Meteora MET · perps

MET is displaying a complex signal of elevated crowding paired with active deleveraging. The aggregated funding rate stands at 10.95%, placing it at the 100 percentile of the last ninety days—a clear marker that long positioning is unusually stretched relative to the coin's recent history. This sustained positive funding typically reflects sustained competition among leveraged longs to maintain positions, a condition that has rarely occurred for MET over the measurement window.

However, open interest is contracting sharply. Over the past twenty-four hours, OI fell 11.1%, and the seven-day decline reached 21.4%, indicating that traders are actively closing or reducing leverage rather than adding to it. This pullback has accompanied a liquidation imbalance of -1.00, showing that all liquidations over the twenty-four-hour period favored shorts—meaning long positions absorbed the full volume of forced exits. The pattern suggests that despite the extreme funding level, conviction is fragile and margin calls are forcing longs out.

The leverage risk score of 44 reflects a moderate structural risk profile, consistent with the ongoing unwinding. While the funding rate remains at an extreme, the rapid closure of positions and one-sided liquidation activity suggest the crowded long setup is actively breaking rather than building further. This is a high-momentum unwinding phase rather than a stable peak of leverage.