Hedge funds held $2T in cash at the end of 2025, according to OFR. Research by the Dallas Fed finds that moving the same risk capital from basis trades to swap spread trades could be a much smaller Treasury position.

Hedge funds held $2T in cash at the end of 2025, according to OFR. Research by the Dallas Fed finds that moving the same risk capital from basis trades to swap spread trades could be a much smaller Treasury position.