FIG 01 — CRYPTO DERIVATIVES POSITIONING
Funding, open interest and trader positioning across the top crypto perpetuals — updated every 15 minutes.
Most crowded long
XLM
+11%/yr funding
Most crowded short
TRX
-51%/yr funding
Aggregate open interest
$17.00B
across tracked perpetuals
FIG 02 — POSITIONING MATRIX · FUNDING VS 24H PRICE CHANGE
Top-right = paying to hold + price up (leveraged longs, reversal risk). Bottom-left = paid to hold + price down (leveraged shorts, squeeze fuel).
FIG 03 — ALL COINS
| Bias | Expand | |||||
|---|---|---|---|---|---|---|
| BTCBitcoin | $77,550+0.09% | +0.0080% APR +9% | $8.08B 2.3% | — | Neutral | |
| ETHEthereum | $2,490-0.76% | -0.0050% APR -6% | $5.81B 0.9% | — | Bearish | |
| BNBBNB | $721.30-0.49% | +0.0000% APR +0% | $431.2M 0.6% | — | Neutral | |
| XRPXRP | $1.41+2.43% | +0.0085% APR +9% | $431.6M 2.8% | — | Neutral | |
| SOLSolana | $101.18+0.15% | -0.0005% APR -1% | $797.4M 0.3% | — | Neutral | |
| TRXTRON | $0.340-0.24% | -0.0469% APR -51% | $104.0M 1.6% | — | Bearish | |
| HYPEHyperliquid | $79.15-0.90% | -0.0011% APR -1% | $305.9M 5.3% | — | Neutral | |
| DOGEDogecoin | $0.0800-1.00% | -0.0009% APR -1% | $225.7M 0.8% | — | Neutral | |
| LINKChainlink | $11.45+0.65% | -0.0028% APR -3% | $98.1M | — | Neutral | |
| ADACardano | $0.200-1.06% | -0.0170% APR -19% | $74.3M 2.4% | — | Bearish | |
| XLMStellar | $0.190+5.67% | +0.0100% APR +11% | $46.0M 25.5% | — | Bullish | |
| LTCLitecoin | $52.77-2.66% | -0.0057% APR -6% | $67.0M 4.0% | — | Bearish | |
| UNIUniswap | $6.63+4.49% | -0.0001% APR -0% | $139.1M 4.3% | — | Neutral | |
| HBARHedera | $0.0800+0.87% | +0.0004% APR +0% | $25.7M 7.3% | — | Neutral | |
| AVAXAvalanche | $7.52+1.46% | -0.0010% APR -1% | $60.1M 3.4% | — | Neutral | |
| NEARNEAR Protocol | $2.45+2.25% | +0.0067% APR +7% | $96.9M 1.2% | — | Neutral | |
| SUISui | $0.710-0.89% | +0.0100% APR +11% | $98.0M 3.1% | — | Bullish | |
| AAVEAave | $127.63+1.37% | -0.0036% APR -4% | $56.2M 0.7% | — | Neutral | |
| DOTPolkadot | $0.990-2.61% | -0.0073% APR -8% | $38.1M 3.0% | — | Bearish | |
| APTAptos | $0.590-1.61% | -0.0054% APR -6% | $18.4M 1.3% | — | Bearish |
Funding shows the current 8h rate (annualized to APR) — positive means longs pay shorts. Open Interest is total perp notional and its 24h change. Long/Short is the account ratio. Bias shows the derived lean: Bullish, Bearish, or Neutral. Click any row to expand full history.
FIG 04 — FIELD MANUAL
01
Perpetual futures never expire, so exchanges need a mechanism to keep the perp price anchored to the underlying spot price. Every few hours, whichever side of the trade is bigger pays a small fee to the other side — that fee is the funding rate. It's the cost (or reward) of holding a perp position, and it's how the market keeps perp and spot prices in line without a settlement date.
02
Positive funding means longs pay shorts: there's more leveraged demand to be long than short, so the crowd is leaning bullish. Negative funding means shorts pay longs: leveraged demand skews bearish. It's not a price forecast — it's a direct readout of which side of the trade is currently more crowded with leverage.
03
Extreme funding (very high positive or very negative) tells you positioning is stretched and one side is paying a steep price to stay in the trade — that's the fuel for a squeeze if price moves against the crowd. But extreme funding can persist for days or weeks while the trend keeps running. Treat it as a risk flag, not an entry trigger.
04
Open interest (OI) is the total notional value of outstanding perp contracts — a direct measure of how much leverage is sitting in the market. Rising OI alongside a trending price means fresh conviction is entering and backing the move. Rising OI alongside a funding spike is more fragile: leverage is building fast, which raises the odds of a sharp flush if the trade gets crowded and then reverses.
05
The long/short account ratio shows what share of traders (by account count, not size) are positioned long versus short. It's a contrarian read at extremes: when the crowd is heavily one-sided, that's often exactly the setup for a squeeze in the other direction, since a crowded trade has more traders who can be forced out.
06
For Bitcoin and Ethereum, Deribit's options market adds two more reads: the put/call open-interest ratio (above 1 means more downside hedging demand than upside speculation) and DVOL, the implied-volatility index (how much movement the options market is pricing in, annualized). Rising DVOL signals rising expected volatility — often a sign of nervousness or an approaching catalyst.
07
None of these numbers should be traded in isolation. Look for confluence: funding at an extreme while price sits at a well-defined resistance level is a classic fade setup. Falling open interest (deleveraging) while price holds its level is a healthier, more sustainable picture than rising OI into a parabolic move. Combine positioning data with your own technical read of price.
08
Extreme positioning can stay extreme far longer than seems reasonable — don't assume a mean reversion is imminent just because a number looks stretched. Funding alone times nothing; it tells you where the crowd is, not when it will turn. Always wait for price to actually confirm a shift (a broken trendline, a failed high or low) before treating positioning data as a trade signal.