ZKsync ZK · perps

ZK's perpetual-futures market is currently characterized by deleveraging and a structural short advantage. The aggregated funding rate stands at -2.26%, meaning shorts are collecting payments from longs—a sign that long positioning is not crowded relative to shorts. This negative funding sits at the 16th percentile over the last ninety days, indicating it is unusually skewed toward shorts compared to ZK's recent history.

Open interest has contracted over both the near and medium term, with a -3.8% decline over twenty-four hours and -2.2% over seven days. This consistent reduction in notional positioning reflects active deleveraging rather than accumulation of risk. The liquidation imbalance of -1.00 reinforces this picture: over the past day, shorts have liquidated substantially more than longs, suggesting that short positions—despite the funding advantage—have been fragile or overleveraged.

At 21, the leverage risk score is low, placing ZK in a relatively stable regime for derivatives positioning. The combination of negative funding, shrinking open interest, and minimal leverage concentration indicates a market without acute crowding or fragility. However, the extreme short liquidation imbalance warrants attention; while it does not elevate overall risk, it suggests that recent short liquidations may have temporarily distorted the funding dynamic.