Crypto market brief · 2026-11-01

Bitcoin ETFs see biggest outflow since June

US spot Bitcoin ETFs settled Oct 30 with net outflows of -$643.3M, the largest single day outflow since Jun 25. IBIT led the redemptions at -$233.7M.

Ether funds saw money leave on the same date too, -$155.8M. Over five sessions the Bitcoin ETFs are net -$202.6M, a smaller figure than the one day, so the rest of that window was not all redemptions.

The group still holds $98.14B in net assets, with cumulative net inflows of $56.98B.

Since 2025, days in this low band saw a median +0.5% BTC move over the next 7d (n=121, base -0.4%, 1y of records). History, not a forecast.

Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-01#2026-11-01-1330-etf-flows, data as of 2026-11-01 13:30 UTC

Bitcoin rises, US discount runs to day 57

A green day for $BTC didn't close the American gap. Bitcoin traded at $78,150 on Nov 1, up 1.08% over 24 hours, and US traders bid below the global price for the 57th straight day.

The Fear & Greed index reads 34, in fear. Bitcoin holds 59.93% of a $2.6T crypto market.

Order flow toxicity, a gauge of how one sided aggressive trading is, reads 0.12, in the 20th percentile of the last 90 days. The biggest build in leverage came on $LINK, where open positions grew 9.7% with price up 3.7%, longs adding.

Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-01#2026-11-01-0900-daily-brief, data as of 2026-11-01 09:00 UTC

US buyers stay under global price for 57 days

Day 57 of the US discount on Bitcoin came on Oct 31. Buyers on Coinbase paid -0.204% under the global price for $BTC, a little deeper than the -0.182% seven day average for the same gap.

Further out the curve, the picture differs. Quarterly futures traded above spot at an annualized +5.10%, so traders in dated contracts still paid extra to hold Bitcoin exposure.

The gap itself is small. What stands out is its length, with 57 straight days and no flip back to a US premium.

Since 2017, days in this very low band saw a median -0.1% BTC move over the next 7d (n=666, base +0.5%, 9y of records). History, not a forecast.

Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-01#2026-11-01-0720-premium-daily, data as of 2026-11-01 07:20 UTC

Miners kept October's hashrate gains

Miners closed October with far more computing power behind Bitcoin than a month earlier, and the final week barely moved. Our node put hashrate, the total computing power securing the chain, at 1025 EH/s on Oct 31, up +13.4% over 30 days and -0.1% over 7 days.

Difficulty, the bar every miner has to clear to find a block, stood at 148.36T that day.

Getting a transaction into a block stayed cheap, with fees at 1.0 sat/vB, and miners took in 461.6 BTC in revenue.

Since 2017, days in this very high band saw a median +0.1% BTC move over the next 7d (n=639, base +0.5%, 8y of records). History, not a forecast.

Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-01#2026-11-01-0540-network-daily, data as of 2026-10-31 00:20 UTC

DAI just traded as low as $0.9860

$DAI just traded below its dollar peg. In a 10 minute snapshot of three venues, the lowest price was $0.9860 and the median was $0.9929.

The highest venue still showed $1.0007, so the discount was not the same everywhere. These are prices on individual venues and do not by themselves show that redeeming DAI for a dollar is impaired.

Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-01#2026-11-01-1207-event-peg-stress, data as of 2026-11-01 12:07 UTC

Leveraged XPL longs lose $6.7M

Bets on a higher XPL price just took a $6.7M hit. Over the past 30 minutes, the major venues closed $6.7M of leveraged $XPL long positions. These were borrowed money bets on a rise, shut automatically once their collateral no longer covered the move against them.

The other side of the trade barely moved. Short liquidations in the same window came to $82.5K, so this flush hit buyers almost entirely.

These figures come from the raw liquidation streams of the major venues.

Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-01#2026-11-01-0437-event-liq-burst, data as of 2026-11-01 04:37 UTC

Tron shorts are paying heavily to stay in

Holding a bet against Tron now costs -0.16% every funding interval, and the short side is the one paying.

Funding is the fee perpetual futures traders swap between the two sides to keep the contract close to the spot price. A normal reading is about 0.01%, paid by longs to shorts. This one runs the opposite way, from shorts to longs, at a heavy rate.

$TRX is -4.97% over 24 hours, so the pressure lands on traders who are right on price yet pay each interval to keep the position open.

Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-01#2026-11-01-0237-event-funding-extreme, data as of 2026-11-01 02:37 UTC

Esports longs pile in and pay to stay

Open bets on $ESPORTS grew 77.3% in the 24 hours to 15:00 UTC on Nov 1, and buyers pay 0.13% in funding, the fee longs hand shorts to keep positions open. New money is piling onto the side that already pays, the strongest case of long crowding on the board.

Lisk runs the other way. Open positions on $LSK fell 14.24%, and funding there sits at -0.14%, so the shorts who stayed are the ones paying.

The larger coins show far less strain. Solana and XRP both carry 0.01% funding, with open bets up 3.59% and 2.35%.

Source: ByKaranteli, https://bykaranteli.com/brief/2026-11-01#2026-11-01-1500-pressure-snapshot, data as of 2026-11-01 15:00 UTC

A $230K short tops a flat Bitcoin day

A quiet tape for $BTC, and the biggest forced closure of the day still landed on a bear. Bitcoin ended the 24 hours to Nov 1 at +0.33%, last at $77,571.

The top hit was a short liquidation of $230K on Binance, a position betting on a lower price that the exchange closed. In all, our collectors logged 369 recorded prints of $1K or more across the window.

The heatmap behind the candles is an estimate of where leveraged positions sit; the prints on them are recorded closures.

Forced closures fell 93.1% in a day

Oct 31 was a quiet day for leveraged traders after a heavy one. Our streams recorded $44.5M of forced closures across 11 venues, 672 symbols and 35,113 events, down 93.1% from $647.0M on Oct 30 and far under the $323.2M seven day average.

The smaller bill landed mostly on traders betting on lower prices. Shorts lost $23.4M and longs $21.1M, a 47.4% long share.

$ETH led with $6.1M, $4.7M of it from shorts. $BTC followed with $5.7M, $3.5M from shorts. These totals come from public venue streams and are a floor for the whole market.

KuCoin closes USDC withdrawals on Solana

USDC on KuCoin can't leave over Solana. The exchange's own currency list, in our daily read, shows $USDC withdrawals on the SOL network as closed.

Anyone who planned to move USDC from KuCoin to a Solana wallet has no path through that network as of that read. Deposits and withdrawals on other networks may still be open.

A pause like this is the earliest public sign a venue gives when something is wrong, though most turn out to be routine maintenance.

KuCoin reopens USDC withdrawals on Solana

$USDC can leave KuCoin over Solana again. Withdrawals on the SOL network just reopened, about 2 hours after the exchange closed them, as KuCoin's own currency list showed in our daily read.

For anyone holding USDC on KuCoin, sending it straight to a Solana wallet works again through that network. For those 2 hours, that route was closed.

OKX closes USDT withdrawals on Polygon

OKX has shut the Polygon exit for $USDT. In our daily read of the exchange's own currency list, withdrawals on the USDT POLYGON network show as closed.

Anyone planning to move USDT from OKX to a Polygon wallet has no route through that network for now. Deposits and other networks may still be open.

A closed withdrawal network is the first public signal an exchange gives when something needs attention, and most of these pauses are routine maintenance.

Binance charges the most to borrow USDT

Binance charged the most to borrow USDT on margin in the Nov 1 read at 05:25 UTC, at 5.31% a year. Yet the same exchange lent Bitcoin itself for just 0.49%.

Bybit was the cheapest place to borrow the stablecoin at 3.93%. The median across the three venues we track was 4.2%.

On Binance, leveraged $BTC longs paid 10.95% a year in funding, the fee longs hand to shorts. Set against the 0.49% cost of borrowing Bitcoin there, that left a 10.46% gap, the widest recorded across the 15 assets we follow. It is a recorded spread, not a promised return.

Binance insurance fund loses $614.57M in a day

Binance's insurance fund shed -$614.57M over 24 hours, a -24.96% change that leaves the balance at $1.85B.

An insurance fund is the pool an exchange draws on when a liquidated position closes at a worse price than the trader's margin can cover. It keeps that shortfall from landing on the traders who won the other side of the bet.

This reading tracks the size of the fund, not the reason it moved. Paying out liquidation losses and transfers between the exchange's own accounts both shrink the balance, and the figure alone doesn't tell the two apart.

SEI short sellers are paying to stay in

SEI is the outlier on the funding board. Traders short $SEI are paying longs -0.03% to keep their bets open, and open interest (the total of open positions) grew 1.38% over 24 hours anyway.

