Cap CAP · perps

CAP's perpetual-futures market shows mixed signals of positioning adjustment against a backdrop of elevated funding costs. The aggregated funding rate stands at 16.95% annualized, placing it at the 91st percentile of its 90-day range—indicating that longs are paying shorts at levels rarely seen in recent weeks. This extreme reading reflects crowded long positioning relative to the asset's recent typical state.

Open interest totals $6.3M across exchanges, though the trajectory is uneven. Over seven days, OI has contracted sharply by 39.2%, suggesting meaningful deleveraging or position closure. Yet the past 24 hours reversed that trend with a +3.7% increase, implying some fresh leverage has entered following the recent liquidation cycle. The liquidation imbalance of -0.37 over the last day shows that shorts have borne slightly more liquidation pressure than longs, consistent with a market environment where leveraged short positions have been wiped out.

The leverage risk score of 34 remains moderate, suggesting that while funding is stretched, the overall fragility of the market structure is not yet acute. The combination of sharp 7-day deleveraging alongside renewed 24-hour position building, paired with an extremely high funding percentile, points to a market in transition—one where extreme long crowding is being gradually unwound but not yet decisively broken.