SPY SPY · perps

SPY's perpetual futures positioning shows minimal tension and balanced risk across exchanges. The aggregated funding rate stands at 0.00%, indicating neither longs nor shorts are paying to maintain their positions—a neutral equilibrium rarely seen in crypto derivatives. This neutral stance is reinforced by a liquidation imbalance of +0.00, meaning buy and sell side liquidations are evenly matched over the past 24 hours.

Current open interest sits at $21.4M with modest growth momentum: +0.9% over 24 hours and +2.9% over the past week. While positions are slowly expanding, the pace is gradual and unhurried. The funding percentile of 61 places today's funding rate slightly above its 90-day median, suggesting a marginal skew toward long bias within recent history, though the absolute 0.00% rate itself is notably balanced.

The leverage risk score of 3 reflects extremely low systemic fragility. With near-zero funding, minimal liquidation imbalance, small absolute open interest, and slow position growth, SPY's derivatives market shows no signs of crowded or over-extended leverage. The combination suggests measured positioning without sharp directional conviction on either side.