The rest of the negative side is thin. TIA sits at -0.01% with open interest down 0.87%. $AAVE funding is at 0%, yet its open interest grew 5.35%, the biggest build on the list.

On the other side, $BTC, Solana, XRP and Dogecoin all show longs paying 0.01%. Solana added the most positions there, up 2.91%.

Since 2019, days in this high band saw a median +0.0% BTC move over the next 7d (n=597, base +0.4%, 7y of records). History, not a forecast.

A $1.6M call sale led Bitcoin options

The largest single Bitcoin options trade of the past two days came from the selling side. A taker sold $1.6M of $BTC calls at the $82,000 strike expiring Nov 6, in a block negotiated off the order book and then reported to the venue.

In the 24 hours to Nov 1, buyers put $2.7M into puts, contracts that pay if the price falls, against $1.2M into calls. The window held 10,819 recorded trades, and blocks carried 17% of all premium dollars.

The next two largest trades were also call blocks. One bought $857.4K at the $85,000 strike for Nov 6, and another sold $524.8K at $100,000 for Jun 25, 2027.

Binance insurance fund falls -24.96% in a day

Binance's insurance fund posted a -24.96% day in the 24 hours to Nov 1, leaving it at $1.85B. That was the biggest swing among the 10 venues we track.

The other large funds barely moved. OKX, still the largest at $2.94B, changed +0.67%, Bybit at $1.13B changed +0.53%, and MEXC held $639.6M at 0.00%.

Together the 10 venues held $6.96B, a -7.79% day worth -$587.9M, and -8.58% over seven days. That pool equals 14.71% of perpetual open interest, the value of all open leveraged futures positions, on the coins we track. These are balances the exchanges report themselves, not audits.

Deribit settles its Avalanche future at $8.912

Deribit's USDC margined $AVAX future was the only dated contract to settle in the 24 hours to 09:15 UTC on Nov 1. It closed at $8.912 at 08:00 UTC.

Monday, Nov 2 is busier. Deribit has 13 dated $BTC futures and 13 dated $ETH futures set for delivery, and Bullish adds one Bitcoin contract.

A dated future has a fixed end date, and every position still open on that day closes at the settlement price. Across 15 venues, 107 dated futures and 5,692 option contracts expire in the next 7 days.

Bitcoin's nearby bids thinned 21.9% in a day

Buyers thinned out under the $BTC spot price in the 24 hours to 09:36 UTC on Nov 1. Resting bids within 2% of mid shrank 21.9% against a day earlier. Asks barely moved, at -0.4%.

Bids still lead, $146.5M against $129.9M across 21 spot venues, a 6% imbalance toward buyers. Price stood at $77.9K, 0.8% above the $77.4K of a day earlier.

The largest sell wall rests right on top of price, $29.0M of asks at $78.0K, 0.05% above mid. The biggest bid wall, $36.3M, sits far lower at $73.0K, 6.35% below. Resting orders can be pulled at any moment, and this is a snapshot of the book, not a promise.

Whale buyers and sellers fought to a draw

The biggest traders fought to a draw in the 24 hours to 10:00 UTC on Nov 1. Whale sized buys came to $2.03B and sells to $2.00B, so buyers held 50.4% of the big money, well inside the 45% to 55% range we treat as two sided.

Bitcoin was where the size went, with 1,212 of the 2,216 large trades. It also carried the largest single order of the day, a $16.2M $BTC trade.

No side of the big money pressed its case on this window.

Bitcoin's biggest long cluster sits far below

The biggest estimated pocket of leveraged long risk in Bitcoin sits well under the market. With $BTC at $78,000 at 11:00 UTC on Nov 1, the largest modeled long cluster is at $75,083, even though the nearest long level is only at $77,723.

Above the price, the modeled short levels sit tighter. The nearest is $78,269 and the largest $78,634, the points where traders betting on a fall would be forced to buy back.

Within 3% of the price the modeled exposure is balanced, with neither side carrying clearly more. These are estimated levels built from open interest and leverage, not recorded liquidations.

Jupiter traders lean long, whales don't

Traders on Jupiter Perps hold $80.1M in long positions against just $17.8M short as of Nov 1. Hyperliquid's largest accounts lean the other way, with only 42.3% of their notional long across 269 whales.

