> For the complete documentation index, see [llms.txt](https://docs.force.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.force.xyz/asset-directory/force-us10y.md).

# FORCE-US10Y

A continuous index of the on-the-run 10-year US Treasury yield, the benchmark that prices everything else. The contract is quoted **in yield**: an index value of 4.25 means a yield of 4.25%.

|                      |                                                              |
| -------------------- | ------------------------------------------------------------ |
| Ticker               | `FORCE-US10Y`                                                |
| Underlying           | On-the-run 10-year US Treasury yield                         |
| Quote                | Percent yield, e.g. `4.25`                                   |
| Max leverage         | 20x                                                          |
| Sessions             | Cash, Extended, Internal                                     |
| Live market          | [force.xyz/US10Y](https://force.xyz/US10Y)                   |
| Methodology research | [force.xyz/research/US10Y](https://force.xyz/research/US10Y) |

## What it references

The **on-the-run** 10-year note is the most recently issued one, and the one the market prices off. Its yield is the reference rate for the US curve at that maturity: mortgages, corporate debt and swaps are all quoted at a spread to it.

## Inputs

| Feed             | Carries                                                                                                              | Available                                                             |
| ---------------- | -------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------- |
| **Cash Feed**    | The on-the-run 10-year yield, from institutional market data                                                         | Treasury market hours, roughly 8am to 3pm ET                          |
| **Futures Feed** | A Treasury futures contract whose deliverable notes carry roughly nine and a half to ten years of remaining maturity | Nearly around the clock, less the 5pm to 6pm ET break and the weekend |

Each feed has a second provider behind it, so one provider going quiet does not change the session.

## Pricing

| Session      | Published value                                                |
| ------------ | -------------------------------------------------------------- |
| **Cash**     | The Cash Feed value, taken directly                            |
| **Extended** | The Futures Feed price translated to a yield, plus the basis   |
| **Internal** | An EMA from the last value toward the perp's own impact prices |

The **basis** is a running average of the distance between the futures-implied yield and the cash yield. It exists because the futures contract is quoted against a standardised notional bond rather than the specific note the cash market quotes, so the translated yield sits at a slightly different level. The average advances only while the cash market is open, and freezes when the Cash session ends, so the value carried through Extended is the one measured against the last cash prints.

Formulae and parameters are in [Oracle Price](/perp-mechanics/oracle-price.md).

{% hint style="info" %}
Why the basis is built this way, how it was tested against the alternatives, and how accurately the overnight handover tracks the next morning's cash open, are covered in the [US10Y methodology research](https://force.xyz/research/US10Y).
{% endhint %}

## The quarterly roll

Treasury futures trade on a quarterly cycle. The Futures Feed always follows the **front contract**, the first-nearby month, switching as the market's own volume moves there, so the oracle tracks whichever contract is liquid without a manual step.

The incoming contract prices at a slightly different level from the outgoing one. Because the basis is a running average against cash, it re-measures against the new contract during the next cash session, so the correction carried into Extended always belongs to the contract currently being quoted.

Roll dates follow the exchange calendar rather than a fixed day of the month. [Session Calendar](/resources/session-calendar.md) gives the rule and the schedule.


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