RE RE · perps

RE's derivatives market is currently dominated by sharp deleveraging, with open interest down -11.3% over 24 hours and -28.7% over seven days from a total notional of $15.9M. The aggregated funding rate stands at -141.96%, indicating that shorts are being paid substantially by longs—a reversal typical of unwinding long positioning or capitulation in crowded long trades. At a funding percentile of 50, this extreme negative rate represents a neutral point within RE's own recent 90-day history, suggesting the current short-pay dynamic is neither historically stretched nor unusually mild for the asset.

The liquidation imbalance of -0.89 shows pronounced short liquidations over the past 24 hours, meaning more short positions than long positions have been forced closed. This pattern is consistent with the negative funding environment and rapid deleveraging: shorts may be covering aggressively as funding turns in their favor, or long liquidations could be triggering cascades that push the market temporarily into short squeeze territory.

RE's leverage risk score of 11 reflects a low-fragility environment, indicating that remaining open interest is not acutely leveraged or crowded. The combination of sustained position unwinding, extreme negative funding, and minimal leverage risk suggests the market has largely processed a repositioning event without acute tail risks emerging at current size.