Mantle MNT · perps

MNT's perpetual futures market is currently exhibiting extreme funding conditions. The aggregated funding APR stands at 10.95%, now positioned at the 100th percentile of its 90-day range—a reading that indicates longs are paying shorts at rates substantially above any point in recent history. This elevated compensation suggests crowded long positioning and stretched sentiment among leveraged buyers.

Open interest in MNT totals $25.2M across exchanges, a relatively modest absolute size. Over the past 24 hours, OI expanded by +1.8%, though the longer seven-day trend shows a contraction of −0.6%, pointing to modest leverage building in the immediate term offset by net position reduction over the week. The liquidation imbalance recorded +0.00, meaning no asymmetric liquidation pressure favored either side in the most recent 24-hour period.

The leverage risk score of 48 reflects moderate fragility—neither acutely distressed nor comfortably positioned. In the context of the extreme funding percentile, however, the structural risk lies in the sustainability of the long premium. The combination of historically high funding rates with continued short-term OI growth suggests that while absolute leverage is not at crisis levels, the directionality of positioning and compensation for it warrants monitoring. Any reversal in sentiment could prompt rapid closure of accumulated longs, particularly as funding rates themselves may begin to discourage fresh long entries.