Janction JCT · perps

JCT's derivatives market shows signs of aggressive leverage buildup paired with elevated funding costs. The aggregated funding APR of 48.32% sits at the 84th percentile of its 90-day range, indicating that current long-biased conditions are notably stretched relative to recent history. Open interest of $15.2M has expanded sharply, rising 14.4% in the past 24 hours and 5.8% over the past week, suggesting sustained inflows of leveraged capital into long positions.

The leverage risk score of 39 reflects moderate structural fragility, though not yet in the danger zone. Notably, the liquidation imbalance stands at +0.00, meaning long and short liquidations have been balanced over the past 24 hours—a neutral signal despite the heavy long positioning implied by funding rates. The combination of soaring funding costs, rapid OI growth, and elevated percentile positioning suggests traders are willing to pay a steep premium to maintain exposure, but the balanced liquidation profile indicates the market has not yet become acutely destabilized.