CFTC Legacy Legacy Futures Only. The query directly targets cftc_contract_market_code = '097741'. Non-commercial net equals longs minus shorts.
CFTC TFF TFF Futures Only. The "leveraged funds" series is displayed separately and is never combined with the Legacy category.
ECB official reference rates. USD/JPY equals JPY per EUR divided by USD per EUR. This daily information reference is not a real-time market quote.
Fed target from the official FRED series DFEDTARL and DFEDTARU. The dashboard displays the midpoint of the range.
BoJ target configured with a date and verification URL based on official decisions. An outdated configuration explicitly degrades the status.
Notional net contracts multiplied by JPY 12,500,000 and converted with the ECB reference. This is the net notional of this CME future, not an estimate of the global carry trade. The score is a monitoring heuristic.
Optional market spot a Massive quote may complement the ECB reference. It remains separate, timestamped and fetched server-side; its absence does not degrade the canonical snapshot.
Formula version 1.0.0. Weights remain unchanged and explicitly heuristic until a documented backtest validates a new calibration.
For further work on the true size of the global carry trade and Treasury exposure: BIS Quarterly Review, US Treasury TIC data and the BoJ balance sheet.