Solana’s derivatives market is signaling a shift the price chart doesn’t fully reflect. Total open interest across all exchanges stands at about $5.44 billion (roughly 65.12 million SOL), roughly the same level as in April 2025 and erasing nearly a year of buildup. From late April 2025, open interest climbed to the multi-billion range, peaking around $15-16 billion in mid-September 2025 when SOL traded above $240, before unwinding in the subsequent months. At the time of writing, open interest sits at $5.44 billion, the lowest since early April 2025.
There’s a clear relationship between price and open interest: rising price with rising OI signals new money entering and reinforced momentum, while falling price with falling OI points to a reset where positions are closed and leverage is withdrawn. This dual reading offers two interpretations: a bearish view if spot demand stalls and momentum fades, or a constructive view that much excess leverage has already been washed out, depending on future demand dynamics. At the time of writing, SOL trades at $83.51, down 2.7% in the past 24 hours.
Among venues, Binance holds the largest share of open interest at about $951.84 million (17.49%), followed by CME at $672.55 million and Bybit at $617.30 million. KuCoin shows the strongest 24-hour open interest increase among major venues at +10.42%, though it originates from a smaller overall book at $402.69 million. The CME open interest figure underscores ongoing institutional participation via regulated futures.
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