Zcash ZEC · perps

ZEC's derivatives market shows a short-biased positioning with subdued leverage accumulation. The aggregated funding rate stands at -3.40%, meaning shorts are paying longs—a structure typical when bearish sentiment dominates. This funding level ranks at the 35th percentile over the past 90 days, indicating the current rate is below the recent typical range rather than stretched to extremes in either direction.

Open interest sits at $431.9M across exchanges. While the market has added positions, the pace is measured: open interest rose +0.3% in the last 24 hours but expanded +64.1% over seven days, suggesting a moderate build in leverage from earlier in the week. The liquidation imbalance of -0.25 reflects a slight bias toward short liquidations over the past day, consistent with the negative funding environment where leveraged shorts face mounting costs.

The leverage risk score of 23 indicates low structural fragility. Despite the week-long climb in positioning, the market lacks the crowding or extreme leverage that would signal heightened liquidation cascade risk. ZEC's derivatives setup reflects cautious bearish positioning without the crowded, brittle conditions that typically precede sharp reversals.