Sei SEI · perps

SEI's derivatives positioning shows a sharp deleveraging trend alongside minimal long-side liquidation pressure. Open interest has declined 1.5% over the past day and 14.8% over the past week, indicating traders are actively unwinding leverage rather than holding through volatility. The aggregated funding rate stands at 2.43% annualized, placing it at the 54th percentile of SEI's 90-day range—neither stretched nor compressed relative to recent history.

The liquidation imbalance of -1.00 over the past 24 hours reveals that short positions have been cleared far more aggressively than long positions, a signal that short sellers faced margin pressure while long holders maintained their exposure. This contrasts with the overall OI contraction, suggesting the long side—though smaller in absolute terms—proved more resilient.

With a leverage risk score of 4, SEI's perpetual market is extremely fragile-free. The combination of declining open interest, low funding rates relative to historical norms, and asymmetric short liquidations points to a market moving toward equilibrium after a period of short crowding. The risk environment remains subdued, though the pace of deleveraging warrants monitoring for signs of sustained demand destruction.