Statistikk › Intraday og markedsmikrostruktur › The basis trade
Three official bodies size the Treasury basis trade at 830 billion, 1,060 billion and 500 billion dollars
| Kilde og dato | Basis trade | Hedge fund long Treasury exposure | Share of privately held Treasuries |
|---|---|---|---|
| Central bank note, September 2025 | about 830 bn | 2.4 trillion | 8.5% gross |
| International body, second quarter 2025 | 1,060 bn | 2,379 bn | omtrent 10% |
| Research office, September 2019 | 505 bn by one method | ikke rapportert | ikke rapportert |
| The same, by a second method | 409 bn | ikke rapportert | ikke rapportert |
| The same, stated peak range | 400 to 500 bn | ikke rapportert | ikke rapportert |
All three bodies work from aggregations of the same confidential regulatory filings. The central bank note states its own figures are approximations consistent with the reported data rather than exact measurements, because the filings contain no trade level data, and that basis trade estimates vary significantly across methods. None of the three reports a standard error, a confidence interval or a test statistic.
The largest leveraged trade in government bonds has no agreed size. Estimates from a central bank note, an international body and a research office differ by a factor of two, and all three use the same underlying regulatory filings.
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Below this point there are 5 sections and 3 named sources, roughly 800 words of it. Every figure carries the source it came from and the date the data is from.
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