Perpetual futures open positions grow 13% across 15 venues

Derivatives_leverage_dynamics: The rise in open positions in perpetual futures without a similar increase in stablecoin supply indicates traders are recycling existing capital to take on more leveraged exposure rather than bringing new money into the market. Liquidity_usage_vs_cash_inflows: Stablecoin supply remaining nearly flat over the past month while derivatives activity increases implies more aggressive use of current liquidity pools, which can heighten liquidation risk if market prices move sharply against the consensus direction. Funding_rates_signal_positioning: Bullish traders paying bearish traders to keep positions open suggests that long positions are dominant and are willing to subsidize shorts, a pattern often associated with crowded bullish positioning in derivatives markets.