Bedrock BR · perps

BR's derivatives market shows signs of cautious positioning despite elevated funding conditions. The aggregated funding APR stands at 10.95%, placing it at the 82nd percentile of its 90-day range—a notably stretched level that reflects persistent long crowding relative to recent history. With open interest at $5.6M, the absolute size of leveraged exposure remains modest, though the market structure clearly favors longs paying shorts at an annualized rate well above equilibrium.

Recent deleveraging activity suggests some unwinding of these crowded positions. Open interest declined 0.4% over the past 24 hours and 3.8% over seven days, indicating traders are gradually closing rather than adding to their bets. The liquidation imbalance of +0.00 shows no directional bias in forced closures, meaning neither longs nor shorts have faced systematic wiping out despite the funding premium incentivizing long exits.

The leverage risk score of 23 reflects relatively benign fragility metrics, suggesting that while funding has stretched to an elevated percentile, the overall positioning lacks the density or concentration typical of markets prone to cascade liquidations. The combination of high funding, modest deleveraging, and a low-to-moderate risk score indicates BR remains in a patient unwind phase rather than facing acute destabilization.