XPIN Network XPIN · perps

XPIN's derivatives positioning shows conflicting signals between near-term deleveraging and week-long accumulation. Open interest stands at $16.4M, down 13.9% over the past day, yet up 89.4% over seven days—suggesting a sharp pullback from recent leverage buildup rather than sustained unwinding. The aggregated funding rate of 10.95% annualized indicates longs remain net positioned to pay shorts, though this sits at the 35th percentile of the past ninety days, meaning current funding conditions are notably below historical norms for XPIN and reflect comparatively less crowded long positioning.

The leverage risk score of 21 is low, consistent with the moderate absolute open interest and absence of extreme crowding. The liquidation imbalance of +0.00 shows no directional bias in liquidations over the last twenty-four hours, reinforcing a picture of mechanical position rebalancing rather than panicked forced closeouts. Taken together, XPIN appears to be in a consolidation phase: recent leverage expansion has begun to reverse, but funding rates remain positive and well below historical peaks, suggesting the market has not yet unwound conviction in the long side.