SPCX SPCX · perps

SPCX is displaying a marked contrast between funding conditions and positioning dynamics. The aggregated funding APR stands at 12.81%, placing it at the 84th percentile of its 90-day range—a sign that long positions are paying shorts at an elevated rate relative to recent history. This elevated funding suggests crowded long positioning, yet open interest of $133.6M has contracted sharply, declining 6.7% over the past 24 hours while staying nearly flat at -0.1% over seven days.

The liquidation imbalance of -1.00 over 24 hours indicates that shorts have absorbed all recent liquidation pressure, with no long liquidations recorded. This extreme short-side liquidation combined with falling open interest suggests a recent squeeze-out or deleveraging cycle targeting leveraged short positions. Despite the historically stretched funding environment, the leverage risk score of 24 remains moderate, implying the overall fragility of positions is not acute.

The pattern suggests a market transitioning from elevated long crowding into a phase of position unwinding. Shorts were forcibly closed, funding rates remain expensive for longs, yet the absolute scale of leverage is not extreme by recent standards. Traders should monitor whether funding remains sticky at these elevated levels as positioning stabilizes, or whether the liquidation event marks a turning point in sentiment.