Bitcoin BTC · perps

BTC's perpetual futures market shows a balanced but modest funding environment. The aggregated funding rate stands at 2.69%, indicating a slight long bias where longs are paying shorts, though this is well below historically stretched levels—ranking only at the 44th percentile over the last 90 days. Open interest of $15.2B remains stable, with negligible shifts in both the 24-hour period (+0.0%) and the 7-day window (-0.1%), suggesting neither aggressive leverage accumulation nor significant deleveraging.

The liquidation imbalance of -0.64 over 24 hours reveals a notable directional bias: shorts are being liquidated at roughly two-thirds the rate of longs, pointing to recent downside pressure that has squeezed short positions. Despite this skew, the leverage risk score of 9 remains very low, indicating that overall positioning is neither crowded nor structurally fragile. The combination of stable open interest, moderate funding, and low leverage risk suggests the market is operating in a relatively healthy state without extreme one-sided sentiment or unsustainable positioning.