Solana
Sectors
Sentiment
Track Solana perpetual futures open interest across Binance, Bybit, OKX, Deribit, Hyperliquid.
Sharpe Terminal aggregates Solana (SOL) perpetual futures open interest 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. Total USD value of outstanding perpetual futures contracts 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.
Open interest (OI) is the total notional USD value of outstanding perpetual futures contracts that have not yet been closed, liquidated, or settled. OI measures how much leverage is deployed in the market at a given instant — not how much has traded. Rising OI with rising price signals new leveraged longs entering; rising OI with flat or falling price signals short-side buildup and squeeze risk. Falling OI during a price move usually reflects position closures or forced liquidations rather than directional conviction. For top-10 coins, aggregate OI is typically 30-80% of spot market cap; ratios above 100% are rare outside of SOL and the memecoins.
Chart OI against price and overlay funding. OI-up/price-up is a confirmed trend; OI-up/price-flat is a squeeze in progress; OI-down/price-up usually marks the end of a move (shorts capitulating rather than longs adding). Stack OI by exchange to see which venue is driving the change — when OI grows on Hyperliquid or Bybit while Binance OI is flat, the move is retail-speculative rather than institutional. Divergences between OI and spot volume are late-cycle warnings worth taking seriously.