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Funding rates on Solana perpetual futures have climbed to their highest level since September 2025, according to Velo data, a clear sign that leveraged longs are piling back in even as the token trades well below its recent highs. Open interest sits near $1.8 billion, roughly 23.1 million SOL in notional exposure, and major venues—Binance, Bybit, Hyperliquid, OKX—are all showing positive funding around 0.01% every eight hours.
Why traders are paying up
The last time traders paid this much to hold leveraged SOL longs, the token was trading above $200. Now it's in the upper-$70s, needing about 2.6% to reach $80, which is seen as the first resistance level. A sustained break above $80 would shift attention toward the 200-day moving-average region near $90. Fail that, and a slide toward the low-$70s would weaken the recovery story.
Funding being positive means longs pay shorts to keep their positions open. At 0.01% per eight hours, that's roughly 0.03% a day—not enormous, but it's the most expensive it's been in nearly a year. The question is whether these longs are early or early-ish.
On-chain activity holds up, but it's slowing
DeFiLlama shows $4.8 billion in total value locked across Solana DeFi protocols, with over $15.6 billion in stablecoins, 2.05 million active addresses, and 84 million transactions in the past 24 hours. Decentralized exchanges processed $1.21 billion in volume in the same window, and Solana applications generated $3.79 million in revenue.
But the week-over-week picture is softer. Stablecoin market cap is down 0.65%, DEX volume is down 5.69%, and on-chain perpetual volume is down nearly 27%. Solana's stablecoin base also remains below the roughly $17 billion peak recorded in March. So the network is busy, just not as busy as it was.
What Bitwise found about yields
Bitwise research notes that Solana and other major chains have become busier and cheaper even as tokens fell, with revenue declining sharply across Solana, Ethereum, and Avalanche. Bitwise puts Solana's second-quarter staking yield at 6.25%, but more than 90% of that came from issuance, not from fees users actually paid. That's a thin yield if you're counting on network usage to back it up.
ETF flows tell a similar story of cautious interest. Solana ETFs showed $1.1 billion in cumulative flows as of Aug. 7, roughly 2.5% of SOL's market cap, compared with almost 9% for Bitcoin ETFs. Money is coming in, but it's not exactly a stampede.
The immediate test is $80. If SOL breaks through and holds, the perp funding could push higher as momentum traders chase. If it stalls, those leveraged longs are going to feel the squeeze.
Funding rates on Solana perpetual futures have climbed to their highest level since September 2025, according to Velo data, a clear sign that leveraged longs are piling back in even as the token trades well below its recent highs. Open interest sits near $1.8 billion, roughly 23.1 million SOL in notional exposure, and major venues—Binance, Bybit, Hyperliquid, OKX—are all showing positive funding around 0.01% every eight hours.
Why traders are paying up
The last time traders paid this much to hold leveraged SOL longs, the token was trading above $200. Now it's in the upper-$70s, needing about 2.6% to reach $80, which is seen as the first resistance level. A sustained break above $80 would shift attention toward the 200-day moving-average region near $90. Fail that, and a slide toward the low-$70s would weaken the recovery story.
Funding being positive means longs pay shorts to keep their positions open. At 0.01% per eight hours, that's roughly 0.03% a day—not enormous, but it's the most expensive it's been in nearly a year. The question is whether these longs are early or early-ish.
On-chain activity holds up, but it's slowing
DeFiLlama shows $4.8 billion in total value locked across Solana DeFi protocols, with over $15.6 billion in stablecoins, 2.05 million active addresses, and 84 million transactions in the past 24 hours. Decentralized exchanges processed $1.21 billion in volume in the same window, and Solana applications generated $3.79 million in revenue.
But the week-over-week picture is softer. Stablecoin market cap is down 0.65%, DEX volume is down 5.69%, and on-chain perpetual volume is down nearly 27%. Solana's stablecoin base also remains below the roughly $17 billion peak recorded in March. So the network is busy, just not as busy as it was.
What Bitwise found about yields
Bitwise research notes that Solana and other major chains have become busier and cheaper even as tokens fell, with revenue declining sharply across Solana, Ethereum, and Avalanche. Bitwise puts Solana's second-quarter staking yield at 6.25%, but more than 90% of that came from issuance, not from fees users actually paid. That's a thin yield if you're counting on network usage to back it up.
ETF flows tell a similar story of cautious interest. Solana ETFs showed $1.1 billion in cumulative flows as of Aug. 7, roughly 2.5% of SOL's market cap, compared with almost 9% for Bitcoin ETFs. Money is coming in, but it's not exactly a stampede.
The immediate test is $80. If SOL breaks through and holds, the perp funding could push higher as momentum traders chase. If it stalls, those leveraged longs are going to feel the squeeze.
