{
  "status": "ok",
  "index": {
    "id": "cross-market-leverage-dislocation",
    "code": "FP-CMLD",
    "name": "FinPulse Cross-Market Leverage Dislocation Score",
    "current_value": -3.8,
    "formatted_value": "-3.8 pts",
    "unit": "Skew Score (-100 to +100)",
    "status": "BALANCED SPOT EQUILIBRIUM",
    "regime": "ORGANIC SPOT EQUILIBRIUM",
    "formula": "((Perpetual_Funding_Rate_8h_pct * 1000) * 0.6) + ((OI_BTC / 100000 - 1) * 30)",
    "telemetry": {
      "btc_open_interest_coins": "92,852 BTC",
      "btc_open_interest_usd": "$7.61B",
      "perpetual_funding_rate_8h": "-0.0014%",
      "annualized_funding_cost": "-1.53%"
    },
    "market_implication": "Derivatives funding remains neutral to slightly negative with Open Interest stabilizing, eliminating short-term liquidation cascade risk and favoring spot price discovery.",
    "methodology": "Real-time orderflow and funding rate polling from major crypto perpetual venues.",
    "sparkline": [
      4.2,
      1.1,
      -1.5,
      -3.8
    ]
  },
  "generated_at": "2026-10-23 04:10:30 UTC"
}