Ethena ENA · perps

ENA's derivatives market is showing signs of deleveraging and short-side pressure. The aggregated funding rate stands at -9.24%, placing it at the 15th percentile over the last ninety days—a notably depressed level that historically favors short sellers, who are currently receiving payments from longs. Open interest of $97.0M has contracted by -1.5% over the past day and -7.6% over the past week, indicating that traders are actively closing positions rather than adding leverage.

The liquidation imbalance of -0.96 over twenty-four hours reveals a sharp skew toward short liquidations, reinforcing the picture of a market where leveraged long positioning has become fragile. Despite this recent volatility in liquidations, the leverage risk score of 21 suggests the overall structure of ENA derivatives remains relatively stable and uncrowded compared to its own baseline. The combination of historically low funding, sustained position unwinding, and a modest risk score indicates that ENA's perpetuals market is in a deleveraging phase with limited systemic fragility at present.