Ether.fi ETHFI · perps

ETHFI's derivatives market shows mild leverage activity with low structural risk. The aggregated funding rate stands at 9.51%, indicating longs are paying shorts at a moderate pace, though the funding percentile of 30 places this well below the coin's recent extremes—positioned in the lower third of its 90-day range. Open interest of $37.8M reflects a relatively modest notional base, with mixed momentum: a 24-hour decline of -2.5% suggests some near-term position unwinding, yet the 7-day gain of +7.4% indicates moderate leverage has accumulated over the broader weekly horizon.

The liquidation imbalance of -0.96 reveals a strong skew toward short liquidations over the past day, implying that leveraged long positions have been more resilient than shorts and that any downside pressure has not yet forced widespread long exits. This protective dynamic is reinforced by a leverage risk score of 11, which reflects very low fragility—the market is neither crowded nor precarious by recent standards. The combination of modest funding, weak recent open interest trend, and minimal leverage concentration suggests ETHFI derivatives positioning remains balanced and unlikely to amplify volatility through cascading liquidations in the near term.