Sonic (S) Perpetual Futures

The open-interest-weighted S funding rate is +0.0034% per 8 hours, or +3.76% annualised. Positive funding means longs pay shorts. Across exchanges it ranges from -0.0086% on Crypto.com to +0.0050% on BingX. Compare all funding rates.

S perpetual open interest is $23.41M (509.01M S), down 1.68% in 24 hours. Binance holds the most at $6.35M. That is 17.67% of Sonic's market cap.

Sonic is a layer 1 blockchain compatible with the Ethereum Virtual Machine and the successor to Fantom. S is its native token, used for gas, staking and governance. The network focuses on fast transaction finality and a fee-sharing programme that rewards developers whose apps drive usage.

Sonic perps traded $28.70M in the last 24 hours, -11.67% on the day before. BingX leads with 27%, followed by Binance ($5.30M) and WhiteBIT ($3.80M).

Over the last 24 hours 48.6% of accounts are long and 51.4% short, a long/short ratio of 0.94. See the long/short ratio by exchange.

S replaced FTM as the token of the Fantom team's network, and FTM holders could swap to S one-for-one. Exchanges moved their markets to the new ticker over time. Older charts, research and data may still appear under FTM, so check both names when looking back at history.

Fee monetisation is a Sonic programme that pays a share of the gas fees an app generates back to its developers. The aim is to reward builders in a similar way to how ad revenue rewards web publishers. For traders, growth in network fees is one of the clearer measures of whether real usage is rising.

$19.2K of S positions were liquidated in 24 hours, $18.9K longs and $305 shorts. Binance saw the most at $20.2K. See liquidations across the market.

Network usage, DeFi activity on Sonic and the size of ecosystem incentive programmes move sentiment most. Because a large share of trading happens on a handful of venues, funding and liquidations there often lead the wider market. Broader altcoin risk appetite matters too, as with most mid-cap layer 1 tokens.

S perpetual futures are derivatives contracts that track the price of S and never expire. Instead of settling on a date, they use a funding rate to stay close to the spot price. You can go long or short with leverage without holding any S.

Funding is a payment between longs and shorts. When S perps trade above the index price, funding is positive and longs pay shorts. When they trade below it, shorts pay longs. Most exchanges settle every 8 hours and some, including Hyperliquid, settle every hour.

S perps trade on 11 tracked exchanges. By volume the largest are BingX, Binance and WhiteBIT. Compare fees and features on the best perpetual exchanges.

Coinperps does not give trading advice. Funding, open interest, the long/short ratio and liquidations show how other traders are positioned, but crowded positioning can last longer than expected. Size positions so a liquidation would not hurt you.