Solana carries most of the Jupiter long side, $49.6M long versus $13.0M short. Bitcoin shows $23.5M against $3.9M, and Ether $6.9M against $864.1K.

The week's best Bitcoin trader on Jupiter, wallet 4ESn…FuBg, realized $196.9K on $30.2M of volume from Oct 26 to Nov 1. The top $SOL and $ETH wallets banked $32.2K and $32.1K.

Chainlink futures bets grow fastest on board

Chainlink led the board for growth in open futures positions over the 24 hours to Nov 1, 11:35 UTC. Its open interest, the value of futures bets still open, grew 8.56% as the price rose 1.96%, a mix our tracker classes as longs building.

Avalanche came next at 7.23% on a 4% gain, also read as longs building. Ether added 2.96% on a 0.98% move in the same group.

Solana went the other way. Its open interest grew 3.24% on a -0.56% day, classed as shorts building. Bitcoin stayed quiet at 1.2% on a 0.49% move.

No Satoshi era coins moved this week

None of the 34,124 Satoshi era outputs we track moved in the week to Nov 1. Together they hold 1.71 million BTC, all locked in the oldest output type, which writes the public key straight onto the chain.

Counted on our own node at block 974,068, 1.93 million BTC sits in outputs whose public key is already visible. That is 9.62% of all bitcoin by value and 34.1% of outputs by count.

Exposure here describes how coins are locked, not a timeline. It marks which coins rely on a key anyone can already see, and carries no estimate of when that could matter.

Binance's insurance fund loses $614.58M

$1.85B is what remains in Binance's insurance fund after a 24 hour change of -24.96%, which is -$614.58M in dollar terms.

This fund is the reserve Binance draws on when a liquidated position closes at a worse price than the trader's margin can cover. It keeps that shortfall from being passed on to traders on the other side of the trade. A smaller balance is a thinner cushion for those gaps.

The reading tracks the fund's dollar value. The balance alone doesn't show what drove the move.

Ether longs carry the nearby liquidation risk

Ether's estimated liquidation map on Nov 1 at 13:00 UTC tilts against leveraged buyers. Within 3% of the $2,261 price, more modeled exposure sits below price, on long positions, than above it on shorts.

The first modeled long level is $2,249, close under price. The larger long cluster sits further down at $2,186.

On the other side, the nearest estimated short level is $2,278, with a bigger one at $2,339, where traders betting on a fall would be forced to buy back.

Both majors trade above Oct 31 value area

Bitcoin and Ether perpetuals both trade above the narrow band where most of Oct 31's trading time was spent. That band, the value area, holds 70% of the session's time at price.

$BTC's value area ran from $77,273.84 to $77,621.75, only 0.45% wide, around a most traded price of $77,525.11. It closed the session at $77,522.60, almost exactly on that price, and now trades at $77,926.40.

$ETH's value area ran from $2,241.36 to $2,253.70 around $2,244.16. Ether had already closed above it at $2,254.54 and now trades at $2,265.76.

These are the prices where trade spent its time yesterday, a reference for today's session.

Chainlink charges the most to trade size

A $1.0M market order in Chainlink cost an estimated 25.8 bps on Nov 1, against 0.2 bps for the same order in $BTC. That cost is the gap between the quoted price and the average fill once the order walks the live book, read across the eight books we track at 14:00 UTC.

$LINK was the thinnest of the eight. Cardano came next at 18 bps, then Dogecoin at 8.9 bps and BNB at 8 bps. On the deep side, Ether cost 0.8 bps, Solana 3.3 bps and XRP 4.9 bps.

Shallow books matter when leverage gets cleared. A forced close of this size moves the price further on a book like Chainlink's than on Bitcoin's, and that bigger move is what reaches the next liquidation level, whichever side it sits on.

Sellers park a wall right above Bitcoin

The largest block of $BTC sell orders sits almost on top of the price. Across 21 spot venues at 13:58 UTC on Nov 1, $29.8M rested at $77,949, 0.05% above $77,910. The biggest buy wall is far lower, $37.8M at $72,963, 6.35% down.

Closer in, the book leans the other way. Within 2% of price, bids came to $144.5M against $123.7M of asks, a 7.8% tilt toward buyers.

$ETH tilts toward sellers by 7.2% inside the same 2% range, $87.8M of asks to $76.0M of bids. Its biggest walls sit 0.15% either side, $20.8M to sell at $2,268 and $15.9M to buy at $2,262.

