Axie Infinity AXS · perps

AXS perpetual markets are showing minimal leverage risk and a slight short bias. The aggregated funding rate stands at -1.34%, indicating shorts are paying longs—a modest incentive structure that reflects balanced positioning rather than crowded leverage. This funding rate sits at the 45th percentile over the last 90 days, placing it squarely in the middle of AXS's recent range with no unusual stretch in either direction.

Open interest of $13.1M is modest, and recent momentum suggests deliberate deleveraging. Over the past 24 hours, OI declined 1.0%, with a steeper 7-day contraction of -10.2%, signaling traders are actively closing positions rather than adding leverage. The liquidation imbalance of -1.00 reinforces this picture: all liquidations over the last 24 hours were of short positions, which aligns with shorts covering or being forced out at a small scale.

The leverage risk score of 3 is very low, indicating minimal fragility in the current positioning structure. The combination of negative funding, steady deleveraging, and clean short-only liquidation activity paints a picture of a market that has shed speculative leverage and stabilized into a conservative posture. Risk of cascade liquidations or sudden repricing from overcrowded positioning is minimal.