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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 3 of 4- June 2026
- W2506·23 The S&P 500 equity book is the widest dealer-vs-lev standoff in the complex and it widened again. S&P 500 Consolidated lev funds sit at the 0th percentile (z=-2.29, EXTREME SHORT GAMMA) while dealers covered another +59,630 contracts WoW, lifting dealer z to +1.12 (83.7th percentile).
- W2406·12 Rates positioning turned hawkish into the June 18 FOMC, now 6 days out. UST 10Y dealers transitioned to EXTREME SHORT GAMMA (z=-1.50, 3.8th percentile, extreme flag) and UST 2Y dealers swung a full standard deviation in one week to z=-1.34, exiting NEUTRAL.
- W2306·05 Six regime transitions this week, all but one toward LESS short gamma, even as spot markets sold off hard. Nasdaq (both contracts) and Russell 2000 strengthened into LONG GAMMA, Nasdaq Consolidated reaching EXTREME LONG GAMMA (z=+1.62, 91st percentile).
- May 2026
- W2205·29 Seven regime transitions this week, the most in a single report since the May metrics audit. S&P 500 dropped from MOD LONG GAMMA to NEUTRAL.
- W2105·23 Rates dealers plunged back into EXTREME SHORT GAMMA across both tenors, reversing two weeks of recovery. UST 10Y transitioned from MODERATE SHORT GAMMA to EXTREME SHORT GAMMA (z from -1.23 to -1.89, 2nd percentile), with dealers adding -154,387 contracts WoW, the largest single-week positioning shift across all markets.
- W2005·15 Six regime transitions this week, with equity gamma diverging sharply across the cap spectrum. S&P 500 (both contracts) transitioned from NEUTRAL back down toward neutral with declining gamma, while Nasdaq (Mini and Consolidated) and Russell 2000 all transitioned into MODERATE LONG GAMMA.
- W1905·08 Rates positioning de-escalated sharply as UST 2Y exited EXTREME SHORT GAMMA for the first time in this cycle. UST 2Y dealers covered 37,813 contracts WoW, pulling z from -1.94 (1st percentile) to -1.26 (8th percentile), transitioning to MODERATE SHORT GAMMA.
- W1805·01 UST 10Y has joined UST 2Y in EXTREME SHORT GAMMA, completing a full front-end-to-belly rates regime transition. UST 10Y dealers shed 106,547 contracts WoW (z fell from -1.15 to -1.50, 7th percentile), crossing into the extreme regime for the first time in this cycle.
- April 2026
- W1704·24 Six regime transitions signal a broad positioning reset across equity and volatility books. S&P 500 dropped from MODERATE LONG GAMMA to NEUTRAL (dealers adding shorts at 18,543/wk over four weeks), Nasdaq Mini flipped from MODERATE SHORT to NEUTRAL while Nasdaq Consolidated went NEUTRAL to MODERATE LONG GAMMA, and Russell 2000 moved NEUTRAL to MODERATE LONG GAMMA.
- W1604·17 The Nasdaq short-squeeze is resolving, and the S&P 500 standoff has flipped sides. Dealer gamma improved across all three equity indices while lev funds cut risk sharply.