Gram (prev. Toncoin) GRAM · perps

GRAM's derivatives market shows a sharp deleveraging cycle underway. Open interest has contracted -5.1% over the past 24 hours and -13.9% over the past week, signaling active position unwinding across exchanges. The current notional open interest of $46.3M reflects this compressed positioning, while the leverage risk score of 32 indicates relatively moderate fragility compared to historical norms for the asset.

The funding dynamics reveal a meaningful shift in positioning bias. The aggregated funding rate stands at -22.71%, meaning shorts are paying longs—a sign that short positioning currently dominates the market structure. This rate sits at the funding percentile 90d of 6, placing it among the lowest readings GRAM has seen in three months, well below typical crowding thresholds. The liquidation imbalance of -0.96 over 24 hours confirms that shorts have borne nearly all liquidation pressure, consistent with an environment where short leverage is being tested or unwound aggressively.

Taken together, the data suggests GRAM is in a phase of short-dominated deleveraging. The combination of falling open interest, deeply negative funding, and directional liquidation imbalance points to a market structure that is tightening rather than expanding risk—a notably different environment from periods of long crowding or broad leverage buildup.