Internet Computer ICP · perps

ICP's derivatives market shows a pronounced short bias with minimal liquidation risk. The aggregated funding rate stands at -12.81%, indicating shorts are paying longs—a reversal of typical crowded-long dynamics—and this negative funding sits at the 17th percentile over the past 90 days, meaning it is unusually favorable to long-side traders relative to recent history. Open interest of $43.0M remains modest in absolute terms, and positioning has contracted materially, with open interest declining -2.7% over 24 hours and -5.8% over 7 days, suggesting active deleveraging rather than accumulation of fresh leverage.

The liquidation imbalance of -1.00 over 24 hours indicates that all liquidations favored shorts, with no long liquidations recorded. This extreme reading reflects the thin positioning environment and the protective funding environment for longs. The leverage risk score of 33 remains low and stable, confirming that the market structure is neither crowded nor fragile at current levels.

Taken together, ICP presents a discount-funded, low-leverage setup with ongoing position reduction and asymmetric liquidation pressure favoring shorts. While the deleveraging and short-heavy skew may signal reduced conviction among traders, the low risk score and protective funding conditions leave limited room for sudden violent moves against the dominant short positioning.