Compound COMP · perps

COMP's derivatives market is showing signs of modest deleveraging and a short-biased positioning tilt. The aggregated funding rate stands at -4.45%, indicating shorts are paying longs, which typically reflects an oversold or contrarian positioning. This funding level sits at the 63rd percentile over the past 90 days, placing it moderately elevated relative to recent history but not at extremes.

Open interest remains relatively light at $8.4M, and recent momentum has been decidedly negative: positions declined 3.8% over 24 hours and 12.6% over the past week. This sustained reduction in leverage suggests traders are closing exposure rather than adding to it. The liquidation imbalance of -1.00 reinforces the directional skew, showing that short positions alone were liquidated over the last 24 hours, a pattern consistent with a squeeze or sharp upside move against predominantly short positioning.

The leverage risk score of 7 is notably low, reflecting minimal structural fragility in the market. The combination of downward open-interest momentum, short-favoring funding, and very light leverage conditions indicates a market that has already substantially deleveraged and now carries reduced tail risk despite its short-skewed positioning.