Plasma XPL · perps

XPL's perpetual futures market shows subdued leverage positioning alongside a mild positive funding environment. The aggregated funding APR stands at 5.96%, placing it at the 40th percentile over the last ninety days—a moderate level that reflects neither crowding nor exceptional shorts dominance. Open interest totals $46.7M, which has contracted sharply: down 4.8% over the past day and 19.8% over the past week, indicating consistent deleveraging and reduced trader appetite for directional bets.

The liquidation imbalance of -0.92 reveals a strong skew toward short liquidations, meaning longs have weathered recent volatility better than shorts. This suggests that short positioning has been fragile and is being cleared out as prices move or volatility hits. The leverage risk score of 9 is notably low, confirming that XPL's derivatives market is neither fragile nor crowded by recent standards. The combination of shrinking open interest, elevated short liquidations, and benign systemic risk suggests traders are exiting leveraged positions rather than building them, and that any remaining short exposure carries meaningful liquidation risk.