Quantority
Magic Eden ME · perps
Price · 1h
ME across exchanges
| Exchange | Funding APR | Open interest | OI share |
|---|---|---|---|
B Binance | -7.93% | $2.37M | 48% |
B Bybit | +10.95% | $1.24M | 25% |
B Bitget | +6.79% | $856.1K | 17% |
O OKX | -4.70% | $435.9K | 9% |
Funding annualized per venue interval; open interest is the latest reading per exchange.
Interpretation
ME is currently exhibiting modest deleveraging activity across its derivatives market. Open interest stands at $4.9M, down 4.7% over the past day and 24.9% over the past week, indicating that traders are steadily closing positions rather than adding leverage. The liquidation imbalance of +0.00 shows no directional bias in forced closures, suggesting a balanced market without acute stress on either side.
The funding rate is elevated at 10.95% annualized, yet sits at the 50th percentile of the last ninety days, meaning current rates are neither stretched nor compressed relative to recent history. This combination—high absolute funding paired with middling historical positioning—suggests that while longs are paying shorts at a meaningful clip, the market structure is not unusually crowded compared to ME's own recent patterns. The leverage risk score of 6 confirms a low-risk environment overall.
In aggregate, ME presents a picture of cooling leverage and stable positioning without acute fragility. Traders are reducing exposure steadily, and the funding environment, though positive for shorts, remains within typical bounds for the asset.