HOME HOME · perps

HOME's derivatives market shows a mixed picture of elevated funding costs paired with declining leverage exposure. The aggregated funding APR stands at 21.38%, placing it at the 89th percentile over the past ninety days—a historically stretched level that typically signals crowded long positioning and sustained pressure on leveraged buyers. Yet this bullish funding backdrop contrasts sharply with deleveraging activity: open interest has contracted 1.2% over twenty-four hours and 21.3% over seven days, indicating that traders are actively closing positions rather than adding to them.

The liquidation imbalance of −1.00 reveals a pronounced asymmetry, with shorts experiencing complete liquidation dominance over the period—a signal that long positions have been absorbing losses as the market has corrected or consolidated. Open interest remains modest at $6.4M, consistent with HOME's smaller derivative footprint. The leverage risk score of 26 reflects relatively low fragility despite the funding extremes, suggesting that while sentiment is stretched, absolute leverage concentration and position crowding are restrained.

The coherent narrative is one of an overbought funding regime encountering natural deleveraging and short-side capitulation, without the hallmarks of dangerous leverage buildup. The high funding percentile warns that longs are paying a premium cost, but the sustained reduction in open interest and low risk score indicate this crowding is already unwinding rather than intensifying into a critical threshold.