Shiba Inu SHIB · perps

SHIB's derivatives market shows a modest positioning environment with mild deleveraging underway. Open interest stands at $35.2M, down 0.6% over the past day and falling 11.7% across the week, indicating steady closure of leveraged positions rather than accumulation of new exposure. The aggregated funding rate of 9.77% annualized reflects a moderately long-biased market, though this sits at the 58th percentile of the past ninety days—neither stretched nor depressed relative to recent history.

The liquidation imbalance of -1.00 over twenty-four hours signals that short positions have absorbed all measurable liquidations, a sharp skew that contrasts with the positive funding rate. This suggests shorts are being cleared out despite longs technically funding them, which may indicate tactical positioning shifts or volatility triggering underwater leverage on the short side. The leverage risk score of 4 is notably low, reflecting minimal fragility in the aggregate positioning—SHIB's derivatives market lacks the crowded or fragile leverage characteristics that typically precede sharp unwinding.

Overall, SHIB exhibits a benign derivatives setup: funding is moderately elevated but unremarkable by recent standards, open interest is shrinking, and systemic leverage risk remains minimal. The combination points to a market in gradual deleveraging with no signs of extreme positioning stress.