Orca ORCA · perps

ORCA's perpetual-futures market shows modest positioning with low leverage stress. Open interest stands at $5.1M, having contracted by 10.7% over the past week while gaining 1.3% in the last 24 hours—a pattern suggesting recent deleveraging followed by a minor inflow of fresh positions. The aggregated funding rate of 2.03% annualized sits at the 57th percentile of its 90-day range, indicating neither exceptionally bullish nor bearish sentiment relative to recent history.

The leverage risk score of 6 reflects minimal fragility in the market structure. The liquidation imbalance of +0.00 over 24 hours shows equilibrium between long and short liquidations, with no directional bias toward either side. Taken together, these metrics paint a picture of a lightly leveraged, balanced derivatives environment where neither bulls nor bears hold a dominant or precarious position.