Credit and leverage
FINRA Margin Debt
The monthly debit balance in US customer securities margin accounts compiled by FINRA. Rapid growth signals expanding leverage, while a sharp drawdown often marks forced liquidation and deleveraging.
At a glance
FINRA Margin Debt: latest value and prior change
As of 2026-07-31, FINRA Margin Debt is 1,417 bn USD. It is 84.85 bn USD lower than 1,502 bn USD on 2026-06-30.
Percentile rank is hidden because fewer than 20 valid observations are available (currently 16).
- Observed on
- Default comparison window
- 2025-04-30–2026-07-31
- Observations · observed cadence
- 16 · Monthly
- Data source
- FINRA
A high or low percentile does not by itself make the indicator positive, negative, or a buy or sell signal.
Time-series chart
FINRA Margin Debt
2025-04-30–2026-07-31
Long-history series are stored as real provider observations. Index, FX, VIX, and ratio charts use historical backfill where providers expose it; Korean investor flow and margin-credit feeds expand as stable historical endpoints become available.
Recent observations and calculated changes
The ten latest chart observations. Change subtracts the previous observation; intervals vary with holidays, release schedules and missing data. A difference in rates or ratios is not an investment return.
| Observed | Value | Previous date | Difference (current − previous) |
|---|---|---|---|
| 2026-07-31 | 1,417 bn USD | 2026-06-30 | -84.85 bn USD |
| 2026-06-30 | 1,502 bn USD | 2026-05-31 | 86.51 bn USD |
| 2026-05-31 | 1,416 bn USD | 2026-04-30 | 111.3 bn USD |
| 2026-04-30 | 1,304 bn USD | 2026-03-31 | 83.36 bn USD |
| 2026-03-31 | 1,221 bn USD | 2026-02-28 | -32.27 bn USD |
| 2026-02-28 | 1,253 bn USD | 2026-01-31 | -25.85 bn USD |
| 2026-01-31 | 1,279 bn USD | 2025-12-31 | 53.44 bn USD |
| 2025-12-31 | 1,226 bn USD | 2025-11-30 | 11.28 bn USD |
| 2025-11-30 | 1,214 bn USD | 2025-10-31 | 30.67 bn USD |
| 2025-10-31 | 1,184 bn USD | 2025-09-30 | 57.16 bn USD |
Source: FINRA
Interpretation guide
How to read FINRA Margin Debt as a U.S. leverage gauge
FINRA Margin Debt tracks customer debit balances in U.S. securities margin accounts. It helps estimate how much equity exposure is being financed with borrowed money. The trend and speed of change matter more than the absolute level alone.
What it means
Rising margin debt means investors are using more leverage. In an uptrend it can reflect liquidity and risk appetite, but rapid growth alongside weakening breadth can create future liquidation pressure.
- A fast 3-6 month increase signals stronger leverage inflow.
- Gradual growth with rising indexes is healthier than growth during deteriorating breadth.
- A sharp decline after a peak can signal forced deleveraging rather than clean risk reduction.
Interpretation rules
FINRA Margin Debt is monthly data, so it is not a short-term timing signal. It works best as background context for whether a selloff could become leverage-driven.
- Rising margin debt, a low put/call ratio, and narrowing breadth warn of optimistic crowding.
- High margin debt with rising credit spreads and VIX raises liquidation risk.
- Falling margin debt followed by index stabilization can mark a post-deleveraging repair phase.
How to respond
Use this indicator to review leverage, liquidity risk, and portfolio resilience. It is better for judging market fragility than for triggering a single trade.
- When margin debt rises quickly, define loss limits before adding chase exposure.
- If leverage is high while credit risk and volatility rise, reduce borrowed or high-beta exposure.
- After debt contracts, look for breadth and credit improvement before rebuilding risk exposure.
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