MRVL MRVL · perps

MRVL's derivatives market shows a structurally short-biased setup with minimal leverage risk. The aggregated funding rate stands at -5.48%, indicating shorts are paying longs—a condition that typically emerges when short positioning dominates. This dynamic is reinforced by the liquidation imbalance of -1.00 over the past 24 hours, reflecting consistent liquidation pressure exclusively on short positions, which aligns with the funded short premium.

The funding percentile of 8 places current rates at the extreme low end of MRVL's 90-day range, suggesting shorts are paying at unusually compressed levels relative to recent history. Meanwhile, open interest of $20.0M reflects a relatively modest absolute positioning size. Over seven days, open interest declined -28.0%, indicating substantial deleveraging across the market, though the past 24 hours saw a modest recovery with +1.1% growth.

The leverage risk score of 29 confirms that the overall structure carries low fragility despite the short skew. The combination of thin absolute open interest, sustained deleveraging over the week, and minimal liquidation contagion risk suggests positioning remains well-distributed without dangerous crowding in either direction. The short premium persists in a context of declining aggregate leverage, not rising speculative excess.