Magma Finance MAGMA · perps

MAGMA's perpetual futures positioning shows a marked shift toward deleveraging after a period of elevated crowding. Open interest has contracted sharply, falling 36.4% over seven days and a further 7.0% in the last 24 hours, signaling active unwinding across the derivatives complex.

The aggregated funding rate of 10.95% remains elevated, reflecting persistent long-side dominance despite the recent liquidations. However, this rate sits at the 60th percentile of the last 90 days, indicating it has moderated from extreme levels seen earlier in the cycle. The liquidation imbalance of +0.00 shows a perfectly neutral outcome between long and short closures over the past day, suggesting the sell-off has been orderly rather than one-sided.

With a leverage risk score of 24, MAGMA exhibits low systemic fragility relative to its recent history. The combination of declining open interest, moderate funding, and neutral liquidation dynamics suggests the market has already begun the process of risk reduction. The ongoing interest in maintaining long positions despite falling OI—evidenced by the still-positive funding rate—points to residual bullish conviction, though the capital withdrawing from the market appears to be exceeding new leverage entry.