Injective INJ · perps

INJ's derivatives market shows a distinctly short-biased positioning environment. The aggregated funding rate stands at -20.45%, meaning shorts are paying longs—a significant inversion that reflects crowding on the short side. This negative rate sits at the 14th percentile over the last 90 days, indicating that shorts have rarely been this heavily favored relative to INJ's recent history. The funding imbalance is reinforced by liquidation activity: the liquidation imbalance of -0.96 reveals that shorts have absorbed the overwhelming majority of liquidations over the past 24 hours, further validating the structural skew toward short positioning.

Open interest stands at $41.9M, a modest base that has contracted over the measured periods. The open interest declined -4.3% in the past 24 hours and -1.8% over 7 days, signaling that traders are closing positions rather than layering in new leverage. This deleveraging pattern, combined with the extreme short bias, suggests that some short positions may be unwinding or that overall conviction in the direction is waning.

The leverage risk score of 25 reflects relatively low systemic fragility in the current setup. Although shorts dominate positioning, the modest absolute open interest and the active deleveraging keep the market structure relatively stable compared to historically crowded scenarios. The short-skewed funding and liquidation dynamics indicate asymmetric risk weighted toward short covering, but the absolute leverage footprint limits the potential shock magnitude.