yearn.finance YFI · perps

YFI perpetual futures show pronounced short-side dominance with a deeply negative funding environment. The aggregated funding rate stands at -28.47%, meaning shorts are paying longs to hold positions—a signal of crowded short positioning. This rate sits at the 44th percentile of the past 90 days, indicating it remains moderately stretched but not yet at extreme levels relative to recent history.

Open interest in YFI is relatively modest at $4.8M, but the market is actively deleveraging. Over the past 24 hours, open interest declined -14.9%, suggesting traders are closing or reducing positions across both sides. The liquidation imbalance of -1.00 over that same period confirms that shorts faced significantly more pressure, with all liquidations skewing toward the short side during the session.

The leverage risk score of 30 reflects a relatively stable, lower-risk setup despite the funding dynamics. The combination of heavy short positioning, negative funding, and active position unwinding indicates that shorts entered aggressively but are now being flushed out. While the short crowding has attracted mean-reversion interest from longs, the falling open interest and one-sided liquidation pattern suggest the market is gradually reducing leverage rather than building into a major directional bet.