dYdX DYDX · perps

DYDX's derivatives market shows modest positioning with low leverage risk. Open interest stands at $16.0M, down 3.6% over the past day and 11.9% over the week, indicating steady deleveraging across the market. The aggregated funding rate is positive at 6.77% annualized, though at the 47th percentile of its 90-day range this represents a neutral positioning level—neither stretched long nor capitulated short by recent standards.

The leverage risk score of 7 reflects a benign risk environment with minimal fragility in the current structure. Over the past 24 hours, the liquidation imbalance reached -1.00, meaning shorts exclusively absorbed liquidations while longs remained untouched. This asymmetric liquidation, paired with the ongoing deleveraging trend, suggests shorts are being flushed out as positions unwind, though the modest absolute size of open interest limits the magnitude of systemic stress any such moves could trigger.