ZECperpetual futures

ZEC's derivatives market is showing mixed signals. The aggregated funding rate stands at -15.77%, indicating shorts are paying longs—a condition that typically reflects positioning favoring the downside. This reading sits at the 22nd percentile over the past 90 days, meaning current funding is unusually low relative to recent history, suggesting less crowding on either side than the coin has seen recently.

Open interest has expanded meaningfully, rising +8.1% over 24 hours and +26.0% over seven days, building to $436.5M notional. The rapid increase in leverage suggests traders are adding exposure, though the negative funding environment may be tempering long accumulation. The liquidation imbalance of +0.54 over 24 hours shows more long positions liquidated than shorts, consistent with the bearish funding backdrop and potentially signaling fragility among leveraged long holders.

The leverage risk score of 45 indicates moderate fragility rather than acute danger. Combined with the depressed funding rate and rising open interest, the picture suggests cautious or short-biased positioning that is nonetheless growing. The low funding percentile implies ZEC could sustain this regime without immediate strain, though the sharp week-long OI buildup warrants monitoring for potential crowding reversals.