pippin PIPPIN · perps

PIPPIN's derivatives market shows modest leverage positioning with benign risk conditions. Open interest stands at $13.8M, having risen +6.3% over the past day while declining -5.4% across the week, indicating short-term buying interest offset by a longer-term deleveraging trend. The aggregated funding rate of 15.94% annualized reflects a crowded long bias, though its percentile ranking of 49 within the last ninety days suggests this is neither stretched nor compressed relative to recent history—essentially at the middle of PIPPIN's typical range.

Liquidation activity tilts moderately toward long positions, with an imbalance of +0.15 over twenty-four hours. The leverage risk score of 12 places PIPPIN well below concerning thresholds, indicating low fragility in the derivatives stack. Taken together, while longs are paying shorts and some fresh leverage has entered the market short-term, the overall positioning remains lightweight and the recent 90-day funding pattern shows no unusual tension, suggesting limited vulnerability to sharp repricing or cascade liquidations.