---
title: "Net positioning extremes (5-year percentile rank)"
method: GET
path: "/api/v1/cot/extremes"
tags: ["Hedge Fund Intelligence"]
---

# Net positioning extremes (5-year percentile rank)

`GET /api/v1/cot/extremes`

Hedge fund / speculator net positioning extremes across 200+ active futures contracts. Returns top N markets ranked by 5-year percentile-rank deviation from the median (50). percentile_rank is 0-100 (50 = median), never a 0-1 fraction. Use to find crowded long/short trades that are contrarian reversal candidates. Picks the relevant trader category per report type: legacy=non-commercial, disaggregated=managed money, tff=leveraged funds, cit=commodity index traders. Defaults to TFF (financial futures, hedge fund leveraged-funds line). Cache TTL 24h - heavy single-query batch over 5 years of weekly data.

## Query parameters

- `report_type` string — Report type: legacy / disaggregated / tff / cit
- `lookback_weeks` integer — History window in weeks (260 = 5 years, default)
- `limit` integer — Max contracts to return

## Response `200`

Top markets by absolute deviation of net positioning percentile-rank from 50, with 4-week and 13-week net change.

- EnvelopeCotExtremesData
  - `data` CotExtremesData, required
    - `report_type` string, required — Report type the extremes were computed for: legacy / disaggregated / tff / cit.
    - `lookback_weeks` integer, required — History window in weeks the percentile rank was computed over.
    - `as_of` string, nullable, required — Report date of the most recent weekly observation used (YYYY-MM-DD). Null when the upstream returned no rows for the window - absent, never an empty-string sentinel.
    - `count` integer, required — Number of items in this result set.
    - `extremes` CotExtremeItem[], required — Markets ranked by absolute deviation of percentile_rank from the median (50), most extreme first.
      - `contract_code` string, required — CFTC contract market code.
      - `contract_market` string, required — Contract market name as published by CFTC.
      - `net_position` integer, required — Current net position (longs minus shorts) for the report type's speculator category, in contracts.
      - `percentile_rank` number, required — 0-100 percentile rank of the current net position within the lookback window (50 = median). NOT a 0-1 fraction: 0.2 means the 0.2th percentile, an extreme short.
      - `net_change_4w` integer, nullable — Net position change versus 4 weeks ago, in contracts. Null when the history is shorter than 4 weeks - absent, not zero.
      - `net_change_13w` integer, nullable — Net position change versus 13 weeks ago, in contracts. Null when the history is shorter than 13 weeks - absent, not zero.
      - `history_weeks` integer, required — Number of weekly observations actually available for this contract inside the lookback window.
  - `meta` SugraMeta, required — Metadata attached to every /api/v1/* response envelope.
    - `endpoint` string, required — Requested endpoint path.
    - `data_time` string, required — ISO 8601 UTC timestamp of the source data, not of the request.
    - `response_time` string, required — ISO 8601 UTC timestamp when this response was produced.
    - `provider` string, required — API name and version.
    - `source` string, nullable — Identifier of the primary upstream source used for this response.
    - `attribution` string, nullable — Human-readable attribution mandated by an upstream source (e.g. a securities regulator or self-regulatory organization). Present only on responses whose source requires the owner and source to be clearly identified. Do not remove or alter it when using the response.
    - `fallback_used` boolean, nullable — True when the primary source failed and a fallback produced the data.
    - `fallback_chain` string[], nullable — Ordered list of sources attempted, in the order they were tried.
    - `cached` boolean, nullable — True when this response was served from the internal cache.
    - `stale` boolean, nullable — True when the cached response was returned after the upstream rate-limited or errored. Clients can use this to detect degraded data.

## Other responses

- `401` — Missing or invalid `x-api-key` header. JSON body with a stable `code` distinguishing `missing_api_key` (no header sent) from `invalid_api_key` (header sent, key not accepted); any other 401 source carries the generic `unauthorized` with its detail as `reason`. Plus `hint`. `plan` is always null on 401 - an unauthenticated request has no plan; quota exhaustion is 429, not 401.
- `422` — Validation Error
- `429` — Daily rate limit exceeded. Check `X-RateLimit-Reset` for the next window.
- `503` — Upstream source is temporarily unavailable. Retry after a short delay.

---

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