Retained incident replay

PONS liquidation-cascade risk is elevated

What happened

Open interest expanded while funding reached an extreme and executable depth declined.

Why it matters

This deterministic condition affected PONS on native. It is evidence to review, not proof that a loss or manipulation occurred.

Lifecycle

• Status resolved; severity critical
• Detected 2026-09-05T08:48:33.579Z
• Current cycle 2026-09-22T22:07:26.752Z
• Resolved 2026-09-22T22:08:09.877Z

Recommended action

Compare the current oracle, mark, liquidity, funding, exposure, coverage, and freshness before changing a position or operating decision.

Open PONS market evidence

{
  "windowMs": 21600000,
  "openInterestChangePercent": 30.037811738031085,
  "depthChangePercent": -37.08449540432024,
  "fundingRateBps": 2.315,
  "fundingAbsolutePercentile": 99.31,
  "contextSamples": 72,
  "bookSamples": 70,
  "fundingSamples": 875
}