Solana
Sectors
Sentiment
Track Solana perpetual futures liquidations across Binance, Bybit, OKX, Deribit, Hyperliquid.
Sharpe Terminal aggregates Solana (SOL) perpetual futures liquidations 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. Forced liquidations of leveraged long and short positions across exchanges. 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.
Liquidations are forced position closes triggered when a leveraged trader's margin drops below the exchange's maintenance requirement. The exchange's liquidation engine market-closes the position, which adds one-sided buying pressure (for shorts liquidating) or selling pressure (for longs liquidating). Large liquidation clusters create cascades because one liquidation pushes price into the next liquidation level — this is the mechanism behind crypto's characteristic vertical candles and long wicks. Exchange-reported liquidation data is known to under-report true volume by 50-90% (post-FTX many exchanges throttled their liquidation feeds), so relative trend changes matter more than absolute notional.
Shorts liquidated (green bars above zero) signal a short squeeze in progress; longs liquidated (red bars below zero) signal capitulation. Single-exchange liquidation spikes over $100M on BTC, $50M on ETH, or $20M on mid-cap alts are statistically reliable local-reversal markers. Multi-exchange coordinated liquidation events (visible as synchronous spikes across Binance, Bybit, and OKX) are the most reliable trend-flip signals. Watch the ratio of longs-to-shorts liquidated — sustained long-side dominance during a downtrend confirms deleveraging is still underway.