Interest Rate COT Report: Treasury, SOFR and Fed funds futures
9 interest rate markets · CFTC Legacy, Futures Only · report of Nov 3, 2026Released · positions as of
In the interest rate COT report of Nov 3, 2026, large speculators (Non-Commercial) were net long in 1 of the 9 interest rate markets in that report (Fed Funds) and net short in 8 (Euro Short-Term Rate, 2-Year T-Note, 3-Month SOFR, 5-Year T-Note and 4 more). Relative to open interest, their largest net position was in Euro Short-Term Rate (net short 14,612 contracts, 69.4% of open interest) and their largest weekly move in Fed Funds, where the net shrank by 381,747 contracts.
Interest rate COT data by market
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| Non-Commercial (Large Speculators) | Commercial (Hedgers)Hedging, not price speculation. On financial futures, Commercials are mostly dealers, banks and other institutions offsetting the exposure of their own business. Their net short or net long is mostly that offsetting, not a view on where the price is going. | ||||||
|---|---|---|---|---|---|---|---|
| Market | Net Positions | Weekly Change | % of OI | Net Positions | Open Interest | Table | Chart |
| 5-Year T-Note COT Report | NET SHORT-1,275,370 | -246,314 | -19.0% | NET LONG+1,242,885 | 6,719,878+134,167 | Table | Chart |
| 10-Year T-Note COT Report | NET SHORT-962,359 | +19,179 | -16.2% | NET LONG+927,242 | 5,947,433+65,845 | Table | Chart |
| 2-Year T-Note COT Report | NET SHORT-1,002,544 | +6,932 | -22.5% | NET LONG+963,912 | 4,464,182-60,265 | Table | Chart |
| Fed Funds COT Report | NET LONG+29,234 | -381,747 | +1.4% | NET SHORT-31,482 | 2,148,611-733,886 | Table | Chart |
| Treasury Bond COT Report | NET SHORT-9,097 | +10,041 | -0.5% | NET SHORT-63,054 | 1,930,138+39,570 | Table | Chart |
| 3-Month SOFR COT Report | NET SHORT-2,683,811 | -89,015 | -20.5% | NET LONG+2,684,629 | 13,075,576-2,952 | Table | Chart |
| Ultra 10-Year T-Note COT Report | NET SHORT-136,444 | -34,239 | -5.3% | NET LONG+203,871 | 2,571,983-35,852 | Table | Chart |
| Ultra Treasury Bond COT Report | NET SHORT-361,932 | +21,646 | -15.1% | NET LONG+332,373 | 2,394,358+46,929 | Table | Chart |
| Euro Short-Term Rate COT Report | NET SHORT-14,612 | +707 | -69.4% | NET LONG+14,568 | 21,069-265 | Table | Chart |
Source: the CFTC’s Legacy Commitments of Traders report, Futures Only. Large speculators = Non-Commercial, hedgers = Commercial. Each market is read from its own latest report, and contracts are never added up across markets, because every contract has its own size. The TFF report splits the same traders into four groups, so the Non-Commercial net here and the net of the leveraged funds can differ, even by side.
These are the 9 interest rate markets. The full list of 350+ markets:COT Report Simplified
Interest rate COT report of Nov 3, 2026: what changed
Largest weekly moves
Large speculators’ net change relative to open interest
- Fed Funds-381,74717.8% of OI
- 5-Year T-Note-246,3143.7% of OI
- Euro Short-Term Rate+7073.4% of OI
The largest weekly move relative to open interest was in Fed Funds: the large speculators’ net long position shrank by 381,747 contracts (17.8% of open interest). Commercials (hedgers) were net short in 2 of the 9 markets. On financial futures, Commercials are mostly dealers, banks and other institutions offsetting the exposure of their own business. Their net short or net long is mostly that offsetting, not a view on where the price is going.
More COT Report Formats
What the Interest rate COT report covers
Interest rate futures cover both ends of the yield curve. At the short end, 30-day Federal Funds futures and three-month SOFR futures are quoted as 100 minus an interest rate, so their price moves opposite to the rate they track; the euro short-term rate (€STR) contract does the same for the euro area. Further out sit the Treasury futures of the Chicago Board of Trade: the 2-year, 5-year, 10-year and Ultra 10-year notes, the Treasury bond and the Ultra bond. A Treasury futures price rises when the yields of the bonds behind it fall.
The Commercials of the rate markets are mostly banks, dealers and other institutions hedging the interest rate risk of their own balance sheet, and investors that manage the duration of large bond portfolios with futures. The Non-Commercial group, the large speculators, holds hedge funds, commodity trading advisers and other large traders. One position needs care: part of a large net short in Treasury futures can be one leg of the basis trade, in which funds own the bonds themselves and hold short futures against them.
