Plume PLUME · perps

PLUME's derivatives positioning shows a bearish lean with limited leverage risk. The aggregated funding rate stands at -8.31%, indicating shorts are receiving payments from longs—a reversal of the crowded-long dynamics typical of retail-driven rallies. This negative funding sits at the 16th percentile over the past 90 days, meaning current conditions are unusually favorable to short sellers compared to recent history.

Open interest has contracted sharply, declining 6.8% in 24 hours and 17.7% over seven days, suggesting traders are actively closing positions rather than adding leverage. With $6.7M in total open interest, PLUME remains a minor market by derivatives volume, limiting the scale of any potential liquidation cascade. The liquidation imbalance of +0.00 confirms equilibrium in forced closures between longs and shorts over the past day, corroborating an absence of acute directional stress.

The leverage risk score of 28 reflects elevated stability. Combined with the negative funding environment and persistent deleveraging, the positioning data indicates a market without stretched leverage or consensus crowding. Traders appear cautious, and any further price moves are unlikely to trigger cascading liquidations given the lightweight open interest and neutral imbalance.