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Solana

Solana Perp OI Breaks $7 Billion, But Funding Remains Sideways

Keshav Verma
by Keshav Verma
1 month ago
·
Posted in Solana
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Data shows the Solana perpetual futures Open Interest has surged past $7 billion, a sign that speculative participation in SOL is on the rise.

Solana Perp Open Interest Has Spiked Recently

As pointed out by on-chain analytics firm Glassnode in a new post on X, the Solana Open Interest has climbed up as the SOL price has continued to outperform the market recently. The “Open Interest” here refers to an indicator that keeps track of the total amount of perpetual futures positions related to SOL that are currently open on all derivatives exchanges. The metric takes into account for both short and long contracts.

Related Reading: Strategy Announces New $214 Million Bitcoin Purchase, Now Controls 3.2% Of BTC Supply

Now, here is the chart shared by Glassnode that shows the trend in the Solana perpetual futures Open Interest over the past year:

Solana Open Interest

The value of the metric appears to have been on the way up in recent weeks | Source: Glassnode on X

As displayed in the above graph, the Solana Open Interest has observed an increase alongside the asset’s push above the $200 mark and has crossed the $7 billion milestone. “Market participation is clearly expanding,” notes the analytics firm. Historically, speculative activity going up in the sector hasn’t been anything unusual during price rallies, as investors tend to find such periods to be exciting, so they become more prone to making moves.

An excessive surge in the Open Interest, however, is something that can be worth monitoring. This is because new positions generally imply an increase in leverage for the sector, which is something that can make mass liquidation events more likely to take place.

Given that the Solana perpetual futures Open Interest has shot up recently, it’s possible that the price could face instability owing to potential liquidation squeezes. Which way the resulting volatility might take the cryptocurrency in comes down to which side of the market is more dominant.

A metric that can be useful for gauging that is the Funding Rate. This indicator measures the amount of periodic fees that perpetual futures users are exchanging with each other right now. When the Funding Rate is positive, it means the long investors are paying a premium to the short ones in order to hold onto their positions. On the other hand, the metric being below zero suggests bearish bets are more dominant.

Related Reading: XRP Futures Cooloff: Binance OI Declines 37% From Peak

As the chart below shows, the Solana Funding Rate has been positive recently, indicating that the investors have been betting on a bullish outcome.

Solana Funding Rate

How the SOL Funding Rate has changed during the last twelve months | Source: Glassnode on X

This could imply that a squeeze may be more probable to affect the long side. Interestingly, though, the Funding Rate hasn’t seen any increase alongside the surge in the Open Interest, a sign that new short and long positions have come in equal parts. “This suggests the build-up is not excessively leveraged, leaving scope for further upside if momentum persists,” explains Glassnode.

SOL Price

Solana has pulled away from the rest of the sector during the past week with a surge of almost 7% that has taken its price to $224.

Solana Price Chart

The trend in the SOL price over the last five days | Source: SOLUSDT on TradingView
Featured image from Dall-E, Glassnode.com, chart from TradingView.com
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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