Pepe PEPE · perps

PEPE's perpetual futures market shows modest positioning activity with low overall leverage stress. Open interest stands at $118.9M, having declined -10.2% over the past week despite a small +0.8% uptick in the last 24 hours, suggesting consolidation after recent deleveraging. The aggregated funding rate of -0.82% indicates shorts are paying longs, a configuration typical of slightly under-crowded long positioning, and this sits at the 34th percentile of the last 90 days—well below recent extremes for the token.

Liquidation pressure remains light, with a 24-hour imbalance of +0.21 showing a modest tilt toward long liquidations but nothing acute. The leverage risk score of 8 is notably low, reflecting a market structure without significant fragility or crowded positioning. The combination of negative funding, declining weekly open interest, and a minimal risk score suggests PEPE's derivatives market is in a relatively healthy state without pronounced leverage accumulation or systemic liquidation risk at current levels.