CryptoSlate
Solana's tracked perpetuals turnover rose 65.29% to nearly $9 billion over seven days in DefiLlama's Nov. 10 snapshot. GMTrade, listed as GMX Solana, contributed nearly $7 billion, or about 77% of the total.
The broader activity picture was quieter: Solana spot DEX turnover fell 5% to $9.9 billion, while stablecoin market capitalization declined 4.38% to $14.5 billion over the same seven-day comparisons.
Turnover measures notional trading volume, not new SOL purchases or growth in outstanding positions. The snapshot showed $174.9 million in GMTrade open interest out of $235.1 million across the table, but comparable observations are needed to establish a weekly trend.
Frequently asked questions
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How concentrated was Solana's tracked perpetuals volume?
GMTrade contributed nearly $7 billion, or about 77% of the nearly $9 billion in tracked seven-day turnover.
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How did Solana spot DEX activity compare with perpetuals?
Spot DEX turnover fell 5% to $9.9 billion over the seven-day comparison, while tracked perpetuals turnover rose 65.29%.
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What happened to Solana's stablecoin market capitalization?
It declined 4.38% to $14.5 billion over the dashboard's seven-day comparison.
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Does higher perpetuals turnover mean more SOL was purchased?
No. Turnover measures the notional value traded and does not establish how much SOL was purchased.
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Did the snapshot establish a rise in open interest?
No. GMTrade showed $174.9 million in open interest, but comparable observations over time are needed to establish a weekly trend.
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