Solana Perp DEXs Smash Records with $20B Week — GMTrade Alone Moves $4.9B in a Day!

Solana-based perpetual DEXs just posted a new all-time high in weekly trading volume, clearing $20 billion over the past seven days. The milestone was punctuated by a single-day record of $5.781 billion on May 18, with GMTrade accounting for roughly $4.9 billion of that in just 24 hours — a dominant share that signals the platform has emerged as the clear volume leader on Solana's derivatives stack.

The surge puts Solana's perp DEX ecosystem firmly in the conversation alongside established centralized venues, and underscores how far on-chain derivatives infrastructure has matured on the network. DefiLlama data tracking the chain confirms the figures are not an artefact of wash trading incentives but reflect genuine open interest and settlement activity.

Adding a cultural dimension to the week's activity, a high-profile public wager-style trade on Phoenix — a Solana perp protocol —…