PUMPFUN PUMPFUN · perps

PUMPFUN's derivatives market shows modest positioning against a backdrop of recent deleveraging. Open interest stands at $16.1M, having contracted 20.8% over the past week while gaining a marginal +0.4% in the last day, suggesting traders have been unwinding exposure but stabilizing around current levels. The aggregated funding rate of 10.95% sits at the 71st percentile of the last 90 days, indicating longs are paying shorts at a rate above the coin's typical recent experience—a sign of moderately elevated long-side crowding, though not at extreme levels.

The leverage risk score of 15 reflects a relatively benign positioning environment. Despite the elevated funding rate, the low risk score and perfect-zero liquidation imbalance over 24 hours suggest that leverage is not fragile or heavily stacked in either direction. The combination of recent large weekly outflows, stable 24-hour flows, and moderate funding pressure indicates traders have already pared back exposure from what may have been a more stretched state, leaving the market in a less vulnerable state than the funding percentile alone might imply.