Quantority
MemeCore M · perps
Price · 1h
M across exchanges
| Exchange | Funding APR | Open interest | OI share |
|---|---|---|---|
B Binance | +42.96% | $6.00M | 46% |
B Bybit | +10.95% | $4.78M | 37% |
B Bitget | +74.46% | $2.16M | 17% |
Funding annualized per venue interval; open interest is the latest reading per exchange. No fresh per-venue reading from OKX right now — the cross-exchange totals above still include every venue's last data.
Interpretation
M's derivatives market is showing signs of deleveraging after a period of elevated positioning. Open interest has contracted sharply, declining 8.5% over the past 24 hours and 25.7% over the past week, bringing the total notional exposure to $12.7M. This sustained reduction in leverage suggests traders are unwinding positions rather than building new ones.
The funding environment remains moderately bullish despite the positioning unwind. The aggregated funding rate stands at 12.09% annualized, indicating longs continue to pay shorts, though this rate sits at the 33rd percentile of M's 90-day range—well below recent extremes. This combination suggests the long-side crowding that drove earlier funding rates has already begun to ease as traders exit.
Liquidation pressure appears balanced with a liquidation imbalance of +0.00 over 24 hours, showing no directional skew between long and short closure. The leverage risk score of 16 reflects a low-stress environment relative to M's typical state, consistent with the ongoing deleveraging trend. Overall, the market is in a disassembly phase: positions are shrinking, funding has cooled from stretched levels, and structural fragility remains subdued.