Vaulta A · perps

A's perpetual-futures positioning shows a mixed picture of cooling leverage and extreme short liquidation pressure. Open interest stands at $5.4M with sustained deleveraging: the 24-hour change of -7.3% and 7-day change of -7.2% indicate traders are steadily closing positions. The aggregated funding rate of 10.95% remains elevated, yet the funding percentile of 60 places current conditions in the mid-range relative to A's recent 90-day history, suggesting the rate has pulled back from prior extremes.

The most striking signal is the liquidation imbalance of -1.00 over 24 hours, reflecting a severe skew toward short liquidations. This typically occurs when shorts are being forced out of underwater positions, often during rapid price appreciation. Combined with the moderate leverage risk score of 8, the data suggests fragility is not widespread across the positioning base, but that concentrated short exposure faced acute unwinding pressure.

The combination of declining open interest, moderately stretched funding, and one-sided short liquidations points to a position that has recently shaken out weak shorts while broader leverage is gradually being wound down. The environment appears transitional rather than acutely dangerous.