Quantority
QQQ QQQ · perps
Price · 1h
QQQ across exchanges
| Exchange | Funding APR | Open interest | OI share |
|---|---|---|---|
B Bitget | +0.00% | $22.96M | 67% |
O OKX | +43.84% | $11.31M | 33% |
Funding annualized per venue interval; open interest is the latest reading per exchange. No fresh per-venue reading from Binance, Bybit right now — the cross-exchange totals above still include every venue's last data.
Interpretation
QQQ's derivatives market shows a modest long bias with declining leverage intensity. The aggregated funding rate sits at 1.42% annualized, indicating longs are paying shorts, though this figure ranks at the 77 percentile of the last 90 days—suggesting the crowding is elevated relative to QQQ's recent range. The absolute positioning remains contained at $34.3M in open interest.
The near-term deleveraging trend is pronounced. Open interest fell 1.1% over the past 24 hours and 11.4% across the week, signaling systematic position closure rather than sustained accumulation. This contraction is reinforced by the liquidation imbalance of -1.00, indicating that shorts faced disproportionate forced closeouts in the period—a signal that long-skewed leverage was being flushed out despite the net decline in notional size.
The leverage risk score of 12 reflects a healthy, low-fragility state. Even with funding stretched to the 77 percentile, the underlying positioning framework remains stable and resilient. QQQ's derivatives setup currently presents limited tail risk from crowded leverage, with the structural retreat in open interest favoring further derisking rather than acute liquidation cascades.