Cosmos Hub ATOM · perps

ATOM's derivatives market is in a pronounced short-favoring state. The aggregated funding rate stands at -31.35%, meaning shorts are paying longs—a significant inversion of the typical crowded-long dynamic seen in most altcoins. This rate ranks at the 6th percentile of its 90-day range, indicating shorts hold an unusually stretched advantage relative to recent history.

Open interest remains modest at $38.0M, and positioning is actively unwinding: the market shed -2.7% of notional value over the past 24 hours and -7.8% over seven days. This deleveraging pattern aligns with the short bias. Over the same 24-hour window, liquidation imbalance reached -1.00, meaning shorts bore all liquidation pressure with no long liquidations—consistent with an environment favoring short positions.

The leverage risk score of 31 reflects a market structure that is neither fragile nor crowded relative to extremes. Combined with the rate of deleveraging and the extreme short funding dynamic, ATOM's perpetuals market suggests shorts are adequately positioned but face elevated capital costs to maintain those trades. The falling open interest indicates participants are reducing exposure across the board rather than rotating into a fresh directional bet.