TUT TUT · perps

TUT's perpetual-futures market shows a sharp recent build-up in leverage that is beginning to unwind. Open interest stands at $6.4M with a dramatic seven-day gain of +188.0%, indicating a major inflow of leveraged positions over the past week. However, this momentum has stalled: open interest contracted by 1.9% over the last twenty-four hours, suggesting early position unwinding or profit-taking.

The funding environment reflects stretched long positioning. The aggregated funding rate of 7.80% annualized is elevated, placing it at the 73rd percentile of the past ninety days—well above the median of recent history for TUT. This indicates longs are paying shorts a meaningful premium to maintain their exposure, a hallmark of asymmetric long-side crowding. The liquidation imbalance of +0.00 shows no directional skew in twenty-four-hour liquidations, meaning closures have been balanced between sides.

Despite the aggressive open-interest rally and stretched funding, the leverage risk score of 16 remains low. This suggests that while positioning has grown rapidly, absolute leverage levels and concentration remain manageable relative to TUT's recent trading patterns. The combination of a steep funding rate against a modest risk score points to crowded sentiment rather than dangerous fragility—a setup that can persist but warrants monitoring if liquidations accelerate.