Arkham ARKM · perps

ARKM's derivatives market is showing signs of equilibrium with modest deleveraging pressure. The aggregated funding rate stands at 1.43%, indicating a mild long bias, though this rate sits at the 28th percentile of the last ninety days—well below recent norms and suggesting the current positioning is far less stretched than typical. Open interest totals $4.7M, which remains relatively modest in absolute terms.

Over both the past twenty-four hours and the preceding seven days, open interest has contracted by -7.4%, pointing to consistent position unwinding rather than accumulation of fresh leverage. The liquidation imbalance of -1.00 reveals that shorts have been systematically liquidated across this period, even as overall leverage is declining. This dynamic—falling OI paired with one-sided liquidations—suggests shorts are being forced out while long-holders are managing exits more gradually.

The leverage risk score of 13 reflects low fragility in the market structure. Combined with the subdued funding percentile of 28 and moderate positive funding rate, ARKM presents a relatively stable backdrop: positioning is neither crowded nor inverted, and the recent deleveraging motion indicates participants are reducing exposure in an orderly manner rather than chasing margin calls.