ETHGas GWEI · perps

GWEI's derivatives market shows pronounced short positioning with minimal leverage risk. The aggregated funding rate stands at -208.42% annualized, meaning shorts are receiving substantial payments from longs—a pattern consistent with deeply underwater long exposure or, alternatively, systematic shorting by larger participants. At a funding percentile of 17 over the last ninety days, this negative funding is relatively mild versus the contract's own recent extremes, suggesting the current short advantage is not at historical stretched levels for this asset.

Open interest totals $11.2M across venues, a modest pool reflecting GWEI's niche status in derivatives markets. Both the twenty-four-hour and seven-day open interest changes have turned sharply negative at -13.3% and -24.5% respectively, indicating sustained deleveraging and position unwinding rather than fresh accumulation. The liquidation imbalance of +0.00 shows no directional skew in forced closures over the past day, consistent with gradual rather than explosive price movement.

The leverage risk score of 35 places GWEI in a low-fragility zone, meaning current positioning is neither crowded nor fragile relative to the instrument's recent history. The combination of negative funding, shrinking open interest, and modest risk scoring suggests the market has already partially corrected any leverage excesses and traders are adopting a cautious stance on this contract.