DRAM DRAM · perps

DRAM's derivatives market shows minimal leverage stress and active deleveraging. The aggregated funding rate stands at 0.14%, placing it at the 36th percentile over the past 90 days—neither crowded nor inverted, indicating balanced positioning between longs and shorts. Open interest of $36.4M reflects a modest-sized market, and the decline of 3.2% over 24 hours and 13.2% over seven days suggests traders are actively unwinding positions rather than building fresh exposure.

The liquidation imbalance of −1.00 reinforces this trend, showing that shorts have been liquidated exclusively over the past day while no longs hit liquidation thresholds. This pattern typically occurs when short positions close profitably or are forced to cover as price moves. The leverage risk score of 12 is markedly low, indicating the market structure is robust and fragile leverage has not accumulated.

Overall, DRAM presents a subdued and deleveraging derivatives environment. The combination of mild funding, falling open interest, directional liquidation favoring shorts, and minimal systemic leverage risk suggests the market is in a consolidation phase with no acute crowding or tail-risk conditions present.