Indices/Equity microstructure
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NSHORT — The Short Book

Who is short NASDAQ, and how hard?

Every NASDAQ-listed security, with the short side of its register shown three ways that are routinely mistaken for each other: the official open short interest FINRA collects twice a month, the short-sale volume printed off the tape every session, and the settlement-failure list. Different things, different clocks, different meanings — so they are stored apart, printed apart, and never blended into one number.

Shares short · NASDAQ
Days to cover
Short-sale volume
Securities covered
Median short % of shares
Threshold list
A position
Open short interest is shares actually sold short and not yet bought back. Every member firm reports it to FINRA at settlement, twice a month. Exact, official, and about eight business days late.
Not a mood
Daily short-sale volume is activity, not position. It sits near 50% of all volume permanently, because a market maker filling your buy order is short by construction and flat again by the close.
Valuable for
Finding crowding before it unwinds: which names take days of volume to cover, where the book got bigger this fortnight, and which securities are failing to settle at all.
The feeds

Three things called "short interest".

Almost every argument about short selling is two people quoting different feeds. Each one below is the official source for what it measures, and nothing here is an estimate, a model, or a blend. The as-of date travels with the number, because a fortnight-old position and last night's tape are not the same evidence.

a position, an activity and a settlement failure — quoting one as another is the most common error in short-interest reporting
The 50% that alarms people. Short-sale volume runs at roughly half of all consolidated volume, every day, in calm markets and panics alike. It is not a measure of bearishness. When you buy 100 shares at market, the market maker on the other side sells them short and buys them back minutes later; that print is tagged short and lands in this file. Read the percentile against its own recent range, not the level.
The book over time

The whole exchange, one line.

Total shares sold short across every NASDAQ-listed security, cycle by cycle, straight from the official file. Below it, the exchange-wide cover ratio — total short interest divided by total average daily volume — which says how many sessions of trading the entire short book would take to unwind.

Open short interest · billions of sharessemi-monthly · FINRA consolidated
Days to cover · exchange-wideshort interest ÷ average daily volume
Daily short-sale volume ratio · %every session · Reg SHO consolidated tape
The board

Every NASDAQ ticker.

All 5,500+ securities in the current settlement file — common stock, ADRs, ETFs, preferreds. Search by ticker or company, sort by any column. % shares is short interest over shares outstanding, derived from market cap and last sale: a proxy, not free float, and blank where the size feed is unreliable.

Tradeable only Exclude ETFs Threshold only
Ticker Security Short interest Δ vs prior % shares Days to cover Short vol %
loading the book…
Rankings

Where the book is crowded.

Six cuts of the same file. Every list carries a size floor — a name going from one thousand to twenty thousand shares short posts a spectacular percentage and means nothing, so it is kept out rather than allowed to lead the table.

By sector

What they are short of.

Short interest as a share of shares outstanding, pooled by sector and weighted by size — so one thinly-held microcap cannot make a whole sector look crowded. ETFs are excluded: a short in QQQ is an index hedge, not a view on a company.

Methodology

What each number can and can't tell you.

01

The universe

Every security FINRA tags to the Nasdaq exchange in the consolidated short-interest file — Global Select, Global and Capital Market tiers. Roughly 5,500 names, paged out of the official API in full, never a sample or a top-N.

02

Days to cover

Short interest divided by average daily volume, clamped at both ends. FINRA floors it at 1.00 — names sit exactly there, and "a day or less" is true, so it stands. It also caps at 999.99: those securities average around a dozen shares of volume a day, and the field is empty between 791 and the cap, so that end is an artefact and is shown as capped, never as a number. The exchange-wide ratio is computed sum-over-sum from raw shares, not as an average of per-name ratios.

03

% of shares outstanding

Shares outstanding is derived as market cap ÷ last sale — a proxy, and not free float; the real crowding number needs a float feed nobody publishes free. The quotient breaks when the size feed has missed a reverse split, and that failure is self-detecting: if a security's average daily volume exceeds its entire share count, the share count is wrong. names fail that test and are blanked rather than ranked, leaving with a usable ratio.

04

The reporting lag

The position leg settles on the 15th and the last business day of each month, and publishes about eight business days later. Today's board is . Anything that happened since is in the daily tape leg, not here.

05

Short volume ≠ short interest

The daily file counts shares whose sell order carried a short flag. Most of it is intraday market-making that never becomes a position. It is a useful trigger against its own range and a terrible level.

06

Borrow cost is missing

The third thing you'd want — what it costs to borrow the stock — is not on this page. There is no free authoritative borrow-fee feed: IBKR's is FTP-only, S3 and Fintel are paid. The threshold list is the closest free stand-in, and it is a settlement-failure list, not a rate.

NSHORT = Σ shorti over every NASDAQ-listed security  ·  DTC = Σ short ÷ Σ ADV
the whole book, summed from raw shares — not a sample, not an average of ratios.
Sources

Every leg, and its as-of.

a source table that lists only what worked is marketing — the leg we do not have is on it too
FINRA consolidated short interest (official)
FINRA Reg SHO daily short volume
Nasdaq Reg SHO threshold list
Nasdaq listing directory
Nasdaq size & sector reference
The slate

The rest of the market stack.

The short side, unmixed.

Every NASDAQ ticker's short book, from the official files, with each feed labelled for what it actually measures.