SNDK SNDK · perps

SNDK's derivatives market is in a pronounced deleveraging phase following acute short-covering activity. Open interest has collapsed 28.7% in the last 24 hours and 5.7% over seven days, with the $65.5M notional now well below recent levels. The aggregated funding rate of -9.91% indicates shorts are paying longs substantially—a signal of short-side stress—and this rate sits at the 8th percentile of the past 90 days, meaning it is unusually favorable to longs relative to the coin's own recent history.

The liquidation imbalance of -0.78 over 24 hours reveals that shorts have absorbed the majority of forced exits, consistent with a short squeeze environment. Despite the sharp deleveraging, the leverage risk score remains at 43, suggesting positioning fragility has moderated but has not yet normalized entirely. The combination of rapid OI destruction, extreme negative funding, and asymmetric short liquidations points to a market in active rebalancing rather than one building fresh leverage or crowded consensus.