Sonic S · perps

S is displaying mild long-side funding pressure with an aggregated funding rate of 10.37%, though this sits at the 47th percentile over the past ninety days, indicating the current rate is roughly neutral relative to its recent history rather than stretched. Open interest stands at $4.8M, a relatively modest positioning size that has contracted slightly over the short term, with declines of -0.4% over twenty-four hours and -1.3% over seven days, suggesting modest deleveraging or position closure.

The liquidation imbalance of -1.00 is notable, reflecting that shorts have been liquidated exclusively over the past day with no long liquidations, a pattern that typically occurs during periods of upward price movement. However, this imbalance stands in contrast to the overall positioning, which remains lightly leveraged. The leverage risk score of 3 indicates very low fragility in the market structure; S lacks the crowded leverage or structural vulnerabilities that would elevate systemic risk.

In aggregate, S presents a low-risk derivatives profile. The combination of modest open interest, gentle deleveraging momentum, benign funding rates relative to recent norms, and minimal leverage risk suggests the market is not building unsustainable positions. The one-sided liquidation activity reflects recent price action rather than systemic instability.