Bonk BONK · perps

BONK's derivatives market displays a pronounced short-biased structure with subdued overall leverage risk. The aggregated funding rate stands at -50.49%, indicating shorts are substantially compensating longs, a condition that typically emerges when the market has priced in bearish sentiment or a crowded short position. This extreme negative rate places the funding percentile at 2 over the last ninety days, meaning current conditions are historically underpriced for BONK and represent unusually favorable terms for long traders relative to recent history.

Open interest totals $35.4M, a modest notional size relative to higher-volume perpetual markets. The recent trajectory shows accumulation: open interest rose +3.2% over the past twenty-four hours and +26.5% over seven days, suggesting traders have been incrementally rebuilding leverage positions despite the bearish funding environment. This growth pattern indicates conviction among new entrants rather than panic deleveraging.

The liquidation imbalance registered -1.00 over the past day, meaning short liquidations exceeded long liquidations, a signal consistent with shorts being squeezed or unable to sustain positions at prevailing prices. With a leverage risk score of 36, positioning remains moderate and structurally stable—neither compressed into dangerous crowding nor scattered. The combination of extreme negative funding, short-side liquidations, and steady open interest growth suggests BONK's derivatives market is in a transitional phase where previously underwater shorts are being challenged, though absolute leverage fragility remains contained.