Spacecoin SPACE · perps

SPACE is currently exhibiting a sharp short-favoring funding environment, with aggregated funding at -36.76%, meaning shorts are receiving payments from longs. This deeply negative rate sits at the 5th percentile of the last ninety days, indicating it has fallen to an unusually compressed level relative to SPACE's own recent history—a reversal from the coin's typical positioning patterns.

Open interest stands at $5.6M across exchanges, having contracted by -3.3% over the past twenty-four hours as traders have reduced exposure. The liquidation imbalance registered -1.00 over the same period, signaling that short positions bore the entirety of realized liquidations while long positions were spared, a dynamic consistent with the short-heavy funding environment unwinding.

The leverage risk score of 33 reflects moderate structural fragility in the positioning. While the extreme funding angle and concentrated short liquidations suggest asymmetric risk tilted toward short-side vulnerability, the relatively modest open interest and ongoing deleveraging across the twenty-four-hour window indicate the market is actively adjusting rather than accumulating risk. The combination points to a clearing of crowded shorts rather than an accumulation of leverage in either direction.