SOON SOON · perps

SOON's perpetual-futures market shows modest positioning with limited systemic risk. Open interest stands at $12.1M across exchanges, with a slight uptick of +0.8% over the past day offset by a seven-day decline of -2.5%, suggesting traders are cautiously testing positions rather than committing fresh leverage. The aggregated funding rate of 10.95% is notably elevated, placing it at the 73rd percentile of SOON's ninety-day range—indicating longs are paying shorts at an unusually stretched level relative to recent history, a signal of crowded long sentiment.

The liquidation imbalance of -1.00 over twenty-four hours reveals that shorts bore the entire liquidation pressure, with no long liquidations occurring. Combined with the elevated funding rate, this suggests the long side may be overextended relative to short positioning. However, the leverage risk score of 14 is low, indicating the overall market structure remains fragile only to a minimal degree. The concentration of liquidations among shorts and the high funding rate warrant monitoring, but the modest absolute size of open interest and steady deleveraging trend limit the potential for a sharp cascade of forced closes in either direction.