Morpho MORPHO · perps

MORPHO's perpetual-futures market shows a short-skewed positioning with modest absolute leverage. The aggregated funding rate is -7.60%, indicating shorts are paying longs—a bearish signal typical when short interest dominates. This funding level ranks at the 22 percentile over ninety days, meaning it is well below the coin's recent typical range and reflects unusually favorable conditions for long holders in a historically short-heavy environment.

Open interest stands at $21.8M, a relatively small notional base. However, the recent positioning shift reveals mixed momentum: open interest fell -8.6% over the last twenty-four hours, suggesting acute deleveraging, yet rose +15.7% over the past seven days, indicating longer-term leverage accumulation. The liquidation imbalance registered -0.99 over twenty-four hours, showing that shorts were overwhelmingly liquidated—a sharp reversal that likely triggered the immediate OI decline.

The leverage risk score of 20 is low, reflecting a fragile and crowded short structure rather than dangerous long leverage. The combination of negative funding, heavy short liquidations, and a thin market means that although absolute risk metrics are modest, the skew toward shorts creates vulnerability to sharp rallies that could cascade liquidations further.