TSLA TSLA · perps

TSLA's perpetual-futures positioning shows marked deleveraging and balanced sentiment. Open interest stands at $12.9M, down 5.1% over the past day and 23.8% over the past week, indicating a sustained unwinding of leverage across the market. The aggregated funding rate has settled to 0.00%, reflecting neither systematic long crowding nor short dominance—a neutral equilibrium that sits at the 30th percentile of the past 90 days, meaning funding has been meaningfully higher and more stretched for longs during that period.

Liquidation activity tilts decisively toward shorts, with a liquidation imbalance of -1.00 over 24 hours, the most extreme short-favoring outcome. This suggests that as positions have been closed, short sellers have borne disproportionate losses or been flushed out more aggressively than longs. Despite this asymmetric liquidation, the leverage risk score remains low at 9, consistent with the overall reduction in notional exposure and the absence of crowded positioning signals. The combination of depleting open interest, neutral funding, and short-side liquidations points to a market in deleverage mode rather than one building fragile consensus.