Arcium ARX · perps

ARX is trading with modest long-biased funding at 3.73% annualized, though this rate sits in the lower half of its recent history at the 36th percentile over ninety days, suggesting current positioning is not stretched relative to its own recent patterns. Open interest stands at $6.0M, a relatively small derivatives footprint, with slight daily accumulation of +0.5% offset by significant weekly deleveraging of -23.4%, indicating that positioning has been unwinding substantially over the past week despite minor short-term buying.

The liquidation imbalance of -0.88 over twenty-four hours reveals pronounced short-side weakness, with shorts liquidated at roughly eight times the rate of longs. This dynamic, combined with the low leverage risk score of 10, suggests the market structure is relatively stable and not fragile. The combination of gentle funding, minimal tail-risk leverage, and short liquidations indicates ARX derivatives positioning lacks the hallmarks of crowded or precarious leverage—though the ongoing week-long deleveraging trend warrants monitoring to determine whether broader positioning normalization continues.