KAT KAT · perps

KAT's derivatives market shows a sharp contraction in the past day despite substantial week-long accumulation. Open interest stands at $5.9M, having declined 13.1% in the last 24 hours while expanding 78.2% over the past week, suggesting recent volatility has prompted some position-taking followed by rapid deleveraging. The aggregated funding rate of 9.94% annualized indicates longs are currently paying shorts, though this sits only at the 46th percentile of the past 90 days, meaning the crowding signal is moderate and unremarkable by recent standards for KAT.

The liquidation imbalance of -1.00 over 24 hours reveals that shorts were liquidated exclusively during the period, with no long liquidations recorded. This asymmetric exit pattern combined with falling open interest suggests short positions were forced to close, though the overall market remains modest in absolute size. The leverage risk score of 9 indicates minimal fragility in the positioning structure, reflecting both the small notional base and the absence of extreme leverage concentration typical of more volatile or crowded assets.