US Equity Financing Monitor

Research evidence excerpt

J P M O R G A N

Global Markets Strategy

18 August 2026

US Equity Financing Monitor

Aug 18, 2026

Equity implied financing rates increased on the 1M tenor and decreased ~2-4

bps across the long-end of the curve w/w.

Global Equity Derivatives Strategy

Financing rates remain elevated, though year-end financing eased over

the past week. 3M financing spreads are in the ~73rd %ile over the past 5Y,

and 6M+ tenors remain in the ~90th %iles. The Dec’26-Mar’27 S&P 500

forward-starting AIR TRF spread is trading at ~102 bps, down from ~115 bps

the prior week.

(1-212) 272-1215

S&P 500 AIR TRF pricing increased 6 bps on the Sep’26 contract and

decreased slightly at the long end of the curve w/w.

S&P 500 AIR TRF volumes totaled ~$47.5Bn (-0.2z) over the past week, with

the majority of trading on the Sep’26 and Dec’26 contracts, and notable

volumes on the Aug’26, Oct’26, Mar’27, and Dec’27 contracts as well. Open

interest increased $13.7Bn w/w.

(1-212) 270-4397

J.P. Morgan Securities LLC

The Russell 2000 AIR TRFs traded ~$1.8Bn across the Sep’26, Jun’27, and

Dec’27 contracts, while the Nasdaq 100 AIR TRFs traded ~$176Mn on the

Dec’26 contracts.

Figure 1: S&P 500 Implied Funding Rate History

Spread vs. SOFR, annualized

2.0%

1.8%

1.6%

SPX 3M IFR

SPX 1Y IFR

SPX 5Y IFR

1.4%

1.2%

1.0%

0.8%

0.6%

0.4%

0.2%

0.0%

-0.2%

Aug'23

Aug'24

Aug'25

Source: J.P. Morgan Equity Derivatives Strategy