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Solana perp volume explodes 65% amid shrinking spot activity
Sol 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 Sol dashboard reports nearly 9 billion in seven-day perpetuals turnover, up 65.29% from the preceding week. GMTrade, listed by DefiLlama as GMX Sol, contributed nearly 7 billion, with a displayed weekly increase of 105%
Over the same dashboard’s 7day 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 to Sol but classifies its 2.6 billion in weekly perpetuals turnover as “off-chain,” a turnover outside the Solana table.
Concentrated turnover and trading rewards
Dividing GMTrade’s reported weekly turnover by the table’s total gives an approximately 77% share. The rounded totals and growth rates also imply that GMTrade’s weekly increase was roughly as large as the entire table’s gain.
GMTrade’s trading documentation allows $SOL exposure backed by either wrapped sol or $USDC collateral. A dollar of leveraged turnover cannot simply be counted as a dollar of new sol buying.
GMTrade’s GT documentation describes points earned through trading, liquidity provision and referrals, with conditional treasury buybacks offering a route to $USDC.
The announced Season 2 terms tie a referrer’s sellable quota to GT earned through referred traders’ trading, so earning points is different from receiving an unrestricted cash rebate
The published fee documentation lists basic crypto-position opening or closing charges of 0.02% or 0.024%, depending on whether a trade improves the balance of longs and shorts. The Season 2 announcement also described a fee-structure change.
#Write2Earn #sol #solana $SOL
Solana perp volume explodes 65% amid shrinking spot activity
Sol 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 Sol dashboard reports nearly 9 billion in seven-day perpetuals turnover, up 65.29% from the preceding week. GMTrade, listed by DefiLlama as GMX Sol, contributed nearly 7 billion, with a displayed weekly increase of 105%
Over the same dashboard’s 7day 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 to Sol but classifies its 2.6 billion in weekly perpetuals turnover as “off-chain,” a turnover outside the Solana table.
Concentrated turnover and trading rewards
Dividing GMTrade’s reported weekly turnover by the table’s total gives an approximately 77% share. The rounded totals and growth rates also imply that GMTrade’s weekly increase was roughly as large as the entire table’s gain.
GMTrade’s trading documentation allows $SOL exposure backed by either wrapped sol or $USDC collateral. A dollar of leveraged turnover cannot simply be counted as a dollar of new sol buying.
GMTrade’s GT documentation describes points earned through trading, liquidity provision and referrals, with conditional treasury buybacks offering a route to $USDC.
The announced Season 2 terms tie a referrer’s sellable quota to GT earned through referred traders’ trading, so earning points is different from receiving an unrestricted cash rebate
The published fee documentation lists basic crypto-position opening or closing charges of 0.02% or 0.024%, depending on whether a trade improves the balance of longs and shorts. The Season 2 announcement also described a fee-structure change.
#Write2Earn #sol #solana $SOL
