Stacks STX · perps

STX's derivatives market is showing modest positioning with a leverage risk score of 8, indicating low fragility relative to its open interest of $5.6M. The aggregated funding rate stands at 8.54%, placing it at the 55th percentile of its 90-day range—neither stretched nor depressed, but squarely in the middle of recent historical norms. This moderate funding environment suggests balanced long-short demand without crowding in either direction.

However, positioning is contracting. Open interest fell 8.2% over the last 24 hours and 22.6% over seven days, reflecting consistent deleveraging and position closure. The liquidation imbalance of -1.00 shows that shorts dominated the liquidation flow, meaning long positions were protected while leveraged short exposure was flushed out. This combination—steady funding, low risk score, but persistent OI drawdown and short liquidations—paints a picture of a market unwinding excess short bets without systemic leverage stress. The mild pace of deleveraging and absence of crowded positioning suggest STX derivatives activity remains measured and contained.