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Liquidity
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Liquidity
Trajectory.
The same data, unfiltered: reported dealer positioning, leveraged fund divergences, week-over-week flow, cost basis, analogs and options positioning across 24 markets.
- Issues
- 39
- First issue
- Feb 2026
- Coverage
- 24 markets · 6 asset classes
- Cadence
- Fridays, after the CFTC release
Issues
Page 2 of 4- August 2026
- W3508·28 Duration is the week’s story: dealers pressed both the UST 5Y and 10Y two full tiers into EXTREME SHORT (5Y dlr z +1.34 to -2.19, 10Y +1.44 to -2.04), the deepest dealer shorts on the board. The 10Y is the one tenor where the options book corroborates the futures extreme (OptZ -1.80); the 5Y carries no options corroboration and reads as a basis or directional footprint.
- W3408·21 The two-sided Nasdaq extreme collapsed. Dealers came in from EXTREME LONG DELTA to MODERATE LONG (Consol z +0.88, 77.9th percentile) and leveraged funds from EXTREME SHORT to MODERATE SHORT (z -1.22), the board’s dominant regime move.
- W3308·14 Nasdaq remains the board’s maximum-tension book, OPPOSED EXTREMES, though both sides eased a notch: dealers held EXTREME LONG DELTA (Consol z=+2.19, 96.2th percentile) against leveraged funds pinned at EXTREME SHORT (z=-2.43, 1st percentile). Dealers pared their long and lev funds trimmed shorts on the week, so the extreme is coming in from both ends rather than extending.
- W3208·07 Nasdaq is the board’s dominant move: dealers jumped two tiers to EXTREME LONG DELTA (Consol z=+2.44, 98.1th percentile) against leveraged funds at EXTREME SHORT (z=-2.69, 0th percentile), OPPOSED EXTREMES. The repositioning ran on the heaviest weekly flow on the board (flow z=+5.6) and both sides extended rather than covered.
- July 2026
- W3107·31 The board de-stretched sharply through the Fed week. Only one of eight dealer groups now sits beyond |z|>1.5 (average |z| 0.85), down from a broadly stretched board a week ago.
- W3007·24 Nasdaq dealers pushed into EXTREME LONG DELTA (Consolidated z=+2.02, 95.2nd percentile), the only dealer regime transition on the board and now the widest tension in the book. Leveraged funds sit at the opposite pole, EXTREME SHORT DELTA at the 0th percentile (z=-2.44) and still extending.
- W2907·17 Nasdaq is the widest tension on the board: dealers transitioned to ELEVATED LONG DELTA (Consolidated z=+1.88, 94.2nd percentile) on a +20,377 WoW build while leveraged funds pressed to EXTREME SHORT DELTA at the 0th percentile (z=-2.06). The dealer build carried an event z of +3.06 in a Monthly OpEx week, unusually aggressive repositioning for that phase.
- W2807·10 UST 10Y is the only extreme on the board. Dealers sit at EXTREME SHORT DELTA (z=-1.54, 4.8th percentile) and are still adding shorts.
- W2707·06 Nasdaq is the trade of the week: dealers transitioned into EXTREME LONG GAMMA (Consolidated z=+2.19, 96.2nd percentile) while leveraged funds pressed to an EXTREME SHORT at the 0th percentile (z=-2.13), an OPPOSED EXTREMES configuration with maximum positioning tension. The Consolidated dealer book flipped to a positive net (+3,578 contracts) on a +21,425 WoW swing, a flow z of +3.4 against the full weekly history with no calendar catalyst.
- June 2026
- W2606·26 The June equity short squeeze fully fired and is now spent. S&P 500 leveraged funds covered from a prior-week EXTREME SHORT to a neutral z=-0.34, the largest single bullish z-swing in the book (+1.95).