Ondo ONDO · perps

ONDO's perpetual-futures market is showing signs of deleveraging and balanced positioning. Open interest stands at $70.7M, down 4.0% over the past 24 hours and 9.3% over the past week, indicating that traders are actively closing positions rather than adding leverage. The aggregated funding rate of -0.23% reflects shorts paying longs, a mild premium that sits at the 33rd percentile of ONDO's 90-day range, meaning current funding conditions are subdued relative to recent history.

Liquidation dynamics lean notably toward shorts, with a liquidation imbalance of -1.00, suggesting short positions have been under greater pressure to exit or get closed out. This pattern, combined with negative funding and falling open interest, points to a market where long positioning has been gradually unwinding. The leverage risk score of 9 is markedly low, indicating the market structure is fragile or crowded relative to baseline measures—though in absolute terms, it signals minimal systemic fragility in positioning.

Overall, ONDO's derivatives setup reflects a cooling market with reduced leverage stacking and no signs of extreme directional crowding. The short-liquidation bias and negative funding suggest recent longs have retreated, leaving the market in a relatively neutral and cautious state.