The Graph GRT · perps

GRT's derivatives market is currently characterized by short-biased positioning and unusually low leverage risk. The aggregated funding rate stands at -3.46%, meaning shorts are paying longs—a structure that typically emerges when bearish sentiment dominates. This negative funding sits at the 19th percentile of its 90-day range, indicating it is substantially below the coin's recent average, a condition inconsistent with crowded leverage on either side.

Open interest totals $7.0M across exchanges, with modest deleveraging underway: positions contracted 2.4% over the past 24 hours and 3.7% over the past week. This steady reduction in notional exposure, combined with the extreme liquidation imbalance of -1.00 (indicating exclusively short liquidations in the 24-hour window), suggests that some short positions are failing as price moves against them, despite the prevailing short-favoring funding environment.

The leverage risk score of 17 reinforces a picture of relatively low systemic fragility in GRT's derivatives ecosystem. With funding unusually depressed, open interest shrinking, and risk metrics subdued, the market currently lacks the hallmarks of excessive leverage or acute crowding that typically precede sharp dislocations.