Last updated: 18 October 2026 Which US futures markets are the biggest, and where do small traders gather? We ranked all futures markets in the CFTC’s Commitments of Traders report for 13 October 2026 and compared them with a year earlier.
The CFTC tracked 367 US futures markets on 13 October 2026. The biggest by open interest was three-month SOFR (interest rate futures), with 12.93 million contracts, followed by ICE natural gas and the 5-year Treasury note.
Micro contracts are where small traders gather. Traders too small to report their positions held 46.4% of Micro E-mini S&P 500 positions, 44.3% of Micro Russell 2000 and 45.2% of Micro Silver, against 9.9% for the full-size E-mini S&P 500.
Some micros boomed over the year. Micro Russell 2000 open interest rose 228% to 72,058 contracts and Micro Gold rose 77% to 110,505. Micro Ether fell 72% to 64,617.
Most of the biggest markets are institutional. Small traders held 0.2% of SOFR positions and under 6% in the 2-year and 5-year Treasury notes.
The 25 biggest US futures markets by open interest
| Rank | Market | Exchange | Open interest (contracts) | vs 14 Oct 2025 | Small-trader share |
|---|---|---|---|---|---|
| 1 | SOFR-3M | Chicago Mercantile Exchange | 12,928,520 | +3% | 0.2% |
| 2 | Nat Gas ICE Ld1 | ICE Futures Energy Div | 7,781,005 | -1% | 0.4% |
| 3 | UST 5Y Note | Chicago Board Of Trade | 6,874,204 | +2% | 5.8% |
| 4 | UST 10Y Note | Chicago Board Of Trade | 5,819,512 | +7% | 7.0% |
| 5 | UST 2Y Note | Chicago Board Of Trade | 4,554,153 | -0% | 4.2% |
| 6 | Ultra UST 10Y | Chicago Board Of Trade | 2,643,685 | +7% | 10.2% |
| 7 | Fed Funds | Chicago Board Of Trade | 2,465,224 | -4% | 1.6% |
| 8 | Ultra UST Bond | Chicago Board Of Trade | 2,397,995 | +16% | 8.1% |
| 9 | E-mini S&P 500 | Chicago Mercantile Exchange | 1,931,607 | +0% | 9.9% |
| 10 | WTI-Physical | New York Mercantile Exchange | 1,900,179 | -8% | 3.6% |
| 11 | UST Bond | Chicago Board Of Trade | 1,849,727 | -2% | 10.3% |
| 12 | Corn | Chicago Board Of Trade | 1,845,260 | +11% | 8.7% |
| 13 | Nat Gas NYMEX | New York Mercantile Exchange | 1,741,163 | +4% | 2.7% |
| 14 | SOFR-1M | Chicago Mercantile Exchange | 1,294,490 | -24% | 0.0% |
| 15 | Sugar No. 11 | ICE Futures U.S. | 1,179,144 | +36% | 6.3% |
| 16 | Soybeans | Chicago Board Of Trade | 1,072,235 | +10% | 5.8% |
| 17 | Msci Em Index | ICE Futures U.S. | 1,042,945 | -11% | 1.9% |
| 18 | Adjusted Int Rate S&P 500 Totl | Chicago Mercantile Exchange | 1,008,081 | +4% | 1.9% |
| 19 | Aeco Fin Basis | ICE Futures Energy Div | 916,783 | -4% | 1.3% |
| 20 | Euro Fx | Chicago Mercantile Exchange | 874,541 | +4% | 8.2% |
| 21 | Hsc Fin Basis | ICE Futures Energy Div | 873,065 | +14% | 0.8% |
| 22 | Crude Oil, Light Sweet-WTI | ICE Futures Europe | 754,570 | -9% | 1.9% |
| 23 | Waha Fin Basis | ICE Futures Energy Div | 732,199 | +12% | 0.7% |
| 24 | Dominion | South Point (Basis) | 730,024 | -8% | 1.5% |
| 25 | Nat Gas ICE Pen | ICE Futures Energy Div | 664,717 | -6% | 0.0% |
Open interest is the number of contracts still open at the end of Tuesday 13 October 2026. Contract sizes differ widely, so a high count doesn’t mean the most money at stake. We left out the CFTC’s “Consolidated” rows, which add up related contracts.
