Which bond is cheapest to deliver, and is the future rich or cheap?

Paste a Treasury futures contract and its deliverable basket. Your browser computes the conversion factor, gross basis, carry, net basis and implied repo for every bond, finds the cheapest-to-deliver and shows where it switches if yields move. All free, before you sign in. Then the desk reviews the sheet like a basis trader would, and every number it writes is checked against your sheet.

Each example comes with a saved review, one per assessment, so you can see the whole page for free. Example prices are illustrative, not market data.

Contract

Delivery month

Name (optional)

Futures price

Settlement date

Delivery date (empty = last business day)

Term repo to delivery (%)

Deliverable basket (one bond per line: coupon, maturity, clean price; optional repo and CF)

Prices in 32nds (99-16+, 99-165, 99'16) or decimals. Coupons as 4.125, 4 1/8 or 4-1/8. Dates as 2033-11-15, 11/15/33 or 15-Nov-2033. A header row with coupon, maturity and price columns is read too. A repo on a line is that bond's own (special) repo; a CF is checked against the computed one.

What you want to know (optional)

Drop a basket .csv/.txt or a contract .json saved from this page, or

The basis sheet (free, in your browser, no AI)

What the sheet found

Basket, ranked by implied repo

Bond	CF	Clean	Yield	Gross	Carry	Net	Implied repo	vs repo	DV01	Hedge CF / DV01

Gross, carry and net basis in ticks of 1/32. Hedge ratios are futures contracts per $10m face. A struck-through bond is outside the contract's maturity window and cannot be delivered.

Carry model

CTD under parallel shifts

Shift	CTD	Fair futures

Free: no account, no run.

Fill in the contract and the basket to price the review.

CTD

implied repo vs repo

stance

flags answered

statements checked

disagreements

The basis

Cheapest to deliver

The delivery option

The trade

Risks

Severity	Risk	Bonds	What to watch

Flags answered

Check before acting

Reconciliation with the sheet

Every number, bond id, the CTD, the assessment, the stance and every flag the review wrote was checked against the sheet your browser computed. A disagreement means the review, not your sheet, is wrong.

Summary

Raw model reply

The reply did not parse as the structured result, so it is shown as it arrived.

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What this does, and what it does not

The sheet is the standard basis arithmetic. Each bond's conversion factor is the exchange formula: its price at a 6% yield, with the time to maturity from the first day of the delivery month cut to whole months, then to a quarter for TY, TN, US and UB. Accrued interest is actual/actual. Carry is coupon income to delivery less repo financing of the dirty price at actual/360, with any coupon paid before delivery credited from its payment date. Net basis is gross basis less carry. Implied repo is the return from buying the bond, selling the future and delivering. The CTD is the deliverable bond with the highest implied repo. The fair futures price is carry only: the lowest forward price divided by the conversion factor. The scenarios shift every yield by the same amount.

It does not know market prices, repo quotes, historical basis levels or volatility, and it does not value the delivery options (quality switch, timing, wild card, end of month) in money: the scenarios show where the switch sits, not what it is worth. It does not check a bond's original maturity against the contract rules. The review explains and challenges; it does not tell anyone to trade. Derived from the agent skill @anthropics/bond-futures-basis (anthropics/financial-services-plugins, Apache-2.0). The example prices are illustrative.