BTC Derivatives Regime: NEUTRAL — 21 Hours

Current funding sits at 0.0065 bps (54th 1M percentile), essentially flat after a negative-to-positive flip ~21 hours ago, signaling no directional conviction in perpetual markets. OI at $6.06B sits at the 65th 1M percentile — elevated but well off the $6.95B monthly high — suggesting moderate positioning without excess leverage buildup. Liquidations are muted at $5.7M (26th 1M percentile) with a 95% long bias, meaning the marginal pain trade remains to the downside if price slips. The standout risk is the Coinbase premium at -$4.92, sitting at the 2nd percentile of the past month — spot demand from US retail/institutional flows is conspicuously weak, which warrants close monitoring as a leading indicator of directional breakdown if it persists or deepens toward the -$9.13 monthly low.