Useless Coin USELESS · perps

USELESS is showing mixed signals between funding pressure and deleveraging activity. The aggregated funding APR stands at 13.00%, placing it at the 79th percentile over the last 90 days—indicating that longs are paying shorts at an unusually elevated rate relative to recent history, consistent with crowded long positioning. However, open interest at $11.9M has contracted sharply, declining 12.7% over the last 24 hours and 10.5% over the past week, suggesting that traders are actively closing leverage rather than adding to it.

The liquidation imbalance of +0.41 reflects a skew toward long liquidations over the same period, which aligns with the elevated funding regime squeezing leveraged longs. Despite the high funding rate and liquidation pressure, the leverage risk score of 23 remains low, indicating that absolute leverage fragility in the market is modest—likely a reflection of the smaller overall notional size and the ongoing position unwinding. The combination of high relative funding, sustained deleveraging, and low absolute risk suggests a period of long-side stress that is being resolved through position closure rather than amplified through fresh leverage.