SOLUSDT · Perpetual futures
Solana open interest and funding
What a long on the SOLUSDT perpetual costs across three venues, how much money is positioned in it, and how both moved over the past month.
1953,65 M US$ sits in open SOL positions on Bybit, Binance y OKX·66 % of accounts sit long·a long costs -11,2 % a year on average, from -18,4 % on Bybit to -4,7 % on OKX
Our own series, written once a minute since the collector started.
Where the money sits
The same contract behaves differently on each venue: its own book, its own crowd, its own payout interval. A gap in the annualized column between two rows is a gap somebody is already trading.
| Exchange | Open interest | In coins | Funding | Annualized | Interval | Long / short |
|---|---|---|---|---|---|---|
| Bybit | 677,01 M US$ | 5.791.569 SOL | -0,017 % | -18,4 % | 8h | 2,33 |
| Binance | 938,24 M US$ | 8.009.523 SOL | -0,0096 % | -10,6 % | 8h | 1,81 |
| OKX | 338,41 M US$ | 2.894.590 SOL | -0,0043 % | -4,7 % | 8h | 1,59 |
Funding on a fast contract
Solana moves more per day than either of the two above it, and its funding reflects that. The same one percent drift in price produces a wider swing in the rate here, because the hedging side has to carry more risk for the same carry and asks to be paid for it. Readings that would count as extreme on bitcoin are a normal week on this contract.
That makes the absolute level almost useless on its own. What carries information is the rate against its own recent range: funding at three times its monthly median is a crowded trade even when the number still looks small next to a memecoin.
What a funding spike here usually means
Open interest on solana grows in bursts around ecosystem events rather than drifting, and the bursts arrive with the rate already elevated. When both jump together and price is flat, positioning has run ahead of the move, and the unwind tends to be the next thing that happens.
The steadier signal is open interest rising while the rate stays near its median. That is size entering without paying a premium for it, and it holds through drawdowns far better than the crowded version.
Is this the same contract on all three venues?
It is the same underlying and the same USDT margin, but three separate contracts with three separate books. Contract sizes, payout intervals and leverage limits differ, which is why the rows above never match exactly.
What happens at the payout time?
Every payout period each venue settles funding between longs and shorts at the rate shown. Nothing goes to the exchange. Holding through the payout is what the annualized column prices: at twelve percent a year, a long that sits for a month gives up about one percent of its notional.
Why is the long/short ratio above one while price is falling?
The ratio counts accounts, not money. Retail crowds tend to lean long into weakness, so a ratio above one during a drawdown is ordinary and says more about positioning than about the next move.
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