Aptos APT · perps

APT's derivatives market is showing modest positioning and a distinctly short-biased structure. The aggregated funding rate stands at -16.80%, placing it at the 9th percentile over the last 90 days—a historically low reading that indicates shorts are paying longs to maintain their positions, a pattern well below APT's recent norms. This negative funding environment reflects crowding on the short side rather than the long side.

Open interest totals $38.4M across exchanges, a relatively modest base that has contracted sharply. Over the past 24 hours, OI declined 7.0%, while the seven-day change shows a steeper -10.4% drop, signaling consistent deleveraging and position unwinding. The liquidation imbalance of -1.00 reinforces this directional pressure: the extreme negative value indicates that only short positions have been liquidated over the last day, with no long liquidations recorded, further evidence of a short-dominated regime breaking down.

With a leverage risk score of 31, APT's derivatives market presents low systemic fragility by composite measure. The combination of depressed funding rates, shrinking open interest, short-only liquidations, and minimal leverage risk suggests a market where shorts have compressed themselves into an increasingly tight setup, leaving little room for further deleveraging but also little indication of imminent explosive moves in either direction.