Large language models can detect vulnerable code, yet the form of vulnerability encoding in their representations remains unclear. We analyze 8 code models spanning 6.7B-15B parameters on C programs using three datasets (DELTASECOMMITS, SVEN, and PRECISE-BUGS), comparing two diagnostic tasks on the same representations: identifying what patterns the code instantiates, and determining whether it is vulnerable. Models encode the first with high fidelity. Under the studied paired C-code datasets and linear-probing setup, vulnerability information is more accessible as a paired relational signal-whether code A is riskier than code B-than as a globally separable categorical label. This structural difference has implications for classification: the model reliably ranks which code is riskier but standard classifiers on isolated samples achieve limited accuracy because vulnerable and secure samples form overlapping distributions in representation space.

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