Talus US · perps

US perpetual futures show a marked buildup in leverage positioning and increasingly stretched funding conditions. The aggregated funding rate stands at 77.88% annualized, placing it at the 87th percentile of the past 90 days—indicating longs are paying substantially above historical norms to hold their positions. Open interest has grown sharply, rising +10.5% over 24 hours and +37.3% over the past week, bringing total notional exposure to $23.5M. This rapid accumulation of leverage combined with elevated funding signals crowding into long positions.

The leverage risk score of 42 reflects moderate fragility relative to the position stack size. The liquidation imbalance of +0.00 shows no directional skew in liquidations over the past day, suggesting the market has not yet reached a trigger point for cascading longs or shorts. However, the combination of funding in the top decile of its recent range and accelerating open interest growth indicates that this positioning remains sensitive to adverse price movement. Traders should monitor whether funding begins to mean-revert or if open interest continues to expand, either of which could signal a shift in market dynamics.