Solana Open Interest Jumps 4.55% as Four of Five Assets Gain

Solana open interest climbed 4.55% in the 24 hours before a Nov. 10 perpetual-futures snapshot, giving it the fastest increase among five major crypto assets. The $832.5 million reading was recorded at 6:01 a.m. ET Tuesday, Nov. 10, when the token's mark price was $84.31.

Solana's funding rate was 0.0100% per eight-hour period, equivalent to 10.9% annualized. Long accounts represented 78.6% of the reported split, while short accounts made up 21.4%.

Bitcoin had the largest open-interest value at $7.41 billion, up 3.06% over 24 hours. Its mark price was $74,172, and its funding rate was 0.0087% every eight hours, or 9.6% annualized. The account split was 74.6% long and 25.4% short.

Ether was the only asset with a decline: its open interest fell 0.33% to $4.75 billion. The mark price was $2,088, and funding was 0.0040% per eight-hour period, or 4.4% annualized. Long accounts made up 79.9%, compared with 20.1% short.

XRP's open-interest value reached $346.1 million, a 0.66% increase, with a mark price of $1.08. Funding was 0.0100% every eight hours, or 10.9% annualized; 74% of accounts were long and 26% were short. Dogecoin (DOGE) open interest rose 0.18% to $168.1 million, with a $0.0692 mark price. Its funding rate matched XRP's, and its account split was 72.1% long and 27.9% short.

Four of the five assets posted 24-hour gains, a change from an earlier five-market report of open-interest declines across all five assets. Ether was the lone decliner in the latest reading, while Solana recorded the largest increase.

Open interest measures the value of outstanding derivatives contracts. Funding is a periodic payment between traders holding opposing positions in perpetual futures. All five rates in the snapshot were above zero, meaning traders with long positions paid those with short positions. Solana, XRP and Dogecoin shared the highest rate, while Bitcoin's and Ether's rates were lower.