Open interest is building fastest in these markets

Eight altcoins are experiencing extraordinary open-interest expansion over the past 24 hours, with DISK leading a cohort of newly leveraged markets. The speed and magnitude of these advances—spanning +3004.6% down to +360.4%—suggest fresh capital entering derivative positions at an unusual pace. Critically, the funding rates across nearly all of these instruments sit at 0.00% APR, indicating equilibrium between long and short sides despite the volume of new leverage. Only DISK stands apart with -14.78% aggregated funding, a negative rate that means shorts are paying longs—a rare signal of asymmetric positioning in a cohort otherwise balanced.

Key takeaways

• DISK posted the largest 24-hour OI expansion at +3004.6%, with total open interest now at $454,560; its negative funding rate of -14.78% APR indicates shorts dominate fresh positioning.
• CONL and MSTU follow with +1067.2% and +713.2% respective 24-hour surges, yet both maintain 0.00% funding—suggesting balanced long-short entry despite the volume inflow.
• Liquidation imbalance across all eight coins is +0.00, meaning no directional cascade of forced closures has yet occurred; leverage risk scores range from 30 to 71, with DISK at elevated levels.
• Seven of eight coins show funding_percentile_90d as unavailable; only SIMO and PL reveal their 90-day percentiles (49 and 51 respectively), implying recent leverage buildups sit near their own historical medians.

DISK's inverted funding structure

DISK is the outlier in this cohort and deserves singular attention. Its -14.78% annualized funding rate is the only negative figure in the dataset—a structural inversion that occurs when short positions accumulate faster or larger than longs. New traders and margin accounts entering DISK over the past 24 hours have favored shorting, making the perpetual contract systematically underfunded relative to spot. At +3004.6% 24-hour OI growth, DISK has absorbed far more leverage than any peer; its total notional standing at $454,560 remains modest in absolute terms, but the velocity is extreme. The leverage risk score of 71 reflects that fragility—an elevated reading that suggests the stack of new short positions is structurally crowded and sensitive to adverse price movement.

A negative funding rate of -14.78% APR paired with +3004.6% OI expansion signals shorts have dominated fresh leverage entry, inverting the typical crowded-long bias.

The balanced cohort: CONL, MSTU, EUV, and AMKR

Four coins—CONL, MSTU, EUV, and AMKR—present a second narrative. All four show 0.00% funding rates despite explosive 24-hour OI gains: +1067.2%, +713.2%, +668.7%, and +660.5% respectively. This equilibrium is atypical when leverage is surging. It suggests either that longs and shorts are entering in roughly equal measure, or that funding mechanisms have not yet fully repriced the fresh positioning. Their leverage risk scores—ranging from 54 to 59—remain moderate rather than extreme. AMKR offers additional context: its 7-day OI change of +204.7% shows that leverage building has been persistent, not a single-day spike, implying sustained demand for both sides of the contract. Across this group, open interest ranges from $454,758 (AMKR) to $861,532 (CONL), small absolute pools that can be volatile even at moderate absolute liquidations.

Lower-risk expansion: SIMO and PL

SIMO and PL stand out with the lowest leverage risk scores in the cohort—32 and 30 respectively—despite substantial 24-hour OI gains of +550.1% and +516.2%. Both also reveal their 90-day funding percentiles: SIMO at 49 and PL at 51, both near the median, indicating their current leverage states sit comfortably within recent norms rather than at stretched extremes. SIMO's 7-day OI change of +733.7% underscores that its expansion has been tracked across a longer window, suggesting more measured accumulation of positions. SIMO's notional open interest at $1.1M is the largest in this group, offering more absolute liquidity for position entry and exit. Both coins have room to build further leverage before reaching historically crowded levels.

The uniform absence of liquidation pressure

Across all eight coins, the liquidation imbalance stands at +0.00 over the 24-hour window. This uniformity is notable: despite rapid leverage inflow, no directional cascade of forced position closures has triggered. Neither long-heavy nor short-heavy liquidation waves are evident. This quiet liquidation backdrop does not imply safety—it reflects only that positions have not yet moved far enough adverse to trigger margin calls. As these newly leveraged markets develop price action, liquidation imbalance will become a critical real-time signal of structural fragility.

What would change this read

The current narrative rests on three pillars: extreme OI expansion, balanced or inverted funding rates, and zero liquidation imbalance. A reversal in any would reshape the outlook. If funding rates begin to spike sharply positive across CONL, MSTU, EUV, and AMKR—moving away from 0.00%—it would signal longs are crowding and catching up to shorts, a classic prelude to squeezes. Conversely, if DISK's -14.78% funding continues to drive shorts into losses, liquidation imbalance could flip decisively negative, forcing shorts to cover and inverting the risk structure. A reversal in the 24-hour OI change direction—from expansion to contraction—would indicate fresh leverage entering is being unwound, a sign that traders are taking profits or rotating capital elsewhere. Finally, if leverage risk scores across the higher-exposure coins rise significantly above their current levels, it would confirm that crowding is reaching historical extremes within their own trading history.

*Analysis generated from Quantority's live cross-exchange data pipeline. Descriptive market data, not a trade recommendation.*