Solana Futures Term Structure
Track Solana perpetual futures term structure across Binance, Bybit, OKX, Deribit.
What is Term Structure for Solana?
The Solana futures term structure plots the annualized basis of SOL dated futures against their expiry, from the nearest contract to the furthest.
Sharpe draws the SOL curve from the dated futures listed on Binance, Bybit, OKX, Deribit.
How to read the Solana Term Structure chart
An upward-sloping Solana curve (contango) means later expiries trade at a higher annualized premium, the normal state when traders pay up for leveraged long exposure.
A flat or inverted curve (backwardation) means near-dated contracts trade richer than later ones or below spot, which usually happens during stress or heavy hedging.
The basis at each expiry is the yield a cash-and-carry trade locks in: buy SOL spot, sell that future, and hold to expiry.
Latest Solana Term Structure snapshot
| Exchange / Contract | Expiry | Days to Expiry | Basis | Annualized Basis | Open Interest |
|---|---|---|---|---|---|
| Bybit SOLUSDT-27NOV26 | 2026-11-27 | 24 | +0.40% | +6.00% | $319.16K |
| Deribit SOL_USDC-27NOV26 | 2026-11-27 | 24 | +1.04% | +15.55% | $75.52 |
| OKX SOL-USD_UM-261127 | 2026-11-27 | 24 | −0.70% | −10.39% | $19.69K |
| Deribit SOL_USDC-25DEC26 | 2026-12-25 | 52 | +3.59% | +25.01% | $939.34 |
| OKX SOL-USD_UM-261225 | 2026-12-25 | 52 | +1.81% | +12.63% | $116.47K |
| Binance SOLUSD_261225 | 2026-12-25 | 52 | +0.46% | +3.24% | $1.55M |
| OKX SOL-USD_UM-270326 | 2027-03-26 | 143 | +3.82% | +9.73% | $134.76K |
| Binance SOLUSD_270326 | 2027-03-26 | 143 | +0.81% | +2.05% | $966.78K |
| Session (UTC) | Deribit | Bybit | Binance | OKX |
|---|---|---|---|---|
| 2026-10-30 | −4.06% | +31.95% | +2.74% | −0.70% |
| 2026-10-31 | −1.08% | +42.44% | +3.34% | +5.52% |
| 2026-11-01 | +9.92% | +77.41% | +3.17% | −0.15% |
| 2026-11-02 | +15.55% | +6.00% | +3.24% | −10.39% |
Data last updated
Solana Term Structure FAQ
What does contango mean for Solana?
SOL futures trade above spot, and further-dated contracts carry a higher premium. It reflects demand for leveraged long exposure.
What does backwardation mean for Solana?
SOL futures trade below spot or near-dated contracts trade above later ones. It is less common and usually reflects stress or hedging demand.
Why is the Solana basis annualized?
Contracts with different expiries are only comparable as a yield. Annualizing the SOL premium for each expiry puts them on one curve.
Perp funding and dated-futures basis by days to expiry