ALICE ALICE · perps

ALICE's derivatives market is characterized by an extreme short-financing regime and minimal leverage risk. The aggregated funding rate stands at -783.99%, placing it at the 1st percentile over the last 90 days—an extraordinarily compressed position where shorts are paying longs heavily, indicating that short sellers dominate positioning and face intense cost pressure. This reading is far outside the coin's recent range and suggests a sustained structural imbalance.

The open interest remains modest at $4.7M, with a 24-hour decline of -0.8%, pointing to modest deleveraging activity. The liquidation imbalance recorded +0.00 over the past day, reflecting balanced two-way liquidations despite the extreme funding dynamics. The leverage risk score of 48 falls in the moderate range, suggesting that while positioning is skewed, the absolute leverage load is not acutely fragile.

The combination reveals a market where short positioning has become deeply entrenched and costly to maintain, yet the overall notional size is small. The extreme negative funding may reflect limited long-side demand or restricted leverage availability on long positions, forcing shorts into a structural disadvantage. Traders monitoring ALICE should note that the funding extremity and low percentile rank are the dominant story—the absolute risk score and open interest suggest this is a thin, imbalanced market rather than a crowded or highly leveraged one.