Fear of losing someone drives this poem. The speaker is caught between a longed-for fantasy and a reality they half suspect is the truth. At the start, even a blink feels risky: if they look away, the person might vanish. That anxiety grows into a bigger worry that the whole relationship is "a made up twisted reality."
The speaker admits they don't want to wake up. They keep fantasizing about spending eternity with this person, even while a quieter voice says they should "open my eyes." The repeated lines and tight, chiming rhymes (fear/disappear, eyes/realize) give the poem a nursery-rhyme feel, which fits the fairytale idea and also makes it sound a little obsessive, like a thought stuck on a loop. By the end, the fairytale hasn't been escaped. The speaker feels "doomed" to stay lost in it. The mood is wistful, anxious, and quietly sad.