Tellor Tributes TRB · perps

TRB's perpetual-futures market shows modest activity with a funding rate of 10.95% annualized, indicating longs are paying shorts—a typical crowded-long signal, though the funding_percentile_90d of 11 reveals this rate sits well below its recent history, suggesting current demand is relatively restrained compared to the past ninety days. Open interest stands at $8.6M, a relatively small absolute position size that has contracted sharply: down 2.0% over the last 24 hours and down 35.1% over seven days, pointing to sustained deleveraging and position unwinding.

The liquidation imbalance of -1.00 over the past day shows all liquidations were shorts, with no long liquidations recorded. This directional skew—paired with declining open interest—suggests shorts were being flushed out as leverage was broadly removed from the market rather than a sign of acute long-side stress. The leverage_risk_score of 28 reinforces this picture: it is comfortably low, indicating the market is neither crowded nor fragile relative to its typical state.

Overall, TRB's derivatives positioning reflects a modest, unwinding market with minimal structural risk. The combination of small open interest, aggressive seven-day deleveraging, low historical funding, and low leverage risk suggests positioning is thin and relatively balanced, with little indication of stretched leverage or imminent liquidation cascades.