Pendle PENDLE · perps

PENDLE's derivatives positioning shows modest positioning size with restrained leverage conditions. Open interest stands at $26.3M, having declined -2.1% over the last twenty-four hours while expanding +23.2% across the week, suggesting recent consolidation after a period of leverage accumulation. The aggregated funding rate of 5.14% sits at the 30th percentile of its 90-day range, indicating that long-funding costs are currently mild and well below the instrument's recent stretch levels—longs are paying shorts, but at a pace below the median of recent history.

Liquidation activity over the past day reveals a sharp imbalance of -0.88, meaning shorts have absorbed considerably more liquidation pressure than longs. This skew toward short liquidations often signals crowding among short positions rather than fragile long leverage. The leverage risk score of 11 is notably low, reflecting minimal structural fragility in the market structure. Taken together, PENDLE exhibits a balanced, low-risk derivatives environment: moderate positioning, cooling funding, and no acute leverage concentration that would amplify downside volatility.