These are resting orders that can be pulled, not completed trades.

Every window last week was sealed on Solana

Every five minute window of our data from Oct 25 to Nov 1 was written to Solana. That is 2,016 windows over 7 days, 100% of them sealed, with a median 55 seconds from the end of a window to the Solana block.

No window was missed. Five anchors landed later than 120 seconds, and 7 daily attestations went to Base. Across the week, 258,048 records were sealed.

For a trader, this means a liquidation total or funding reading we published last week can be checked against what was sealed at the time. Anyone can check every epoch from the Solana and Base chains alone. The check shows the numbers were not changed after sealing.

Cheap Tether drives Turkey's Bitcoin discount

Turkey's Bitcoin discount on Nov 1 was really a dollar discount. Lira buyers paid -0.17% (-16.5 bps) against the global price, close to the 24 hour average of -17.6 bps.

Almost all of it sits in the dollar leg. Tether bought with lira traded -16.6 bps against the official USD/TRY rate from Oct 30, and the crypto leg, Bitcoin priced in Tether, added only +0.1 bps.

CoinTR was the dearest of the five eligible exchanges at -4.7 bps and Binance TR the cheapest at -26.3 bps, so none of the eligible venues priced above the world. This is a price gap, not a trade anyone can lock in.

Sellers stack $17.24M just above Ether

Sellers have parked $17.24M of Ether offers at $2,272.12, only 0.15% above the $2,268.72 mid, the biggest wall on either side of the spot book at 15:36 UTC on Nov 1. The largest buy wall is smaller and further off, $13.59M at $2,263.05, 0.25% below.

Across 21 spot venues, $79.75M in bids and $85.52M in asks rest within 2% of the price. That leaves the book 3.5% heavier on the sell side.

Ether gained 0.9% over 24 hours, yet both sides of the book got thinner. Bids within 2% shrank 7.1% and asks 8.7% against the same time a day earlier. Resting orders can be pulled at any moment, so this is a snapshot of the book, not a map of where price goes.

Avalanche funding splits widest across venues

Avalanche futures cost very different amounts to hold depending on the venue. In the Nov 1 reading at 15:52 UTC, the 8 hour funding rate (the fee passed between longs and shorts) sat lowest on dYdX and highest on another exchange. That gap of 0.11% per 8 hours was the widest on our board.

If that gap held all year, after fees, the model puts it at 106.21% annualized for $AVAX. That is a modeled carry, not a recorded return.

$LINK came next with 0.08% between Bitfinex and Backpack, modeled at 80.89%. WIF showed 0.08% from KuCoin, and BNB 0.07% between Bitfinex and Kraken, modeled at 63.63%.

Gold tokens join the daily oversold list

Two gold backed tokens, PAXG and XAUT, made the list of the eight most oversold Binance perpetuals on the daily chart, both at an RSI of 25.9. RSI is a 14 day momentum gauge where 30 or below marks a stretched run of selling. Their last 24 hours were close to flat, -0.0% and -0.1%.

The deepest readings belong to altcoins. $ALLO leads at 20.6 (+2.0% on the day), then FOGO at 22.7 (-5.1%) and CT at 23.4 (+1.6%).

Across the board, 49 perps sit at 30 or under and 14 at 70 or over, with the average daily RSI at 42.3.

Solana's crowd leans long the hardest

Solana carries the most lopsided crowd of the 30 coins we track on Binance. As of 16:54 UTC on Nov 1, $SOL held 3.19 long accounts for every short.

On $BTC the whole crowd counted 2.3 longs per short, OKX read 2.38, and top traders by account came in at 2.4. Measured by position size, those same top traders sat at 1.65, a much thinner lean once money replaces headcount.

Over the last 24 hours, market buy orders beat market sells by +1,139 BTC. The final hour went the other way, with a buy to sell ratio of 0.83, meaning sellers hit the market harder.

Ether and Bitcoin moved almost as one

Over the past 30 days, Ether and Bitcoin have traded almost as one asset. The correlation between their prices came to 0.95 across 30 readings in that window.

Correlation runs up to 1, where two prices move in perfect step. At 0.95, a trader holding both $BTC and $ETH carried close to a single bet, and a move in one has mostly come with a move in the other.

The reading measures how closely the two travel together. It says nothing about direction, and it covers this 30 day window only.

