OpenGradient OPG · perps

OPG's derivatives market shows a rare combination of high funding costs paired with exceptionally low leverage risk. The aggregated funding rate stands at 10.95% annualized, indicating longs are paying shorts meaningfully—a signal that long positioning remains attractive to traders relative to short exposure. However, this elevated rate sits only at the 61st percentile over the trailing 90 days, suggesting it is moderately stretched but not at historical extremes for the asset.

Open interest in OPG remains modest at $9.5M, reflecting limited notional exposure across exchanges. Notably, both the 24-hour and 7-day metrics show contraction: open interest fell 7.8% in the past day and 3.9% over the past week, indicating positions are being closed or reduced rather than accumulated. This deleveraging dynamic is further reinforced by the liquidation imbalance of -1.00, which shows that shorts experienced all liquidations over the 24-hour window while no longs were forced out—a strongly bullish signal for sentiment.

The leverage risk score of 10 is exceptionally low, reflecting minimal structural fragility in the market despite the positive funding environment. Combined with the recent open-interest decline and short liquidations, this suggests OPG's derivatives positioning is not crowded or overleveraged. The market appears healthy and risk-balanced, with natural deleveraging underway even as funding rates reward long holders.