CRCL CRCL · perps

CRCL's derivatives market is showing minimal leverage stress and balanced positioning. The aggregated funding rate stands at 0.00%, indicating neither long nor short crowding, while the funding percentile of 24 places current rates well below recent highs, suggesting the market is not stretched relative to the last 90 days. Open interest of $32.1M remains modest in absolute terms, with open interest declining 4.6% over the past 24 hours and 5.9% over the past week, pointing to steady deleveraging activity.

The liquidation imbalance of -1.00 reveals a notable directional bias in liquidations: shorts have been liquidated exclusively over the 24-hour period, with no long liquidations recorded. This suggests any forced exits have been concentrated among leveraged short positions rather than longs. Despite this, the leverage risk score of 15 indicates very low systemic fragility in the derivatives market for CRCL—the combination of near-zero funding, declining open interest, and minimal risk scoring suggests positioning is lightweight and stable rather than precarious.