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TXS0108E: Open side waveform distorted

Part Number: TXS0108E
Other Parts Discussed in Thread: LSF0108, LSF0204, TXB0108

I am using the TXS010x devices to level shift between 2.5V and 3.3V and I am seeing some signal distortion.

Below is the level shifter schematic.

In the below waveform the bottom trace is the L side, which is being driven push-pull to 2.5V, the top trace is the H side and is floating. H is being used to monitor the L side but at 3.3V.

The H side does also go to the input of an op-amp but should be loading minimally.

We need this to be bi-directional since these signals are GPIO signals.

Is this expected?