Index, metals and crypto futures prop traders use
| Market | Open interest | vs 14 Oct 2025 | Small-trader share |
|---|---|---|---|
| E-mini S&P 500 | 1,931,607 | +0% | 9.9% |
| Nasdaq Mini | 279,515 | +0% | 13.2% |
| Russell E-mini | 444,784 | +17% | 6.0% |
| DJIA X $5 | 90,364 | +6% | 12.6% |
| Micro E-mini S&P 500 Index | 164,490 | +11% | 46.4% |
| Micro E-mini Nasdaq-100 Index | 152,605 | +37% | 35.5% |
| Micro E-mini Russell 2000 Index | 72,058 | +228% | 44.3% |
| Micro E-mini DJIA (X$0.5) | 38,503 | — | 23.4% |
| Gold | 396,345 | -18% | 8.4% |
| Micro Gold | 110,505 | +77% | 31.4% |
| Silver | 108,433 | -37% | 16.7% |
| Micro Silver | 20,884 | — | 45.2% |
| WTI-Physical | 1,900,179 | -8% | 3.6% |
| Euro Fx | 874,541 | +4% | 8.2% |
| Vix Futures | 448,469 | -9% | 5.3% |
| Bitcoin | 20,752 | -27% | 4.2% |
| Micro Bitcoin | 32,913 | -3% | 12.6% |
| Micro Ether | 64,617 | -72% | 1.8% |
| Micro Sol | 4,178 | — | 8.3% |
A dash means the market wasn’t listed in the 14 October 2025 report under the same CFTC code. Micro E-mini DJIA, Micro Silver and Micro SOL fall in that group this year.
What the small-trader share means
The CFTC splits positions into large traders, who must report, and the rest, called nonreportable positions. Small-trader share here is the average of the nonreportable share of long and short positions. It is a rough guide to how much of a market is held by smaller accounts, which include many individual traders but also smaller firms.
Funded prop firm accounts trading real money show up in these figures through the firm or its clearing broker, and challenge accounts that are simulated don’t show up at all. For how micro index futures grew alongside the prop firm boom, see micro futures vs the prop firm boom. For the futures brokers holding customer money, see futures broker customer funds.
New exchanges: the CFTC has approved 12 new futures exchanges since 2025, many for event contracts. See the new US futures exchanges tracker.
Sources
- Commitments of Traders, Legacy Futures Only, U.S. Commodity Futures Trading Commission, reports of 13 October 2026 and 14 October 2025, retrieved 18 October 2026.
- COT explanatory notes, CFTC, accessed 18 October 2026.
Method
We took every market in the futures-only legacy report and matched it to a year earlier by CFTC contract code. Small-trader share = (nonreportable long + nonreportable short) ÷ (2 × open interest).
Caveats
Reporting levels differ by market, so a “small” trader in one market can be larger than in another.
Contracts that changed code or were relisted show no year-earlier figure even if they traded last year.
Weekly figures can swing around contract expiries.
How to cite this
Prop Data Lab, “US Futures Open Interest and Small-Trader Share”, updated 18 October 2026, https://propdatalab.com/us-futures-markets-open-interest-small-traders-cftc/
The table and the CSV are free to reuse under CC BY 4.0: copy, chart or republish them, commercial use included, as long as you link back to this page. Data: CFTC Commitments of Traders (Legacy, Futures Only).
Common questions
What is the biggest futures market in the US?
By open interest, three-month SOFR futures at CME, with 12.93 million contracts open on 13 October 2026.
How much of the E-mini S&P 500 do small traders hold?
9.9% on average across long and short positions on 13 October 2026, against 46.4% for the Micro E-mini S&P 500.
Which micro futures grew fastest?
Micro E-mini Russell 2000 open interest rose 228% from 14 October 2025 to 13 October 2026, and Micro Gold rose 77%.
How often is the COT report updated?
Weekly. It reflects positions on Tuesday and is normally published on Friday afternoon.