Futures open interest for SOL has climbed across top exchanges as traders react to the back-to-back ETF debuts in Hong Kong and the U.S. Data from coinglass shows total SOL futures open interest holding above $10.4 billion, led by Binance, OKX, and Bybit.

Binance currently accounts for roughly 34% of total open interest, followed by OKX at 22%, Bybit at 18%, and Bitget, BingX, and Deribit rounding out the top six. Smaller platforms like Kraken, Bitfinex, Coinex, and Huobi make up the remaining share, each contributing between 1% and 3%.

SOL is having a bad day on Thursday, Oct. 30, 2025, at 2:30 p.m. Eastern time, as solana’s spot price has shed 7.06% against the greenback and trades at $182.62 per SOL at press time.

Solana funding rates across leading platforms remain moderately positive, suggesting traders are maintaining a net-long bias even after a sharp 6.9% daily correction that brought SOL to $183. The activity aligns with a broader pattern of inflows into Solana-based products following the recent ETF launches.

JD Péquignot, the chief commercial officer of Deribit by Coinbase, noted that Solana’s integration into traditional finance is accelerating rapidly. “ Solana’s ecosystem is accelerating into mainstream finance with back-to-back ETF launches this month,” Péquignot said in a note sent to Bitcoin.com News.

“These ETF launches sparked a rally, with SOL price increasing ~15% from a $177 low (Oct. 22) to $205 on Oct. 28. A pullback has followed amid macro caution (Fed cuts, equities dip), settling at ~$196 today. Yet, ETF AUM exploded to ca. $290mio for BSOL alone, eyeing $3-6bio inflows in year 1 per JPMorgan.”

According to Péquignot, Deribit’s SOL options volume surged to 246,700 contracts within 24 hours after Bitwise’s ETF launch — the highest in weeks — as traders piled into call options amid the ETF excitement. Total open interest has climbed to $347 million, with concentrated bets at $220, $240, and $300 strike prices for December expiry. The current put-to-call ratio stands at 0.49, showing a clear bias toward bullish positioning.

Deribit data indicates SOL/USDC options expiring Oct. 31, 2025, are evenly balanced between 60 call and 60 put contracts across strikes from $80 to $460. The symmetrical distribution signals a neutral stance among traders on solana’s long-term trajectory, with hedging and speculative strategies in play on both sides.

On the volatility front, implied volatility (IV) for puts averages around 85% on bids, slightly higher than calls at 77%, suggesting a mild preference for downside protection. However, call options show a steep 356% IV on the ask side versus 303% for puts, implying sellers are demanding rich premiums for out-of-the-money strikes — a sign of thin liquidity and caution amid heightened price uncertainty.

Overall, Solana’s derivatives market has entered a dynamic phase, fueled by ETF-driven momentum and speculative positioning on both futures and options desks. Traders appear to be bracing for significant price swings heading into year-end, with options activity hinting at expectations for $220 to $250 levels if bullish sentiment resumes.

FAQ ❓

• What is driving Solana’s derivatives activity?
  Recent Solana ETF launches in Hong Kong and the U.S. have fueled fresh demand in futures and options markets.
• Which exchanges lead Solana futures trading?
  Binance, OKX, and Bybit account for the majority of Solana futures open interest.
• What are traders betting on in Solana options?
  Most open interest targets $220–$250 strike prices for December expiry, showing mild bullish sentiment.
• What’s the outlook for Solana derivatives?
  Futures and options data suggest continued volatility as traders hedge around ETF-driven momentum.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。