An e-fuse sense circuit employs a single ended sense scheme in which the reference voltage is compensated for leakage. A reference voltage generator includes a pull-up resistor of similar value to the selected bitline pull-up resistor. As the sensing trip point is adjusted by selection of a bitline pull-up resistor, a pair of pull-up and pull-down resistors are adjusted together to adjust the impedance of the reference voltage generator. A leakage-path simulation structure including a parallel connection of bitcells is added to the reference voltage generator. The leakage-path simulation structure imitates the bitcells on a bitline in the array of e-fuses. Leakage current on the bitline offsets the bitline voltage by a certain error voltage. The reference voltage is also offset by a fraction of the error voltage to balance the shifts in the ‘1’ and ‘0’ margin levels in the presence of leakage.