Centrifuge CFG · perps

CFG's derivatives market is showing restrained leverage positioning with a defensive funding structure. The aggregated funding rate stands at -15.70%, indicating that shorts are paying longs—a bearish signal typical of underlevered or cautious market sentiment. This rate ranks at the 13th percentile over the past ninety days, meaning current funding is unusually depressed relative to CFG's recent history, suggesting shorts have built meaningful positioning relative to long interest.

Open interest in CFG remains modest at $4.8M, with a contraction of -8.0% over the last twenty-four hours reflecting active deleveraging or position closure. The liquidation imbalance of +0.00 signals an even split between long and short liquidations, revealing no directional bias in forced exits. The leverage risk score of 35 indicates moderate structural fragility—well below elevated thresholds—consistent with the smaller absolute notional size and the recent withdrawal of leverage.

The combination of compressed funding, shrinking open interest, and balanced liquidation activity paints a picture of CFG markets in a low-stress, de-risking phase. Shorts maintain a relative edge in funding dynamics, but the thin absolute positioning and modest leverage risk suggest minimal near-term tail risks from cascade liquidations.