Enjin Coin ENJ · perps

ENJ's derivatives positioning shows a marked shift toward short dominance. The aggregated funding rate stands at -10.45%, indicating shorts are extracting significant payments from longs—a reversal of typical crowding pressure. This negative rate sits at the 78th percentile of the last 90 days, meaning the current short bias is notably stretched relative to ENJ's recent history, though not at extremes.

Open interest totals $5.8M, a relatively modest notional base that contracted by 3.8% over the past 24 hours as participants reduced leverage. The liquidation imbalance of -1.00 reinforces the directional tilt, showing that over the measurement period all liquidations were shorts, suggesting longs have been forced out while short positions remain intact despite adverse funding conditions.

The leverage risk score of 16 reflects low fragility in absolute terms—positioning is neither crowded nor layered with precarious leverage. However, the combination of extreme short funding bias at the 78th percentile, one-sided liquidations favoring shorts, and active deleveraging suggests a tactical imbalance rather than systemic risk. The market structure currently favors shorts, but thin open interest limits the amplification of any rapid repricing.