Solana perp volume explodes 65% amid shrinking spot activity
The venue accounts for about 77% of weekly turnover in DefiLlama’s Solana table, concentrating growth as stablecoin market capitalization falls. Read the full story on CryptoSlateUnderstand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Solana’s jump in tracked perpetuals trading is concentrated at GMTrade, a derivatives venue that accounts for about 77% of reported weekly turnover in DefiLlama’s Solana table.
Spot trading moved the other way, leaving a narrower demand picture than the derivatives headline suggests.
In the Nov. 10 snapshot, the Solana dashboard reports nearly $9 billion in seven-day perpetuals turnover, up 65.29% from the preceding week. GMTrade, listed by DefiLlama as GMX Solana, contributed nearly $7 billion, with a displayed weekly increase of 105%.
Over the same dashboard’s seven-day comparisons, spot decentralized exchange turnover fell 5% to $9.9 billion, and stablecoin market capitalization fell 4.38% to $14.5 billion.
DefiLlama’s Pacifica page attributes its total value locked (TVL) to Solana but classifies its $2.6 billion in weekly perpetuals turnover as “off-chain,” a turnover outside the Solana table.