UST 5Y NOTE COT report
UST 5Y 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: 6585711 contracts. This is the latest stored observation, not live trading data.
How are traders positioned?
| Category | Long | Short | Net contracts |
|---|---|---|---|
| Non-commercial | 688269 | 1717325 | -1029056 |
| Commercial | 5342405 | 4328617 | 1013788 |
| Non-reportable | 382587 | 367319 | 15268 |
Non-commercial percentile: 97 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 | -1029056 |
| 2026-10-20 | -1074109 |
| 2026-10-13 | -1080204 |
| 2026-10-06 | -1163531 |
| 2026-09-29 | -995701 |
| 2026-09-22 | -880853 |
| 2026-09-15 | -997366 |
| 2026-09-08 | -1267493 |
| 2026-09-01 | -1380513 |
| 2026-08-25 | -1259061 |
| 2026-08-18 | -1274105 |
| 2026-08-11 | -1240756 |
| 2026-08-04 | -1325719 |
| 2026-07-28 | -1146400 |
| 2026-07-21 | -1273329 |
| 2026-07-14 | -1294283 |
| 2026-07-07 | -1359116 |
| 2026-06-30 | -1320510 |
| 2026-06-23 | -1301269 |
| 2026-06-16 | -1350177 |
| 2026-06-09 | -1320162 |
| 2026-06-02 | -1369218 |
| 2026-05-26 | -1323127 |
| 2026-05-19 | -1350516 |
| 2026-05-12 | -1362145 |
| 2026-05-05 | -1421299 |
| 2026-04-28 | -1521405 |
| 2026-04-21 | -1532750 |
| 2026-04-14 | -1625745 |
| 2026-04-07 | -1552929 |
| 2026-03-31 | -1586840 |
| 2026-03-24 | -1448436 |
| 2026-03-17 | -1773452 |
| 2026-03-10 | -1917664 |
| 2026-03-03 | -2090794 |
| 2026-02-24 | -2064931 |
| 2026-02-17 | -2157242 |
| 2026-02-10 | -2114764 |
| 2026-02-03 | -2158980 |
| 2026-01-27 | -2091046 |
| 2026-01-20 | -2136519 |
| 2026-01-13 | -2269120 |
| 2026-01-06 | -2312753 |
| 2025-12-30 | -2402797 |
| 2025-12-23 | -2340036 |
| 2025-12-16 | -2298189 |
| 2025-12-09 | -2396037 |
| 2025-12-02 | -2447002 |
| 2025-11-25 | -2291322 |
| 2025-11-18 | -2382013 |
| 2025-11-10 | -2463124 |
| 2025-11-04 | -2477836 |
| 2025-10-28 | -2404926 |
| 2025-10-21 | -2273950 |
| 2025-10-14 | -2261744 |
| 2025-10-07 | -2267738 |
| 2025-09-30 | -2263900 |
| 2025-09-23 | -2453444 |
| 2025-09-16 | -2436774 |
| 2025-09-09 | -2554763 |
| 2025-09-02 | -2681987 |
| 2025-08-26 | -2463971 |
| 2025-08-19 | -2508383 |
| 2025-08-12 | -2566369 |
| 2025-08-05 | -2536877 |
| 2025-07-29 | -2511883 |
| 2025-07-22 | -2469924 |
| 2025-07-15 | -2505528 |
| 2025-07-08 | -2516787 |
| 2025-07-01 | -2477002 |
| 2025-06-24 | -2463629 |
| 2025-06-17 | -2443281 |
| 2025-06-10 | -2470920 |
| 2025-06-03 | -2396536 |
| 2025-05-27 | -2333237 |
| 2025-05-20 | -2275941 |
| 2025-05-13 | -2180043 |
| 2025-05-06 | -2296496 |
| 2025-04-29 | -2292544 |
| 2025-04-22 | -2191434 |
| 2025-04-15 | -2061575 |
| 2025-04-08 | -2021575 |
| 2025-04-01 | -2021677 |
| 2025-03-25 | -1900087 |
| 2025-03-18 | -1905940 |
| 2025-03-11 | -1873367 |
| 2025-03-04 | -1798361 |
| 2025-02-25 | -1625773 |
| 2025-02-18 | -1737533 |
| 2025-02-11 | -1861735 |
| 2025-02-04 | -1927666 |
| 2025-01-28 | -1776055 |
| 2025-01-21 | -1796191 |
| 2025-01-14 | -1777621 |
| 2025-01-07 | -1800903 |
| 2024-12-31 | -1820593 |
| 2024-12-24 | -1760422 |
| 2024-12-17 | -1762317 |
| 2024-12-10 | -1790430 |
| 2024-12-03 | -1861100 |
| 2024-11-26 | -1765571 |
| 2024-11-19 | -1983026 |
| 2024-11-12 | -1869210 |
Historical AI commentary — 2026-07-07
This commentary is dated separately from the positioning table. It may describe an earlier market environment.
5y Treasury positioning is at an extreme where Asset Managers hold a record net long position and Dealers are at a record net short. However, the 12-week trend shows speculative positions are actually declining, creating a trend-percentile divergence that cautions against assuming an imminent reversal. The immediate implication is for heightened volatility as the market digests this extreme but...
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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