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FINRA Net Margin Debt

Margin debt minus customer free credit balances (cash plus margin); the clean net-leverage series historically used to time equity bubble peaks.

The FINRA Net Margin Debt is currently 793,462, last updated .

793,462
1W -6.44%1M -6.44%3M -9.67%
Updated 2d ago
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Positioning data reveals what the market is actually doing, as opposed to what it says it is doing. FINRA margin debt peaked ahead of every major bear market cycle of the last 40 years, while extreme readings in the AAII bull-bear spread are classic contrarian signals. CFTC commitments of traders separates speculative from commercial flow, identifying when large specs are overextended in either direction.

Updated 2d ago

Recent Data

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DateValueChange
Mar 31, 2026793,462-6.44%
Feb 28, 2026848,085-3.45%
Jan 31, 2026878,431+7.90%
Dec 31, 2025814,115-0.45%
Nov 30, 2025817,772+3.47%
Oct 31, 2025790,355+8.64%
Sep 30, 2025727,504+5.44%
Aug 31, 2025689,939+7.61%
Jul 31, 2025641,164+3.11%
Jun 30, 2025621,804+11.72%
May 31, 2025556,577+14.34%
Apr 30, 2025486,776-5.35%
Mar 31, 2025514,300-7.97%
Feb 28, 2025558,815—

Related in Margin & Positioning

FINRA Margin Debt
FINRA aggregate debit balances in customer securities margin accounts; the canonical aggregate margin-debt series, a widely watched retail leverage proxy.
FINRA Free Credit (Cash Accounts)
FINRA free credit balances held in customer cash accounts; liquid dry-powder sitting in brokerage accounts.
FINRA Free Credit (Margin Accounts)
FINRA free credit balances held in customer securities margin accounts; the complement to margin debt within leveraged accounts.

Explore Further

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FINRA Net Margin Debt Outlook
Scenario-weighted forecast using regime implied approach.
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AAII and NAAIM sentiment surveys, CFTC futures positioning, and FINRA margin debt. The behavior of the marginal trader....

Frequently Asked Questions

▶What is FINRA Net Margin Debt?
Margin debt minus customer free credit balances (cash plus margin); the clean net-leverage series historically used to time equity bubble peaks.
▶How does FINRA Net Margin Debt relate to margin & positioning?
FINRA Net Margin Debt is part of the Margin & Positioning category. Positioning data reveals what the market is actually doing, as opposed to what it says it is doing. FINRA margin debt peaked ahead of every major bear market cycle of the last 40 years, while extreme readings in the AAII bull-bear spread are classic contrarian signals. CFTC commitments of traders separates speculative from commercial flow, identifying when large specs are overextended in either direction.
▶How often is FINRA Net Margin Debt updated?
FINRA Net Margin Debt is updated once per month when the releasing agency publishes new data. Each metric page on Convex shows the exact time of the last data update and provides historical data going back up to five years.
▶Where does Convex source FINRA Net Margin Debt data?
Convex sources FINRA Net Margin Debt data from official government and market data providers. Data is fetched automatically and displayed alongside interactive charts, AI analysis, and historical context.
▶What can I do on the FINRA Net Margin Debt chart page?
The FINRA Net Margin Debt page includes an interactive chart with selectable time ranges (1 month to 5 years), percentage changes over multiple timeframes, a table of recent readings, AI-generated analysis, and links to related metrics and comparisons.
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Data sourced from FRED, CoinGecko, CBOE, CFTC, and EIA. Updated monthly. This page is for informational purposes only and does not constitute financial advice.