NVDA NVDA · perps

NVDA's derivatives market is currently in a state of low tension and deleveraging. The aggregated funding rate stands at 0.00%, indicating balanced positioning between longs and shorts with no directional pressure on funding costs. This equilibrium is further underscored by the funding percentile of 23, showing that current rates are unusually subdued relative to the coin's 90-day range—a historically low reading that reflects minimal crowding in either direction.

Open interest has contracted meaningfully, with positions declining 4.6% over the past 24 hours and 8.4% over the past seven days. This sustained reduction suggests active deleveraging rather than a temporary pullback, consistent with a broader unwinding of exposure across the derivatives complex. The total open interest of $27.4M reflects a relatively modest notional size, and the combination of falling OI and neutral funding conditions indicates participants are moving toward lower-leverage positioning.

Liquidation activity skews toward short positions, with a liquidation imbalance of -0.49 recorded over 24 hours. This suggests that traders holding short exposure have faced more pressure than longs, though the magnitude remains moderate. The leverage risk score of 15 is markedly low, reflecting minimal fragility in the current structure. Overall, NVDA's derivatives landscape presents a stable backdrop with subdued volatility risk and no evident signs of extreme positioning stress.