Based BASED · perps

BASED perpetual-futures markets display moderate positioning with mixed directional signals. The aggregated funding rate stands at 10.95%, indicating longs are paying shorts, though the funding percentile of 57 shows this is neither stretched nor suppressed relative to the past 90 days. Open interest sits at $14.9M, a modest notional size that contracted 6.0% over the last 24 hours even as the 7-day trend showed a +4.6% expansion, suggesting recent profit-taking after a week of leverage accumulation.

The liquidation imbalance of -0.20 reveals a slight bias toward short liquidations over the past day, consistent with the long-biased funding environment but not extreme. Most tellingly, the leverage risk score of 11 is low, indicating minimal fragility in the current positioning structure. The combination of moderate funding, recent deleveraging, and a healthy risk score suggests BASED derivatives markets lack the hallmarks of dangerous overcrowding—either side faces manageable liquidation risk, and the structure does not suggest imminent cascade mechanics.