AAOI AAOI · perps

AAOI's derivatives positioning shows mild long-side pressure with notable deleveraging. The aggregated funding rate stands at 4.50%, placing it at the 74th percentile over the past 90 days—indicating that longs are paying shorts at a rate above the coin's recent typical range, though not at extreme levels. Open interest remains modest at $5.6M, with notable recent contraction: positions have fallen 2.1% in the last 24 hours and 14.0% over the past week, suggesting consistent position unwinding rather than fresh accumulation.

The liquidation data reinforces this deleveraging picture. The liquidation imbalance of -1.00 shows a strong directional flush favoring shorts over the last 24 hours, meaning more long positions were liquidated than short ones. This aligns with the recent open interest decline and hints at thin leverage stacks being cleared out.

Overall, AAOI presents a low-risk leverage profile. The leverage risk score of 14 indicates minimal structural fragility—well below elevated thresholds—despite the positive funding rate. The combination of moderate funding pressure, rapid OI decline, and heavy long liquidations suggests the market is shedding speculative long exposure rather than building dangerous crowding. The current setup favors stability over imminent volatility.