Block Street BSB · perps

BSB is experiencing significant deleveraging, with open interest declining 13.9% over 24 hours and 35.5% over seven days, bringing total notional exposure to $18.7M. Despite this drawdown in positioning, the aggregated funding rate remains elevated at 15.22% annualized, placing it at the 66th percentile of its 90-day range—suggesting that while the market remains long-biased on a historical basis, the funding premium has moderated alongside the reduction in leverage.

The liquidation imbalance of -1.00 over 24 hours indicates that short positions have borne the brunt of exits, consistent with the broader unwinding of leveraged longs. This directional clarity in liquidations, paired with a leverage risk score of 17, points to a relatively healthy state of market structure. The combination of sustained (though not extreme) funding rates with shrinking open interest and one-sided liquidations suggests that BSB has moved past a crowded long positioning regime into a period of active position reduction and risk normalization.