EVAA Protocol EVAA · perps

EVAA's derivatives market shows sharp volatility in positioning combined with elevated funding costs. Open interest stands at $24.1M, but the 24-hour change reveals significant deleveraging: a -31.7% drop, which follows a much larger +89.9% build over the past seven days. This pattern suggests rapid accumulation of leverage was followed by an aggressive unwind, possibly triggered by price movement or margin calls.

The aggregated funding rate of 9.26% annualized reflects a strongly crowded long structure, indicating longs are paying shorts to maintain positions. However, this rate sits at a funding percentile of 2 over the past 90 days, meaning EVAA's current funding cost is near its historical lows for the period—the recent leverage buildup occurred during a window of cheaper long financing. The leverage risk score of 70 signals elevated fragility in the current positioning structure, despite the moderating open interest.

The liquidation imbalance of +0.00 indicates an even split between long and short liquidations over 24 hours, suggesting that the recent deleveraging has affected both sides equally. The combination of high funding, low leverage risk percentile relative to recent history, and sharp OI swings points to a market still digesting a rapid expansion and contraction cycle with meaningful crowding risk embedded at current price levels.