A $1.8 billion leverage trap is building on Solana as traders pay 11-month high rates to defend $78

Aggregated funding on SOL perpetual futures has climbed to its highest level since September 2025, according to Velo data.Solana's futures open interest sits near $1.8 billion, equal to roughly 23.1 million SOL in notional exposure at current prices. Most major venues, including Binance, Bybit, Hyperliquid and OKX, show positive funding near 0.01% every eight hours.Positive funding means long traders are the ones paying to keep perpetual prices in line with spot. The last time traders paid this much to hold leveraged SOL longs, the token traded above $200.The question is whether Solana's network justifies that conviction, or whether leverage has outrun everything else.Market signalCurrent readingWhy it mattersAggregated SOL fundingHighest since Sept. 2025Traders are paying the most in nearly a year to hold leveraged SOL longsSOL price nowUpper-$70sPrice is recovering, but still far below the last comparable funding periodSOL price in Sept. 2025Above $200Shows how aggressive current leverage looks relative to spot priceFutures open interest~$1.8BLarge amount of speculative exposure is activeSOL notional exposure~23.1M SOLShows the scale of futures positioning in token termsMajor ven...