EIGEN has strengthened significantly in the past 24 hours, with a gain of approximately 23%. This surge was primarily driven by the inflow of long positions into the perpetual contract market and improved sentiment resulting from narrowing losses at the contract level.

Perpetual contracts are favored by bulls

Derivatives data shows that funds continue to flow into EIGEN long positions. Over the past day, net long positions in EIGEN perpetual contracts reached $287 million, with funding rates remaining positive at 0.0066%, indicating that long positions are still incurring costs.

The open interest was approximately $58 million during the same period, with nearly 86% of the funds flowing to long positions, amounting to about $49 million. The Long/Short Ratio was 1.04, indicating that the longs had a slight advantage, but it was not significant.

• Net long position turnover: $287 million
• Open interest: approximately $58 million
• Long positions account for approximately 86%.

The liquidation range becomes a short-term observation point.

The liquidation heatmap shows a small area of high liquidity above the current price. Such areas typically attract prices and could push EIGEN to continue its upward trend.

However, the upside potential is currently limited. In contrast, there is a longer liquidation zone below the price. If the market weakens and selling pressure intensifies, the price could be dragged down to this liquidation zone, amplifying the pullback.

This means that although EIGEN's short-term trend remains strong, its future movement will still be significantly affected by the distribution of liquidation concentration areas.

Agreement losses narrowed to near low levels

In addition to the transaction aspect, the operating data of the agreement has also improved. Data shows that EIGEN's earnings metric, which is the gross profit after deducting incentives, is now negative $2.05 million, with the loss narrowing compared to the previous period.

This level is close to EIGEN's lower loss range in the second quarter of 2026. The article notes that a historically comparable low occurred in the third quarter of 2024, when this metric was 0.

Narrowing contract losses typically indicate reduced subsidy pressure and help improve market assessment of project fundamentals. Combined with the current bullish sentiment in the derivatives market, EIGEN's recent performance remains supported by both funding and fundamentals.