Alien Worlds TLM · perps

TLM's perpetual-futures market is showing extreme and unstable positioning dynamics. The aggregated funding rate stands at -655.34% annualized, an exceptionally negative reading that places it at the 7th percentile over the last ninety days—meaning shorts are paying longs at an unusually aggressive rate relative to TLM's own recent history. This inversion suggests a heavily oversold market structure with crowded short positioning that has become stretched enough to warrant substantial compensation flows to long holders.

Open interest in TLM is modest at $5.3M, but the leverage composition is highly volatile. Over the past twenty-four hours, open interest surged +105.6%, indicating a sharp spike in new leverage entries, while the seven-day trend reveals -46.6% cumulative decline—a pattern of rapid position turnover and unstable conviction. The liquidation imbalance at +0.00 shows neutral pressure between longs and shorts on a twenty-four-hour basis, offering no relief from the structural tension created by the extreme funding regime.

The leverage risk score of 61 reflects moderate-to-elevated fragility in the current setup. The combination of deeply negative funding, historically stretched positioning relative to its own band, volatile open interest swings, and elevated leverage risk suggests TLM's derivatives market is structurally imbalanced and vulnerable to sudden repricing or volatility spikes that could cascade liquidations as the short-crowded structure unwinds.