DeXe DEXE · perps

DEXE's perpetual-futures market is experiencing aggressive leverage accumulation with pronounced long-side crowding. The aggregated funding rate stands at 39.33% annualized, placing it at the 93rd percentile of its 90-day range—a signal that current positioning is stretched relative to recent history. Open interest has expanded sharply, growing +39.0% over the past 24 hours and +116.2% over the past week, reflecting rapid capital inflow into leveraged positions across exchanges.

The total open interest of $162.0M now supports this extended positioning, though the scale remains modest by market standards. Notably, the liquidation imbalance of +0.00 indicates balanced two-way liquidation flow over the past day, suggesting that despite the long bias in funding, neither side faced material cascading closures. The leverage risk score of 54 sits at a moderate level, implying the structure is not yet in an extreme fragility state, but the combination of elevated funding percentile, sustained OI growth, and high funding rate warrants attention to refinancing costs and tail-risk exposure among leveraged longs.