Stargate Finance STG · perps

STG's derivatives market is showing a sharply negative funding environment with a strongly short-biased structure. The aggregated funding rate stands at -38.43%, meaning shorts are paying longs, which typically signals an oversold or bearish positioning extreme. This rate sits at the 27th percentile over the past 90 days, indicating it is unusually depressed relative to recent history—shorts have built substantial conviction.

Open interest remains modest at $7.7M, but has contracted sharply, falling 18.1% over the past 24 hours. This deleveraging suggests positions are being closed rather than rolled or increased, which can reduce near-term volatility risk even as directional bias remains skewed. The liquidation imbalance of +0.00 shows no material asymmetry between long and short liquidations over the period, consistent with a relatively orderly exit environment.

The leverage risk score of 23 reflects low crowding and fragility by comparative standards. Combined with the negative funding and active position unwind, the market structure presents a low-friction backdrop—shorts are in control and withdrawing, but without the overleveraged conditions that typically precede violent reversals.