23 | -1362703 |
| 2025-12-16 | -1351133 |
| 2025-12-09 | -1388733 |
| 2025-12-02 | -1305341 |
| 2025-11-25 | -1266676 |
| 2025-11-18 | -1345279 |
| 2025-11-10 | -1291174 |
| 2025-11-04 | -1338743 |
| 2025-10-28 | -1312475 |
| 2025-10-21 | -1278422 |
| 2025-10-14 | -1185847 |
| 2025-10-07 | -1219958 |
| 2025-09-30 | -1207121 |
| 2025-09-23 | -1300198 |
| 2025-09-16 | -1403470 |
| 2025-09-09 | -1374961 |
| 2025-09-02 | -1296083 |
| 2025-08-26 | -1263082 |
| 2025-08-19 | -1324539 |
| 2025-08-12 | -1379597 |
| 2025-08-05 | -1325523 |
| 2025-07-29 | -1203237 |
| 2025-07-22 | -1248652 |
| 2025-07-15 | -1299860 |
| 2025-07-08 | -1266133 |
| 2025-07-01 | -1280648 |
| 2025-06-24 | -1230204 |
| 2025-06-17 | -1166397 |
| 2025-06-10 | -1180516 |
| 2025-06-03 | -1143925 |
| 2025-05-27 | -1119903 |
| 2025-05-20 | -1267331 |
| 2025-05-13 | -1222232 |
| 2025-05-06 | -1220793 |
| 2025-04-29 | -1206377 |
| 2025-04-22 | -1297995 |
| 2025-04-15 | -1254773 |
| 2025-04-08 | -1198109 |
| 2025-04-01 | -1226391 |
| 2025-03-25 | -1181586 |
| 2025-03-18 | -1220556 |
| 2025-03-11 | -1222215 |
| 2025-03-04 | -1171299 |
| 2025-02-25 | -1149453 |
| 2025-02-18 | -1289519 |
| 2025-02-11 | -1298612 |
| 2025-02-04 | -1218624 |
| 2025-01-28 | -1201559 |
| 2025-01-21 | -1174377 |
| 2025-01-14 | -1257206 |
| 2025-01-07 | -1193018 |
| 2024-12-31 | -1272610 |
| 2024-12-24 | -1252975 |
| 2024-12-17 | -1259273 |
| 2024-12-10 | -1254924 |
| 2024-12-03 | -1202899 |
| 2024-11-26 | -1234646 |
| 2024-11-19 | -1447344 |
| 2024-11-12 | -1423871 |
Historical AI commentary — 2026-07-07
This commentary is dated separately from the positioning table. It may describe an earlier market environment.
2y Treasury positioning is at historic extremes with Asset Managers at the 100th percentile long and Dealers at the 0th percentile short, but the 12-week trend shows speculative positions are actually declining from those extremes. This is a classic divergence where the market is at a potential inflection point, but the unwinding of positions suggests the move may already be underway.
How should this COT report be used?
Use positioning to understand exposure and crowded trades alongside price, liquidity and risk controls. Weekly reports generally describe Tuesday positions released on Friday, subject to the CFTC schedule. Classifications differ in TFF and Disaggregated reports. Compare like-for-like formats and dates.
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