Highest leverage risk in crypto perpetuals right now

Where the Leverage Risk Score Sits Across the Dataset

The composite leverage risk score—a 0–100 measure blending funding extremity, open interest momentum, liquidation pressure, and volatility—reveals a notably fragmented picture across the perpetuals surveyed here. BTC carries the highest scored reading at 35, placing it at the top of the assets for which a full score could be computed. SOL registers a score of 17, and ETH sits at just 7. Several smaller tokens—MOG, TNSR, COST, OKB, and 0G—return no score at all, a reflection of insufficient data depth across the composite inputs rather than an absence of risk.

The gap between the three scored assets is substantial. BTC's score of 35 is exactly five times ETH's score of 7, and twice SOL's score of 17. That spread alone warrants a closer look at what each asset's underlying metrics are actually saying.

What Is Driving Elevated Risk in BTC

BTC's score of 35 is being shaped in large part by its funding dynamics relative to its own recent history. Its aggregated funding APR currently sits at -0.67%, which, taken in isolation, is a modest negative—suggesting a slight net lean toward short positioning in perpetual markets. What amplifies the risk reading is the funding percentile ranking: that -0.67% APR places BTC only at the 24th percentile of its own 90-day funding distribution. In other words, funding has been meaningfully more negative than this for three-quarters of the past 90 days, which means the present rate is actually toward the less-negative, or relatively neutral-to-long-leaning, end of its recent range.

BTC's open interest stands at $13.9B, by far the largest in this dataset, and the liquidation imbalance registers at +0.00. The sheer scale of OI amplifies the systemic weight of any directional unwind. When funding is sitting at just the 24th percentile of a recent distribution while OI remains that large, the composite model interprets it as a configuration where conditions have the room to deteriorate further on the funding side before reverting, which feeds into an elevated score even if no single metric appears extreme on its own.

The Divergence Between SOL and ETH

SOL and ETH provide a useful contrast despite both landing well below BTC. SOL's funding APR is -7.28%, by far the most negative rate in the dataset, indicating strong and persistent pressure from traders paying to hold short positions—or equivalently, longs receiving that payment as an inducement to stay in. This is a meaningful skew. Yet SOL's leverage risk score of 17 is relatively contained, partly because no 90-day funding percentile is available for the asset, which limits the composite model's ability to contextualize how extreme that -7.28% figure truly is against SOL's own history. The open interest is $1.7B and the liquidation imbalance is +0.00.

ETH presents nearly the opposite funding picture. Its APR is +3.23%, meaning the market is paying longs a positive carry—a signal of net bullish positioning in the perpetual market. Its 90-day funding percentile is 54, placing it almost exactly at the median of its own recent distribution. ETH's OI is $7.7B, making it the second-largest pool of leveraged exposure in this dataset. Despite that scale, its score of just 7 reflects the fact that funding is neither extreme nor historically unusual, and the liquidation imbalance sits at +0.00. The composite model finds little to flag beyond the raw size of the position pool.

The Unscored Tokens and What Their Metrics Suggest

The five assets without a leverage risk score—MOG, TNSR, COST, OKB, and 0G—represent a different category of consideration. MOG and TNSR both carry a funding APR of 5.47%, the highest positive funding rate in the entire dataset, which implies aggressive long positioning relative to short in their respective perpetual markets. Their open interest figures are $913,198 and $354,189 respectively—thin enough that a disorderly unwind would be a localized event rather than a systemic one, but the funding signal itself is worth noting for participants active in those markets.

COST shows a 0.00% funding APR with OI of $629,079, suggesting a perfectly balanced book or very low activity. OKB carries a funding APR of -0.38% and OI of $15.5M. The smallest market here is 0G, with OI of just $1.2M and a funding APR of -0.25%. All five show a liquidation imbalance of +0.00, and the absence of a 90-day percentile for any of them means the model cannot anchor their current funding readings to historical context.

Reading Liquidation Imbalance Across the Board

Every asset in this dataset records a liquidation imbalance of +0.00, which at first glance appears uniform and unremarkable. In practice, this reading means that across the exchanges aggregated, long and short liquidation clustering is not materially skewed in either direction at this snapshot. For BTC, where $13.9B in open interest sits behind that +0.00 reading, the implication is that the book is broadly balanced in terms of where forced-close pressure would fall. For smaller markets like TNSR at $354,189 OI, the same reading carries far less systemic weight. The uniformity of this particular metric across the dataset means it is not differentiating scores here—risk differentiation is coming primarily from funding extremity and its historical context.