Bittensor TAO · perps

TAO's derivatives market is currently in a mild state of equilibrium despite elevated funding costs. The aggregated funding APR stands at 10.33%, which sits at the 47th percentile of the past ninety days—indicating that while longs are paying shorts at a meaningful rate, this level is neither historically stretched nor unusually depressed for the asset. Open interest of $89.3M reflects moderate positioning size across exchanges.

Recent positioning dynamics show conflicting signals. Over the past week, open interest has grown by +5.1%, suggesting some accumulation of leveraged exposure, yet the past twenty-four hours saw a contraction of -0.6%, pointing to minor profit-taking or deleveraging. The liquidation imbalance of -0.88 over the last day reveals a pronounced tilt toward short liquidations, meaning the market has been flushing out bearish positions rather than longs—a dynamic consistent with gentle upward pressure.

The leverage risk score of 11 is notably low, indicating that current positioning lacks the fragility or crowding typical of elevated-risk environments. Combined with moderate funding costs and the short-liquidation bias, TAO's derivatives market appears structurally sound, with neither longs nor shorts dominating the liquidation landscape in an extreme manner.