CL CL · perps

CL's perpetual futures market shows a balanced positioning with benign leverage conditions. The aggregated funding rate stands at -10.14%, indicating shorts are paying longs, which signals neither side is significantly crowded; this rate sits at the 32nd percentile of the past ninety days, confirming it is well within typical recent ranges rather than stretched to extremes. Open interest of $89.6M remains modest and has grown modestly over the short term, with a +0.3% increase over twenty-four hours and a +6.8% rise over seven days, suggesting steady but measured accumulation of positions rather than frenzied leverage building.

The liquidation dynamics and risk profile reinforce this picture of stability. Over the last twenty-four hours, liquidation imbalance registered at +0.42, meaning long positions have faced more liquidation pressure than shorts, though the value remains moderate rather than severe. Most tellingly, the leverage risk score of 9 reflects very low fragility in the current structure. Taken together, these metrics indicate CL's derivatives market is neither historically compressed nor unusually extended, with positioning that carries minimal systemic stress from excess leverage or crowded bets on either side.