Altseason index gives up 8 points in a week

Bitcoin returned 22.9% over the past 90 days, and 32 of the 50 altcoins we sample beat that. The Altcoin Season Index read 64 on Nov 1, 8 points lower than a week earlier.

That reading sits between the 25 mark for Bitcoin season and the 75 mark where altseason starts, which puts the market in no clear season.

The gap inside the altcoin group is wide. $BTW leads the sample with +941.3% over 90 days, and $BEAT sits at the bottom with -96.5%.

Sentiment climbs 4 points, still in fear

Traders' mood improved by 4 points over the 24 hours to 19:00 UTC on Nov 1, and it still reads fear. The Fear and Greed index, a single score of how nervous or bold the market feels, stands at 34.

Cash on crypto rails went the other way. Stablecoins, the dollar tokens traders keep on exchanges to buy coins and post as margin, moved -0.28% over the same window to a supply of $298.60B.

Bitcoin accounts for 60% of the whole crypto market's value, which leaves every other coin combined with the smaller share.

Most crypto money sits in Bitcoin

Most of the money in crypto is parked in Bitcoin. Its share of total market value was 60% at 19:42 UTC on Nov 1, in a market worth $2.60T.

Ether holds 10.57%. Ether and every other token split the remaining part of the market between them.

This reading carries no 24 hour change. It shows where the money sits on Nov 1, but not which way it is moving between Bitcoin and the rest.

Layer 2 fell most, yet trails Bitcoin least

Layer 2 had the worst 24 hours of any theme basket we track to Nov 1, at -1.90%. Over 30 days it is still the basket closest to Bitcoin, at -9.9%, trailing by 1.3 percentage points.

The day split the board. Quantum led at +1.77%, RWA added 1.35% and DeFi barely moved at 0.03%. Meme lost 1.85% and DePIN 1.52%.

Over the month, $BTC returned -8.6% and none of the eight baskets kept pace. DeFi trailed furthest, at -20.2%, which is 11.6 percentage points behind Bitcoin.

Tokenized shares trade on with Wall Street shut

Tokenized stocks kept trading on Nov 1 with the listed shares behind them closed for the weekend. Decentralized exchange volume came to $104.7M, -7.93% against the day before.

Supply held onchain, valued at the share price, reached $3.91B, +0.24% on the last recorded day. Binance bStocks is the largest issuer with $1.32B.

With the reference market closed, no premium or discount of the wrappers to their real shares can be measured today. That gap only gets a fresh read once an open session prices the shares again.

Hyperliquid's biggest accounts lean short

Hyperliquid's biggest accounts lean away from the long side. Across the open positions of 267 accounts holding trades, out of the 1,000 largest by account equity, only 42.4% of the dollars sit on bets for a higher price.

US spot Bitcoin funds posted -$643.3M in net flow on Oct 30, the last settled trading day. Ether funds posted -$155.8M.

In the 24 hours to Nov 1 we recorded $76.0M in forced closures over 39,799 events. Leveraged longs took $48.3M of it, and $ETH carried the most at $13.0M. Open futures bets across 27 venues came to $70.55B, up 0.07% on the day.

Solana longs carry Jupiter's book on a down day

Solana lost 2.34% over 24 hours to $93.63, and Solana longs are the biggest book on Jupiter Perps at $51.3M. Most of the open risk on the venue sits with traders who borrowed to bet on that coin going higher.

Across SOL, ETH and BTC, longs total $78.5M against $19.0M in shorts, so 80.5% of open positions point up. Bitcoin longs hold $22.4M and Ether longs $4.7M.

The smaller short side is the one using its room. Short utilisation, the share of pool money set aside for shorts that is already borrowed, reads 64.62% on all three, against 13.31% for Solana longs. The JLP pool behind these trades holds $804.9M and pays its providers 11.13% a year.

Jupiter's SOL market carries the largest bets

A single Solana perp market carries more open money than Phoenix, Bullet or Velocity holds across all of its markets. $SOL on Jupiter Perps has $32.3M in open positions, and traders there pay a borrow fee of +0.0016% per hour to keep them open. That fee is charged on the position itself, not paid from one side to the other.

Across six venues and 290 markets, $224.1M was open on Nov 1, with $300.8M traded over the 24 hours. GM Trade holds the most at $93.8M (41.9%), then Pacifica at $55.1M, Jupiter Perps at $48.7M and Phoenix at $22.4M.

At the thin end, Bullet holds $4.0M and Velocity $108K.