Pi Network PI · perps

PI's derivatives market is displaying pronounced deleveraging pressure coupled with a structural short bias. The aggregated funding rate stands at -53.95%, placing it at the 14th percentile over the last ninety days—a notably depressed level where shorts are paying longs to maintain positions, signaling weak demand for leveraged long exposure. This extreme funding sits well below the coin's recent range, reflecting a shift away from the crowded-long conditions that have dominated its recent history.

Open interest has contracted sharply, declining -18.9% over the past twenty-four hours and -20.5% over seven days, bringing total notional positioning to just $6.8M. The liquidation imbalance of -1.00 over twenty-four hours indicates that short positions have borne the entirety of liquidations, adding to the sense of short-side weakness. Despite the ongoing deleveraging cycle, the leverage risk score remains moderate at 37, suggesting that while positioning has become less crowded and the market structure is shifting, fragility has not yet reached critical levels. The combination of negative funding, sustained position reductions, and short-weighted liquidations points to a period of capitulation rather than accumulating risk.