Basis Positioning — the basis-trade fuel gauge

The 2020 basis unwind taught the market to watch the stock, not just the flow: how much leveraged basis exposure is loaded when the shock arrives. This gauge reads that stock weekly from public COT data.

How it reads

net_short with percentile since 2013 and trend. p90+ = the S1 fuel tank is full; read together with constraint_wedges (are dealers already tight?) and funding_stress_calendar (is the wall near?).