ETH Derivatives Regime: NEUTRAL

ETH has been in a Neutral regime for 17 hours with funding at -0.00107 (40th monthly percentile), indicating a mild short bias in perpetuals but nothing extreme — funding has reached as low as -0.02263 this month, so current negative funding is far from capitulation levels. Open interest sits at $4.46B, at the 59th monthly percentile and well off the $5.82B monthly high, suggesting meaningful deleveraging has already occurred without a full flush. The standout signal is the Coinbase premium at -3.45 (6th monthly percentile), near its monthly low of -9.13 — this indicates persistent US spot selling pressure and weak institutional/retail demand from that venue, which is a bearish undercurrent worth monitoring closely. With 95% of $9M in 8h liquidations hitting longs and liquidation volume at just the 34th monthly percentile, the market is leaking long positions without a dramatic cascade — watch for whether the Coinbase premium deteriorates further toward -9 or OI breaks below the weekly low