CBOT · Interest Rates · Futures
The Treasury Bond future (ZB) covers the long end of the US curve: $100,000 face value, quoted in points and 32nds, physically delivered.
Source: CME Group contract specifications · reviewed Sep 30, 2026
| Contract | Roll date | First notice | Last trading day | Days left |
|---|---|---|---|---|
| ZBZ26 Dec 2026 Active | Tue, Nov 24, 2026 | Mon, Nov 30, 2026 | Mon, Dec 21, 2026 | 83 |
| ZBH27 Mar 2027 | Tue, Feb 23, 2027 | Fri, Feb 26, 2027 | Fri, Mar 19, 2027 | 171 |
| ZBM27 Jun 2027 | Tue, May 25, 2027 | Fri, May 28, 2027 | Mon, Jun 21, 2027 | 265 |
| ZBU27 Sep 2027 | Thu, Aug 26, 2027 | Tue, Aug 31, 2027 | Tue, Sep 21, 2027 | 357 |
| ZBZ27 Dec 2027 | Wed, Nov 24, 2027 | Tue, Nov 30, 2027 | Tue, Dec 21, 2027 | 448 |
| ZBH28 Mar 2028 | Thu, Feb 24, 2028 | Tue, Feb 29, 2028 | Wed, Mar 22, 2028 | 540 |
Roll. The quarterly roll runs over roughly a week before first notice, when volume moves to the next contract. The date shown is three business days before first notice.
First notice day. Last business day of the month before the delivery month. Shorts can deliver from the first business day of the delivery month – brokers require speculative longs to exit before first position day (one business day before first notice).
Last trading day. Seventh business day before the last business day of the delivery month.
US exchange holidays ahead: Nov 26 · Dec 25 · Jan 1 · Jan 18 · Feb 15 · Mar 26 · May 31 · Jun 18
Calculated from exchange rules and the US exchange holiday calendar. Confirm with the CME Group expiration calendar.
| Session | Eastern (ET) | Central (CT) | Your time |
|---|---|---|---|
| CME Globex (electronic) | Sun–Fri 6:00 p.m. – 5:00 p.m. | Sun–Fri 5:00 p.m. – 4:00 p.m. | – |
| Daily maintenance break | Mon–Thu 5:00 – 6:00 p.m. | Mon–Thu 4:00 – 5:00 p.m. | – |
| US session (reference) | Mon–Fri 8:20 a.m. – 3:00 p.m. | Mon–Fri 7:20 a.m. – 2:00 p.m. | – |
| Daily settlement | 3:00 p.m. | 2:00 p.m. | – |
Holiday hours differ – check the CME holiday calendar before trading around US holidays. ET is New York time, CT is Chicago time (always one hour behind ET).
| Contract | Maintenance |
|---|---|
| Sep 2026 – Jun 2027 Active | $3,700 |
Exchange margins are the minimum your clearing firm must collect for positions held overnight. Brokers may require more – and usually offer much lower day-trading margins for positions closed before the session ends. A neutral broker day-margin comparison is coming soon.
−250,961 net contracts
−9,291 vs. prior week · −13.3% of OI
Movement (6 wk): −3
Banks and dealers on the other side of client flow. Tend to act contrarian – selling strength, buying weakness.
+413,616 net contracts
−47,046 vs. prior week · +21.9% of OI
Movement (6 wk): −48 ±40 surge
Pension funds, insurers and bond funds – large structural holders of duration; read changes against their own range.
−162,052 net contracts
+49,683 vs. prior week · −8.6% of OI
Movement (6 wk): +45 ±40 surge
Hedge funds and CTAs. Includes the cash-futures basis trade, which shows up as large net shorts – compare against its own history, not zero.
| Group | Long | Short | Net | Δ 1 wk | Δ 4 wk | Index 26 wk | Index 3 yr | Move 6 wk |
|---|---|---|---|---|---|---|---|---|
| Dealers / Intermediaries | 32,696 | 283,657 | −250,961 | −9,291 | +15,246 | 74 | 33 | −3 |
| Asset Managers | 1,101,700 | 688,084 | +413,616 | −47,046 | −108,132 | 18 | 15 | −48 |
| Leveraged Funds | 201,034 | 363,086 | −162,052 | +49,683 | +140,942 | 100 | 100 | +45 |
| Other Reportables | 47,918 | 113,959 | −66,041 | +3,210 | −18,994 | 5 | 3 | −28 |
| Nonreportables | 228,717 | 163,279 | +65,438 | +3,444 | −29,062 | 16 | 26 | −5 |
| Group | Long | Short | Net | Δ 1 wk | Δ 4 wk | Index 26 wk | Index 3 yr | Move 6 wk |
|---|---|---|---|---|---|---|---|---|
| Commercials | 1,444,003 | 1,353,636 | +90,367 | −50,796 | −2,376 | 68 | 69 | −4 |
| Non-Commercials | 184,831 | 340,636 | −155,805 | +47,352 | +31,438 | 34 | 29 | +8 |
| Nonreportables (small) | 228,717 | 163,279 | +65,438 | +3,444 | −29,062 | 16 | 26 | −5 |
| Report date | Dealers / Intermediaries | Asset Managers | Leveraged Funds | Other Reportables | Nonreportables | Open interest |
|---|---|---|---|---|---|---|
| Sep 22, 2026 | −250,961 | +413,616 | −162,052 | −66,041 | +65,438 | 1,887,864 |
| Sep 15, 2026 | −241,670 | +460,662 | −211,735 | −69,251 | +61,994 | 1,867,442 |
| Sep 8, 2026 | −251,880 | +532,667 | −276,965 | −66,427 | +62,605 | 1,802,308 |
| Sep 1, 2026 | −258,952 | +544,469 | −303,045 | −69,665 | +87,193 | 1,811,513 |
| Aug 25, 2026 | −266,207 | +521,748 | −302,994 | −47,047 | +94,500 | 2,096,351 |
| Aug 18, 2026 | −286,302 | +597,467 | −361,383 | −4,130 | +54,348 | 1,894,436 |
| Aug 11, 2026 | −243,296 | +549,650 | −364,824 | −14,030 | +72,500 | 1,862,944 |
| Aug 4, 2026 | −243,224 | +551,606 | −376,226 | −14,582 | +82,426 | 1,869,874 |
| Jul 28, 2026 | −269,722 | +568,268 | −389,522 | −10,632 | +101,608 | 1,859,732 |
| Jul 21, 2026 | −249,738 | +558,536 | −391,386 | −11,775 | +94,363 | 1,842,498 |
| Jul 14, 2026 | −266,153 | +540,033 | −365,688 | −10,797 | +102,605 | 1,843,192 |
| Jul 7, 2026 | −280,811 | +530,302 | −365,483 | −7,641 | +123,633 | 1,880,170 |
Source: CFTC Public Reporting Environment · contract market code 020601 (UST BOND - CHICAGO BOARD OF TRADE)
Before commissions and exchange fees. Prices round to the nearest tick of 1/32. Enter prices in points and 32nds, e.g. 110'16.5 or 110-165 (= 110 + 16.5/32), or as decimals.
One tick is 1/32 of a point, worth $31.25 per contract. A full point is worth $1,000.
In points and 32nds: 115'08 means 115 plus 8/32 = 115.25.
Before first notice on the last business day of the month before the delivery month. Most volume moves to the next quarter over the preceding week.
The COT Index places a group's current net position within its own range over a lookback window: 100 = the most net long in that window, 0 = the most net short. It measures positioning extremes, not timing.