Hedera HBAR · perps

HBAR's derivatives market shows a muted positioning environment with mild short-side bias. The aggregated funding rate stands at -2.60%, indicating shorts are paying longs—a condition that typically reflects modest crowding on the long side, though not extreme. This funding rate sits at the 27th percentile over the past 90 days, meaning it is near the lower end of HBAR's recent range and well below periods of elevated long accumulation.

Open interest of $56.8M reflects a relatively modest notional base. The 24-hour change of +0.5% suggests marginal leverage building, while the 7-day decline of -4.1% indicates net position unwinding over the slightly longer horizon. Liquidations have favored shorts, with a liquidation imbalance of +0.53 over the past day, pointing to more long positions closing or being forced out than shorts.

The leverage risk score of 9 is notably low, signaling minimal fragility in the positioning structure. Combined with the negative funding rate, modest open interest, and short-biased liquidation flow, HBAR's derivatives market appears relatively lean and balanced, with neither longs nor shorts establishing crowded leverage that would pose material tail risk to the market.