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

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.

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

As displayed in the above graph, the Solana