The most common and most likely answer to this crossword clue is the 3 plus 2 plus 1 plus 4 letter word OUT ON A LIMB
I've seen this crossword clue in The Times
O
U
T
O
N
A
L
I
M
B
More clues leading to the result OUT ON A LIMB
- Separate, hopping away?
- Vulnerable, hopping away?
- Partying with bar, nearly exposed
- Oxford Uni fashion a wing that’s isolated
- In precarious position upon thin end of branch?
- Wing-walking alone?
- In a vulnerable position abroad regarding a member
- Exposed where French heavyweights may be initially?
- With rampaging lion about, maiden's in perilous position
- Off making an ascent, not caught in dicey position
Buddy explains!

The straight part
We know that "in perilous position" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case in perilous position = out on a limb.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.