Zama ZAMA · perps

ZAMA's derivatives market shows modest positioning with benign risk conditions. Open interest stands at $6.8M, down 5.3% over the past day while essentially flat at +0.1% across the week, indicating shallow conviction and limited leverage accumulation. The aggregated funding rate of 10.95% annualized reflects moderate long-side premium, though at a funding percentile of 25 this rate sits well below recent historical extremes for the asset, suggesting current positioning lacks the crowding typical of stretched markets.

The liquidation imbalance of +1.00 over twenty-four hours signals that longs experienced all realized liquidations, yet given the small absolute open interest this metric carries limited systemic weight. More tellingly, the leverage risk score of 16 places ZAMA in a low-fragility state by derivatives standards. The combination of modest notional size, minimal recent leverage growth, below-percentile funding costs, and one-sided liquidation activity in a lightly leveraged environment suggests positioning remains stable with no acute signs of structural strain.