INFINIT IN · perps

IN's perpetual-futures market shows signs of deleveraging and reduced positioning intensity. Open interest has declined sharply, falling 33.9% over the past seven days and 5.7% in the last 24 hours, indicating traders are systematically closing leverage positions rather than adding to them. The current market cap of notional open interest stands at $5.7M, modest in absolute terms.

Despite the pullback in positioning, funding rates remain elevated at 10.95% annualized, reflecting lingering long-side demand. However, this rate sits at only the 7th percentile of IN's 90-day distribution, meaning current funding is unusually low relative to recent history—the market has sustained much higher rates in the past three months. This disconnect suggests that while longs still pay shorts, the pressure is significantly eased from recent extremes.

The liquidation imbalance of +0.00 indicates balanced two-sided liquidations over 24 hours, with no directional bias. The leverage risk score of 42 is moderate, reflecting a market that is neither fragile nor excessively crowded by recent standards. The combination of falling open interest, depressed funding, and balanced liquidations points to a transition phase where leverage is unwinding without acute tail risk.