Solana Leads Broad Crypto Open-Interest Decline With 10.97% Drop

Solana's perpetual-futures open interest fell 10.97% in a 24-hour snapshot taken at 6:02 p.m. ET on Nov. 14, the steepest decline among five crypto markets tracked — and the second consecutive session in which Solana led the group downward. Open interest fell in all five markets in that window.

Open interest measures the dollar value of derivatives contracts that remain open. Falling open interest across every tracked market typically signals position closures or liquidations rather than fresh directional bets, and a broad decline points to a market-wide reduction in leveraged exposure rather than an asset-specific event.

Solana's open interest stood at $639.3 million, with a mark price of $69.26. A Nov. 13 five-market snapshot had also shown Solana posting the group's largest open-interest decline, according to the data.

What did the positioning data show?

Long accounts outnumbered short accounts in every one of the five markets. The share of long accounts ranged from 69.9% for Dogecoin to 77.3% for Solana, meaning more than two-thirds of tracked accounts in each market were positioned for upside even as open interest contracted.

Funding rates split the group. Funding was positive for Bitcoin, XRP and Dogecoin — meaning long perpetual-contract holders paid those holding short contracts. Funding was negative for Ether and Solana, flipping that payment flow toward longs.

How did each market perform?

• Bitcoin (BTC): mark price of $63,597; open interest down 7.11% to $6.24 billion. Funding was 0.0032% every eight hours, or 3.6% annualized. Long accounts were 74.0% of the total.
• Ether (ETH): mark price of $1,747; open interest down 8.42% to $4.08 billion. Funding was -0.0067% every eight hours, or -7.4% annualized. Long accounts represented 74.3%.
• XRP: mark price of $0.899; open interest down 5.50% to $279.4 million. Funding was 0.0026% every eight hours, or 2.8% annualized. Long accounts made up 72.3%.
• Dogecoin (DOGE): mark price of $0.0563; open interest down 6.12% to $142.0 million. Funding was 0.0027% every eight hours, or 2.9% annualized. Long accounts were 69.9%.
• Solana (SOL): open interest of $639.3 million after the 10.97% drop, with the group's lowest funding rate at -0.0136% every eight hours, or -14.9% annualized. Short accounts were 22.8% of the total.

Why does Solana's funding rate stand out?

Solana's -14.9% annualized funding rate is the most negative in the group by a wide margin — Ether's -7.4% is less than half as deep. Negative funding at that scale means short-contract holders are paying longs at an unusually steep cost, which often reflects heavy short demand or hedging pressure concentrated in a single market. Combined with the group's largest open-interest decline on consecutive days, Solana is seeing the sharpest positioning unwind of the five.

The pattern across the board — open interest down everywhere, longs dominant everywhere, funding mixed — suggests leveraged longs were closing or being closed even as the account-level balance stayed tilted toward upside positioning. That combination typically precedes either a reset of leverage or renewed positioning once funding and open interest stabilize.

The next scheduled snapshots will show whether Solana extends its two-day streak of leading open-interest declines or whether the negative funding rate begins to bite short positioning first.