MSTR MSTR · perps

MSTR's perpetual-futures market shows minimal positioning tension and active deleveraging. The aggregated funding APR sits at 0.00%, indicating perfect equilibrium between long and short interest with no directional funding pressure. This neutral state is further contextualized by a funding percentile of 42 over the last 90 days, suggesting current conditions are slightly below the median for the asset's recent range—neither stretched nor depressed.

Open interest stands at $17.4M, a relatively modest notional base that has contracted sharply over the past week. The 7-day decline of -19.5% and 24-hour pullback of -5.9% both point to sustained unwinding of leverage positions. The liquidation imbalance of -1.00 reinforces this picture, indicating that shorts bore the full weight of liquidations over the last day—a pattern consistent with long-side exits or short-squeeze activity, though the small absolute OI means individual liquidations carry outsized statistical weight.

The leverage risk score of 6 reflects minimal fragility in the derivatives structure. Taken together, these metrics describe a market in which positioning is thin, balanced, and actively contracting. There is no crowding signal, no funding squeeze, and no evidence of embedded leverage stress. MSTR's derivatives layer carries low systemic tension at present.