Unibase UB · perps

UB's derivatives market is currently modest in size at $9.0M open interest, with positioning contracting sharply over the past week. Open interest has declined 49.5% over seven days and a further 4.9% in the last 24 hours, signaling active deleveraging across the market. This unwinding is occurring despite a notably elevated funding rate of 10.95%, which sits at the 5th percentile of the past 90 days—suggesting that while longs are currently paying shorts at an above-average rate, this cost is well below the extremes UB has recently experienced.

The liquidation imbalance of -0.19 indicates a slight bias toward short liquidations over the past 24 hours, though the signal remains muted. The leverage risk score of 38 points to moderate fragility in the current structure, reflecting the combination of elevated funding pressure and shrinking overall leverage. The rapid reduction in open interest—particularly the 49.5% weekly decline—suggests that despite the high funding rate, traders are preferring to exit positions rather than hold through the cost. This pattern implies cautious sentiment and a market in transition rather than one characterized by extreme crowding or imminent leverage cascade risk.