Grass GRASS · perps

GRASS is displaying a striking contradiction between near-term momentum and longer-term position unwinding. The aggregated funding rate stands at 10.95%, and this sits at the 100th percentile of the last 90 days—meaning the market has rarely if ever charged longs this aggressively for carrying the position. This extreme reading typically signals crowded long positioning, yet open interest tells a different story: after rising 2.6% over the past 24 hours, GRASS has shed 28.7% of its notional open interest over seven days, indicating substantial deleveraging despite the soaring funding rate.

The liquidation imbalance of -0.70 reveals that shorts have been liquidated roughly seven times more frequently than longs over the past day, a sharp signal that leveraged short positions have been particularly fragile. This dynamic—rising funding punishing shorts, combined with aggressive short liquidations—suggests that what remains of the long positioning may be both smaller in absolute size and more resilient than the recent decline in total open interest would imply.

At $28.9M in total open interest, GRASS maintains relatively modest absolute leverage. The leverage risk score of 41 sits in a moderate range, reflecting neither extreme fragility nor robust stability. The combination of historic-high funding pressure and active short liquidation against a backdrop of overall position reduction points to a market in transition: longs may be gradually taking control despite reduced aggregate leverage, though the sustainability of 10.95% annualized funding rates typically invites new entries and eventual mean reversion.