A $1.8 billion leverage trap is building on Solana as traders pay 11-month high rates to defend $78
Aggregated funding on SOL perpetual futures has climbed to its highest level since September 2025, according to Velo data.
Solana's futures open interest sits near $1.8 billion, equal to roughly 23.1 million SOL in notional exposure at current prices. Most major venues, including Binance, Bybit, Hyperliquid and OKX, show positive funding near 0.01% every eight hours.
Positive funding means long traders are the ones paying to keep perpetual prices in line with spot. The last time traders paid this much to hold leveraged SOL longs, the token traded above $200.
The question is whether Solana's network justifies that conviction, or whether leverage has outrun everything else.
| Market signal | Current reading | Why it matters |
|---|---|---|
| Aggregated SOL funding | Highest since Sept. 2025 | Traders are paying the most in nearly a year to hold leveraged SOL longs |
| SOL price now | Upper-$70s | Price is recovering, but still far below the last comparable funding period |
| SOL price in Sept. 2025 | Above $200 | Shows how aggressive current leverage looks relative to spot price |
| Futures open interest | ~$1.8B | Large amount of speculative exposure is active |
| SOL notional exposure | ~23.1M SOL | Shows the scale of futures positioning in token terms |
| Major venue funding | ~0.01% every 8 hours | Longs are paying shorts across major exchanges |
What paying for leverage means for Solana
A trader can buy SOL directly without ever touching a perpetual futures contract, and that purchase never shows up in the funding rate.
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