USD.AI CHIP · perps

CHIP's derivatives market is showing signs of deleveraging after a period of elevated positioning. Open interest stands at $15.6M, down sharply by -13.9% over the past 24 hours and -1.2% over the past week, indicating that traders are actively closing leveraged positions rather than building new ones. The aggregated funding rate of 5.10% remains moderately positive, placing it at the 74th percentile of the last 90 days—suggesting that while longs still pay shorts, the premium is not at extreme levels relative to recent history.

The liquidation data reveals a notably asymmetric picture. Over the past 24 hours, the liquidation imbalance was -1.00, meaning shorts bore the full weight of liquidations while no longs were liquidated. This dynamic, combined with falling open interest, suggests shorts were forced out of positions as prices moved in their disfavor. Despite this volatility in liquidations, the leverage risk score sits at 18, indicating low systemic fragility in the market structure. The combination of rapid deleveraging, moderate funding rates, and a depressed risk score points to a market moving away from crowded leverage positions and toward a more stable equilibrium.