NEO NEO · perps

NEO's perpetual-futures market shows modest deleveraging activity alongside unusually favorable short-side funding conditions. The aggregated funding rate stands at -12.16%, placing it at the 11th percentile over the last ninety days—a notably stretched position where shorts have been receiving payments from longs, well below the recent norm. This compressed funding environment suggests that short positioning has been relatively crowded or that long interest has faded significantly compared to historical patterns.

Open interest totals $5.5M, with consecutive contractions indicating reduced overall leverage in the market. Over the past twenty-four hours, open interest declined 2.1%, and the seven-day pullback measured -14.1%, signaling sustained position closure rather than accumulation. The liquidation imbalance registered +0.00, indicating balanced liquidations between long and short sides over the latest day, which reflects neither acute directional fragility nor skewed vulnerability at current levels.

The leverage risk score of 31 characterizes the market as relatively stable, well below elevated thresholds. Combined with the sustained deleveraging trend and the absence of one-sided liquidation pressure, NEO's derivatives positioning appears neither crowded nor acutely fragile. The unusually negative funding rate at historical lows warrants monitoring for potential mean reversion if sentiment shifts, but current metrics suggest a benign risk profile.