Curve DAO CRV · perps

CRV's derivatives market is showing signs of deleveraging and short-side pressure. The aggregated funding rate stands at -1.99%, placing it at the 22 percentile over the last 90 days—well below the median, indicating shorts are currently paying longs to hold positions. This negative funding environment is historically mild for the asset, suggesting the market has not yet swung into extreme conditions favoring either side.

Open interest has contracted notably, down 2.2% over 24 hours and 5.5% over seven days, reflecting a broader reduction in leverage across exchanges. The $34.2M notional OI remains relatively modest in absolute terms. More significant is the liquidation imbalance of -0.99 over 24 hours, which shows acute short-side liquidations—a near-extreme reading indicating that short positions have faced outsized pressure to close or be forced out.

The leverage risk score of 17 reflects low fragility in the overall positioning structure. Despite the recent short liquidations, the combination of declining OI, historically restrained funding rates, and minimal leverage concentration suggests CRV's futures market is not acutely strained. The deleveraging trend and short-biased liquidation pattern indicate traders are reducing exposure rather than adding risk.