SOL’s funding rate has already turned negative, but open positions are still increasing. This doesn’t look like longs exiting; it looks more like someone is both protecting against a drop and adding leverage.
SOL’s total open interest across the market is about $5.28 billion, up 2.15% over the past 24 hours—roughly $110 million more in the pot, so money hasn’t been withdrawn cleanly. Binance positions increased by 2.04%, so the mainstream market is still adding. Bybit, however, decreased by 11.87%, which is very clear for one venue alone—indicating the market isn’t taking the same side.
Binance’s fee rate for each period is -0.0055%, annualized at about -6.0%, meaning longs are temporarily paying shorts. OKX is -0.0013%, annualized at about -1.1%, and both major exchanges are currently biased toward shorts taking in money. Could Gate’s position increased by 19.35%, suggesting some traders withdrew, while others moved positions in—divergence is widening.
Increasing positions doesn’t mean bullish, and a negative funding rate doesn’t mean an immediate rebound. If leverage keeps piling up, the next sharp move will first liquidate the most desperate batch of traders.
$SOL $BTC
Do you think this is the long side catching a low-price dip, or is the short side digging a deeper trap?
Check in real time: https://www.coinboss.com/funding-rate