Popcat POPCAT · perps

POPCAT's derivatives market shows benign leverage conditions despite moderately elevated funding costs. The aggregated funding APR of 10.95% sits at the 32nd percentile of its ninety-day range, indicating that while longs are paying shorts at a meaningful clip, this imbalance is not stretched relative to recent history. Open interest stands at $9.2M, a relatively modest base, with positions contracting over both the near and medium term: open interest fell 2.4% in the past twenty-four hours and 9.4% over the past week, suggesting traders are unwinding exposure rather than layering in fresh leverage.

The most telling signal is the liquidation imbalance of -1.00, which indicates that all liquidations over the last day were shorts rather than longs—the opposite of what would be expected in a crowded long scenario. This skew, combined with a leverage risk score of 11, reflects a market structure with minimal fragility. The ongoing deleveraging trend and absence of long-side liquidation pressure suggest that despite the elevated funding rate, positioning remains uncontested and sustainable. The combination of moderating open interest, modest absolute size, and tilted liquidation dynamics points to a period of relative calm in POPCAT derivatives.