Solana
Sectors
Sentiment
Track Solana perpetual futures funding rate across Binance, Bybit, OKX, Deribit, Hyperliquid.
Sharpe Terminal aggregates Solana (SOL) perpetual futures funding rate data from Binance, Bybit, OKX, Deribit, Hyperliquid and eight additional exchanges into a single real-time chart. Compare exchange-level breakdowns, overlay price, and switch between 1W, 1M, 3M, 1Y and 3Y historical windows. Annualized perpetual futures funding rate paid between long and short holders. Derivatives traders use this view to confirm trend strength, spot crowded positioning, and pinpoint liquidation cascades before they ripple into spot.
Solana (SOL) is the third-largest perpetual market by OI, with aggregate SOL perp OI climbing from under $1B in 2023 to over $7B during the 2024-2025 memecoin cycle. Binance, Bybit, OKX, Hyperliquid, and Drift (on-chain) collectively clear the majority of SOL perp volume. SOL funding rates are the most volatile of any top-10 coin — single-day annualized funding over 100% is common when SOL memecoin mania peaks. Because SOL is the settlement layer for Solana-ecosystem memecoins, SOL perp positioning leads memecoin-wide regime changes by hours to days. SOL liquidation cascades in April 2024 and August 2024 each wiped $500M+ of leverage in under an hour. Term structure on SOL inverts faster than on BTC/ETH during risk-off events.
The funding rate is a periodic payment between perpetual futures holders that keeps the contract price anchored to the underlying spot index. Funding is calculated from the premium/discount of perp vs. spot plus an interest component, charged every 1-8 hours depending on the exchange. Positive funding means longs pay shorts (bullish positioning crowding); negative funding means shorts pay longs (bearish crowding). Annualized funding above 50% APR on majors is an extended reading; above 100% is crowding territory that historically precedes corrections within days. Funding is one of the purest real-time sentiment gauges in crypto because the payment is a hard economic cost of maintaining a crowded position.
Annualize before interpreting — funding is often quoted as a rate per interval (e.g. 0.01%/8h) which must be multiplied by periods/year. Compare funding across exchanges: retail venues like Binance/Bybit often over-extend while institutional-skewed venues (OKX, Deribit) stay calmer. Divergence between exchange funding rates is an arbitrage window and a positioning-divergence signal. Deep negative funding (below -30% APR) during a downtrend flags short-side exhaustion and frequently marks local bottoms within 24-72 hours.