Peanut the Squirrel PNUT · perps

PNUT's perpetual-futures positioning shows modest deleveraging amid light overall activity. Open interest stands at $7.3M with a 24-hour decline of -3.4% and a weekly pullback of -9.9%, indicating traders are steadily closing positions rather than building new leverage. The aggregated funding rate of 9.65% annualized remains moderately elevated, though its funding percentile of 46 over the last 90 days confirms this is neither stretched nor unusually compressed relative to recent history.

Liquidation dynamics over the past day present a notable signal: the liquidation imbalance of -1.00 indicates that short positions absorbed all realized losses, with no long liquidations recorded. This skew suggests that despite the funding rate favoring long traders, the actual pain has fallen on the short side of the market. The leverage risk score of 5 reflects a low-fragility environment overall—positioning lacks the crowding or fragility typical of elevated-risk periods.

The combination points to a relatively stable, lightly-leveraged market in PNUT derivatives. Neither bulls nor bears are aggressively pushing fresh leverage, and the persistent long-favorable funding rate appears to reflect mild directional bias rather than crowded extremes. The short-side liquidations should be monitored as a potential support signal, but the modest size and gradual deleveraging suggest this market lacks material tail risk at present.