Quantority
LayerZero ZRO · perps
Price · 1h
ZRO across exchanges
| Exchange | Funding APR | Open interest | OI share |
|---|---|---|---|
B Binance | +10.95% | $14.07M | 78% |
O OKX | +10.95% | $2.53M | 14% |
B Bitget | +10.95% | $1.53M | 8% |
Funding annualized per venue interval; open interest is the latest reading per exchange. No fresh per-venue reading from Bybit right now — the cross-exchange totals above still include every venue's last data.
Interpretation
ZRO's derivatives market is showing signs of deleveraging pressure despite moderately elevated funding costs. The aggregated funding rate stands at 10.95% annualized, placing it at the 62nd percentile of the last 90 days—above historical median but not at extreme levels. However, open interest has contracted sharply, declining 6.5% over the past 24 hours and 14.3% over the past week, indicating that traders are actively unwinding positions rather than adding fresh leverage.
The liquidation dynamics reveal a pronounced short-side squeeze: the liquidation imbalance reached -1.00 over 24 hours, meaning shorts exclusively bore liquidation pressure during this period. This pattern, combined with the ongoing open-interest withdrawal, suggests shorts have been forced to cover or close positions while longs have been exiting more gradually. The leverage risk score of 10 indicates exceptionally low fragility in the current structure—well below concerning thresholds.
Overall, ZRO's perpetual market appears to be in a deleveraging phase with asymmetric liquidation favoring shorts but without systemic crowding risk. The moderate funding rate relative to recent history and the minimal leverage risk score reflect a relatively balanced, low-tension positioning environment despite the short-term liquidation imbalance.