This page reads the Legacy report, Futures Only, the CFTC’s original report format, which sets out every rate contract in one simple layout. The Traders in Financial Futures report (TFF), published by the CFTC for the same markets, separates dealers, asset managers, leveraged funds and other reportables, which shows how asset managers and leveraged funds stand against each other along the curve. On this site the TFF tables are part of Premium.
Go deeper
Traders in Financial Futures (TFF) COT Premium: dealers, asset managers and leveraged fundsHow to Read COT ReportsFree: what every column means, net positions and a quick FAQCOT IndexFree: the net position as a 0-100 oscillator over several lookback windowsCOT Data ChartsFree: positions against price and open interest, with years of historyInterest rate COT report: common questions
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Are large speculators long or short interest rate futures this week?
In the interest rate COT report of Nov 3, 2026, large speculators (Non-Commercial) were net long in 1 of the 9 interest rate markets in that report (Fed Funds) and net short in 8 (Euro Short-Term Rate, 2-Year T-Note, 3-Month SOFR, 5-Year T-Note and 4 more).
Which market holds the largest net long and the largest net short position of large speculators in interest rate futures?
In the COT report of Nov 3, 2026, the largest net long position of the large speculators (Non-Commercial) was in Fed Funds: 29,234 contracts, 1.4% of open interest. They have been net long there in each of the last 5 weekly reports. The largest net short position was in Euro Short-Term Rate: 14,612 contracts, 69.4% of open interest. They have been net short there in each of the last 13 weekly reports. The comparison uses each market’s share of its own open interest, because contract sizes differ from one market to another.
Which market had the largest weekly change in interest rate futures this week?
The largest weekly move relative to open interest was in Fed Funds: the large speculators’ net long position shrank by 381,747 contracts (17.8% of open interest). The weekly change compares the COT report of Nov 3, 2026 with the report of the week before, measured against each market’s own open interest.
In how many interest rate futures markets are the Commercials (hedgers) net short this week?
In the COT report of Nov 3, 2026, Commercials (hedgers) were net short in 2 of the 9 markets. On financial futures, Commercials are mostly dealers, banks and other institutions offsetting the exposure of their own business. Their net short or net long is mostly that offsetting, not a view on where the price is going.
Which COT report covers interest rate futures?
This page uses the CFTC’s Legacy report (Futures Only), free for every visitor: it splits each market into large speculators (Non-Commercial), hedgers (Commercial) and small traders (Non-Reportable). For interest rate futures the CFTC also publishes the Traders in Financial Futures report (TFF), which splits the same traders into dealers, asset managers, leveraged funds and other reportables. On this site the TFF tables are part of Premium.
Who are the Commercials and the Non-Commercials in interest rate futures?
The Commercials of the rate markets are mostly banks, dealers and other institutions hedging the interest rate risk of their own balance sheet, and investors that manage the duration of large bond portfolios with futures. The Non-Commercial group, the large speculators, holds hedge funds, commodity trading advisers and other large traders. One position needs care: part of a large net short in Treasury futures can be one leg of the basis trade, in which funds own the bonds themselves and hold short futures against them.
When does the next COT report for interest rate futures come out?
The CFTC publishes the COT report every Friday at 3:30 PM Eastern Time, with the positions held at the close of the Tuesday of the same week. When a US federal holiday falls on the Wednesday, Thursday or Friday of that week, the release moves to the next business day, usually the Monday after; a Monday holiday does not delay it.
Where can I see the COT history of interest rate futures for free?
Every market on this page links to its COT table (Legacy report, Futures Only), where every visitor sees the last 6 months (26 weekly reports); a free account opens up to 10 years. Each market’s COT chart shows up to 10 years of weekly positions to everyone, no account needed.
Where can I find the interest rate COT report?
Right here: this page is the interest rate COT report of COT-Reports.com, free for every visitor. It covers the 9 interest rate markets the CFTC reports every week (5-Year T-Note, 10-Year T-Note, 2-Year T-Note, Fed Funds, Treasury Bond, 3-Month SOFR, Ultra 10-Year T-Note, Ultra Treasury Bond, and Euro Short-Term Rate), with the net positions of the large speculators (Non-Commercial) and the hedgers (Commercial) from the latest Legacy report (Futures Only), refreshed with every weekly CFTC release. In the table, each market’s name opens its own COT report page, such as the 5-Year T-Note COT report.