Quack AI Q · perps

Q's derivatives market shows a marked deleveraging trend alongside moderately elevated funding costs. Open interest has fallen 17.3% in 24 hours and 8.3% over seven days, indicating traders are rapidly unwinding positions from a small $7.1M base. The aggregated funding rate stands at 10.95% annualized, a level that sits at the 36th percentile of Q's 90-day range—above the median but not at historical extremes for this asset.

The combination of shrinking open interest and sustained positive funding suggests longs are paying shorts to maintain exposure, yet the market is not capitulating. The liquidation imbalance of +0.00 indicates balanced liquidation pressure across both sides over the past day, consistent with an orderly deleveraging rather than a cascade. With a leverage risk score of 19, Q's perpetual market presents low structural fragility; positioning is neither crowded nor overleveraged relative to its recent pattern.

The current setup reflects a market in consolidation—traders scaling back risk exposure while funding remains attractive enough to sustain some long positions. The low risk score and balanced liquidation profile suggest the recent outflow of leverage has stabilized the market rather than created acute danger.