Immutable IMX · perps

IMX's perpetual futures market exhibits a stark divergence between short-term funding extremes and underlying leverage fragility. The aggregated funding APR of 10.95% sits at the funding_percentile_90d of 100, meaning longs are paying shorts at a rate unseen over the past ninety days—a signal of crowded long positioning reaching historical tightness. Yet this intensity has not translated into sustained leverage accumulation: open interest stands at $7.2M, with oi_change_24h at +0.1% suggesting stasis and oi_change_7d at -18.3% revealing substantial deleveraging over the past week.

The liquidation imbalance of -1.00 over the last twenty-four hours indicates that shorts are being cleared from the market at an extreme rate relative to longs, which typically occurs when prices rally sharply into short stops. This directional pressure contrasts with a leverage_risk_score of 38, a moderate reading that reflects the erosion of aggregate leverage through the week-long unwinding. Together, the metrics suggest IMX has experienced a corrective period during which overleveraged shorts were flushed out, leaving behind a smaller but stubbornly long-skewed positioning structure still charging extreme funding rates despite declining notional size.