All five major coins are deleveraging, with SOL leading the way—but shorts have started paying.
The latest snapshot shows SOL perpetual open interest down about 5.5% over 24 hours, the steepest drop among the five major coins. Over the past seven days, it has fallen 15.2%. Open interest in BTC, ETH, XRP, and DOGE is also shrinking, but not as much as SOL’s.
What’s more unusual is the funding rate: in the snapshot of the five major coins, only SOL’s funding rate has turned negative, at around -0.0064% per 8 hours, or roughly -7% annualized—meaning shorts are paying longs. Meanwhile, the share of long accounts is still 77.4%, so most traders are still holding long positions.
SOL is trading at around $75.88, down about 5.9% in 24 hours. It has yet to reclaim the $80 level it lost yesterday. The next support is at $73.82, the 75% retracement level of the rally from June to October.
My take: open interest is shrinking the fastest, while the funding rate has turned negative. Taken together, these two signals are clear—the leverage is draining away, but bearish traders are also starting to pay to hold their short positions. Shorts paying doesn’t mean a rebound is imminent. As I said in yesterday’s post about SOL falling below $80, the structure remains bearish until it reclaims $84.72. For now, watch three levels and signals: whether $73.82 holds, whether the funding rate stays negative for several consecutive days, and how far open interest falls before it stabilizes. Holding $73.82 and sustained negative funding would give shorts a reason to cover; if it breaks, the next level to watch is the round-number mark at $70. $SOL
Data as of: 2026-11-14 11:47 UTC
For informational purposes only; this is not investment advice.
The latest snapshot shows SOL perpetual open interest down about 5.5% over 24 hours, the steepest drop among the five major coins. Over the past seven days, it has fallen 15.2%. Open interest in BTC, ETH, XRP, and DOGE is also shrinking, but not as much as SOL’s.
What’s more unusual is the funding rate: in the snapshot of the five major coins, only SOL’s funding rate has turned negative, at around -0.0064% per 8 hours, or roughly -7% annualized—meaning shorts are paying longs. Meanwhile, the share of long accounts is still 77.4%, so most traders are still holding long positions.
SOL is trading at around $75.88, down about 5.9% in 24 hours. It has yet to reclaim the $80 level it lost yesterday. The next support is at $73.82, the 75% retracement level of the rally from June to October.
My take: open interest is shrinking the fastest, while the funding rate has turned negative. Taken together, these two signals are clear—the leverage is draining away, but bearish traders are also starting to pay to hold their short positions. Shorts paying doesn’t mean a rebound is imminent. As I said in yesterday’s post about SOL falling below $80, the structure remains bearish until it reclaims $84.72. For now, watch three levels and signals: whether $73.82 holds, whether the funding rate stays negative for several consecutive days, and how far open interest falls before it stabilizes. Holding $73.82 and sustained negative funding would give shorts a reason to cover; if it breaks, the next level to watch is the round-number mark at $70. $SOL
Data as of: 2026-11-14 11:47 UTC
For informational purposes only; this is not investment advice.
