Cardano ADA · perps

ADA's derivatives positioning shows modest deleveraging alongside a markedly short-favoring funding environment. The aggregated funding rate stands at -1.92%, placing it at the 30th percentile of its 90-day range, indicating shorts are paying longs—a relatively mild but consistent structural advantage for long traders. Open interest sits at $180.0M, with the market reducing exposure at a measured pace: -1.3% over the last 24 hours and -12.3% over seven days.

The liquidation imbalance of -0.93 over 24 hours reveals pronounced short-side liquidations, suggesting that despite the short-favoring funding, some leveraged short positions have been forced to unwind. This dynamic—shorts paying longs while shorts themselves are being liquidated—points to recent volatility that has caught overleveraged bear bets off guard. The leverage risk score of 9 signals very low structural fragility by historical standards, consistent with the gradual deleveraging and modest funding skew.

Overall, ADA exhibits a restrained, short-biased market with minimal acute leverage risk. The combination of negative funding, declining open interest, and elevated short liquidations suggests neither bulls nor bears are heavily overextended, but recent price action has been punishing concentrated short positions.