Aerodrome Finance AERO · perps

AERO's derivatives market shows modest positioning with a notably defensive structure. Open interest stands at $26.7M, down 5.1% over the past 24 hours and 15.6% over the past week, indicating consistent deleveraging. The liquidation imbalance of -1.00 reveals that shorts were liquidated exclusively over the last day, suggesting long positions weathered the recent pullback while short sellers faced forced closures.

The aggregated funding rate of 9.91% annualized remains elevated, yet the funding percentile of 43 places this rate well below its 90-day median, pointing to a pullback from earlier crowding. This combination—sustained positive funding paired with falling open interest and one-sided short liquidations—suggests longs have largely retreated or taken profit, leaving the market less stretched. The leverage risk score of 6 is minimal, reflecting low systemic fragility and positioned traders maintaining reasonable caution relative to available liquidity.