OpenLedger OPEN · perps

OPEN's perpetual-futures market shows modest positioning with minimal leverage stress. Open interest stands at $9.1M, down 3.2% over the past day and 20.0% over the week, indicating consistent deleveraging as traders have been closing positions. The liquidation imbalance of +0.00 reflects a balanced distribution of liquidations between long and short sides, suggesting no directional cascade risk in the near term.

Funding rates remain moderately elevated at 10.95% annualized, though the funding percentile of 54 places this level near the middle of OPEN's recent 90-day range rather than at stretched extremes. This indicates that while longs are paying shorts—typical of mild bullish sentiment—the positioning is not unusually crowded relative to OPEN's own history. The leverage risk score of 8 is low, reinforcing that the market structure is fragile only in absolute terms; the combination of shrinking open interest, neutral liquidation balance, and mid-range funding pressure suggests traders are managing risk cautiously rather than accumulating aggressive leverage.