Four FORM · perps

FORM's derivatives market shows modest positioning with declining leverage. Open interest stands at $6.9M, down 3.6% over the past twenty-four hours and 29.4% across the week, indicating a sustained reduction in trader exposure. The aggregated funding rate of 8.07% annualized is notably elevated relative to recent history, sitting at the 39th percentile of the past ninety days—meaning FORM has experienced materially higher funding rates than this level for much of the recent period, suggesting current long positioning, while present, remains below its typical crowding threshold.

The leverage risk score of 8 is low, reflecting a relatively benign structural environment despite the positive funding rate. The liquidation imbalance of +0.00 indicates neutral liquidation pressure, with neither longs nor shorts facing disproportionate forced closeouts. Taken together, these metrics suggest FORM traders are gradually unwinding positions without acute fragility; the elevated funding rate offers shorts compensation, but the combination of declining open interest and a minimal risk score points to a market in gradual deleveraging rather than one building toward a cascade.