MSFT MSFT · perps

MSFT perpetual futures show unusually low leverage stress relative to recent history. The aggregated funding rate stands at 0.00%, indicating neutral positioning between longs and shorts, while the funding percentile sits at 24—well below the median of the past 90 days and suggesting current conditions are less stretched than typical. Open interest remains modest at $15.0M, though it has ticked up by +1.0% over the last 24 hours even as the 7-day trend shows a -4.1% decline in total notional exposure.

The liquidation imbalance of -1.00 over 24 hours points to a one-sided flush of short positions rather than longs, a dynamic that contrasts with crowded long setups common in risk assets. Combined with a leverage risk score of 12—at the lower end of the spectrum—these metrics paint a picture of subdued positioning with minimal fragility. The near-zero funding rate and modest open interest suggest limited speculative leverage building, while the recent pullback in 7-day OI underscores ongoing deleveraging or position closure across the market.