Official Trump TRUMP · perps

TRUMP's derivatives market is currently shaped by an unusually bearish funding regime. The aggregated funding rate stands at -26.69% annualized, placing it at the 35th percentile over the past 90 days—a moderately low reading that reflects shorts being paid by longs, suggesting crowded short positioning rather than the typical leverage-long environment seen across most crypto assets. This negative funding backdrop has emerged despite open interest of $41.9M, which is modest in absolute terms.

Positioning dynamics reveal a mixed picture. Over the past 24 hours, open interest rose +4.0%, indicating fresh leverage deployment, but the seven-day trend shows -3.8%, meaning the near-term momentum has been toward unwinding. The liquidation imbalance recorded -0.98 over 24 hours, signaling a preponderance of short liquidations—a signal that short positions have been closing involuntarily, likely during price rallies. This aggressive short-side capitulation contrasts with the negative funding environment and suggests recent volatility has caught shorts underwater.

The leverage risk score of 16 is notably low, indicating minimal fragility in the current structure. The combination of depressed funding, contained open interest, and aggressive short liquidations suggests TRUMP's derivatives market is neither acutely crowded nor highly leveraged at present, despite the sharp directional imbalance in liquidations.