MetaDAO META · perps

META's derivatives market is showing a neutral funding environment with minimal positioning pressure. The aggregated funding rate stands at 0.00%, indicating neither longs nor shorts are paying meaningful carry costs, and the funding percentile of 46 places this rate within the lower-middle band of its recent 90-day range—unremarkable by historical comparison.

Open interest remains modest at $8.1M, though the directional signals are mixed. Over seven days, OI expanded by +40.6%, suggesting some leveraged position building; however, a sharp -19.3% pullback occurred in the last 24 hours, pointing to recent deleveraging or liquidation activity. The liquidation imbalance of -1.00 over 24 hours confirms that short positions experienced notably heavier liquidations than longs, likely a response to upward price movement that squeezed crowded bearish leverage.

With a leverage risk score of 10, META's perpetual market structure appears fragile by almost any measure. This extremely low score indicates minimal crowding, fragmented positioning, and limited systemic stress—the opposite of an overheated derivatives complex. The combination of near-flat funding, lightweight OI, and the recent spike in shorts being flushed suggests a thin, low-conviction market where leverage imbalances unwind quickly rather than accumulate into tail risk.