Pump.fun PUMP · perps

PUMP is displaying modest bullish positioning with contained leverage risk. The aggregated funding rate stands at 7.81%, indicating that longs are paying shorts—a typical sign of crowded long sentiment. This funding level sits at the 71st percentile over the last 90 days, placing it in the upper portion of PUMP's recent range but not at extreme levels. Open interest of $61.1M reflects a moderately sized derivatives market, with positioning growing steadily: open interest rose 8.6% in the past 24 hours and 3.3% over the week, suggesting sustained accumulation of leverage rather than panic covering.

The liquidation imbalance of +0.49 over 24 hours shows more longs being liquidated than shorts, a sign that some long positions are being forced out despite the bullish funding environment. This divergence—rising leverage combined with long liquidations—suggests a minor stress point in crowded long positioning, though the leverage risk score of 15 indicates overall fragility remains low. The combination of elevated but not extreme funding, steady OI growth, and modest long pressure suggests a market in consolidation, with longs maintaining conviction but without the degree of crowding that typically precedes major reversals.