SIRENperpetual futures

SIREN's perpetual-futures market exhibits extreme funding conditions paired with rapidly accumulating leverage. The aggregated funding APR stands at 1296.88%, placing it at the 98th percentile of its ninety-day range—a historically stretched level indicating severe long-side crowding. Open interest has expanded sharply, growing 8.2% over the past twenty-four hours and 23.4% over seven days, demonstrating sustained leverage buildup rather than a momentary spike.

The total notional open interest of $24.1M reflects meaningful positioning for a less-established asset, and the rapid growth trajectory suggests traders are actively adding to long exposure despite already-extreme funding costs. The leverage risk score of 63 places the market in elevated fragility territory, consistent with the compressed and skewed funding environment. The liquidation imbalance of +0.00 indicates balanced cascades over the last day, providing no directional signal about where pressure may emerge; however, given the overwhelming long funding rate and continued OI expansion, the market remains vulnerable to sudden deleveraging or adverse price movement that could trigger concentrated long liquidations.