Momentum MMT · perps

MMT's derivatives landscape shows modest positioning with unusually volatile leverage activity. Open interest stands at $10.4M, having collapsed 32.8% over the past day despite a 44.9% expansion across the week—a pattern suggesting rapid position turnover and potential volatility clustering around intraweek moves. The aggregated funding rate of 4.05% indicates a moderate long bias, though the funding percentile of 23 places this well below recent norms, meaning shorts have rarely been this relatively expensive to carry in the last 90 days.

The liquidation imbalance of -0.99 is the most striking signal, reflecting an overwhelming skew toward short liquidations in the past 24 hours. This suggests that positions betting against MMT faced severe losses or margin calls, possibly triggering a cascade of forced closes. Combined with the leverage risk score of 26—a low reading—the profile indicates fragile positioning that has begun to self-correct rather than one characterized by entrenched, crowded leverage. The sharp one-day OI drop, paired with short-heavy liquidations, points to a deleveraging event that has already partially unwound positions, leaving the market in a relatively reduced-leverage state.