EWY EWY · perps

EWY's perpetual-futures market is showing pronounced leverage accumulation paired with extreme funding conditions. The aggregated funding APR of 62.33% sits at the 90th percentile over the last ninety days, signaling that longs are paying shorts at a rate well above the coin's recent norm—a clear signal of crowded long positioning. This elevated funding has coincided with sharp open-interest growth: open interest rose 66.7% over the past twenty-four hours and 47.7% over seven days, indicating traders are actively building leveraged exposure into already stretched market conditions.

The liquidation imbalance of -1.00 over the last twenty-four hours presents a contrasting data point, showing that short positions rather than longs have borne the brunt of liquidation pressure despite the long-favoring funding rate. This mismatch—rapid long accumulation in size with short liquidations—suggests shorts are being squeezed out while new longs continue to enter. The overall leverage risk score of 43 remains moderate in absolute terms, but must be read in context of the rapid positioning changes and the 90th-percentile funding stretch; the combination signals that while aggregate leverage is not yet at critical levels, the trajectory and concentration of new longs into a high-funding environment carries material fragility risk.