Ethereum Name Service ENS · perps

ENS perpetual futures are showing modest positioning with elevated funding costs relative to recent history. The aggregated funding APR stands at 10.95%, placing it at the 80th percentile over the last ninety days—a signal that longs are paying substantially to maintain their positions, though not at extreme levels for this asset. Open interest remains relatively contained at $8.6M, with marginal deleveraging evident: OI declined 1.1% over the past twenty-four hours and 0.7% across the week, suggesting traders are cautiously reducing leverage rather than aggressively building positions.

The liquidation imbalance of -1.00 over twenty-four hours indicates a marked swing toward short liquidations, meaning long positions have been more stable while short positions absorbed losses or were forcibly closed. This divergence—persistent outflows in open interest paired with one-sided liquidations favoring shorts—suggests the funding rate may be pulling down short leverage even as longs remain relatively sticky. The leverage risk score of 16 reflects a low-fragility environment; ENS derivatives positioning lacks the concentrated crowding or extreme leverage that typically precedes cascading liquidations.

Overall, ENS shows a moderately stretched funding backdrop with small absolute notional size and cautious deleveraging trends, but no acute systemic stress indicators in its derivatives markets.