Falcon Finance FF · perps

FF's derivatives market shows moderate positioning with a bullish tilt but mixed recent momentum. The aggregated funding rate stands at 10.95%, indicating longs are paying shorts—a typical crowded-long signal—yet this sits at the 17th percentile of its 90-day range, meaning current conditions are unusually *low* relative to FF's recent history. The divergence suggests the market has deflated from earlier extremes.

Open interest of $47.2M is modest in absolute terms. Over the past day, positions grew by 4.3%, but the 7-day trend reversed with a decline of -1.1%, implying a brief intraday surge within a broader deleveraging phase. Liquidation imbalance registered +0.00, showing perfectly balanced long and short liquidations over 24 hours—no directional bias in forced closeouts.

The leverage risk score of 26 reflects benign conditions overall. Combined with the low funding percentile, FF's derivatives structure appears stable rather than fragile. While the persistent positive funding rate continues to reward short-sellers, the absence of stretched extremes and moderate open-interest size suggests the market is not heavily leveraged or acutely vulnerable to sharp moves at present.