WuBlockchain
Solana-based perpetual DEXs set a new all-time high in weekly trading volume, clearing $20 billion over the past seven days. The peak came on May 18, when daily volume hit a record $5.78 billion — driven largely by GMTrade, which registered roughly $4.9 billion in 24-hour volume.
Why it matters
Solana's perps stack has been a footnote in derivatives for most of its lifecycle, with Hyperliquid and the EVM perps book absorbing the bulk of on-chain leveraged flow. A $20B week — and a single-day print north of $5B — is the first datapoint that puts Solana venues in the same conversation as the leading non-CEX perps platforms. GMTrade is carrying the bulk of the flow, which means concentration risk is real if the venue's economics shift, but the headline is that the chain is now clearing flow at scale rather than rounding off the rest of the market.
Market impact
Attention has also converged on a public, wager-style trade on Solana perp protocol Phoenix between Solana Foundation Chief Product Officer Vibhu and Hyperliquid trader Drews888 — a high-profile matchup that pulled extra eyes onto Solana's perps stack during the record week. Watch the daily cadence: a second consecutive week above $15B would mark the shift from spike to structural demand rather than a one-off event.
Source: [Solana Perp DEX & Futures Volume - DefiLlama](https://defillama.com/perps/chain/solana)
Frequently asked questions
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How much volume did Solana perp DEXs just record in a single week?
Solana-based perpetual DEXs set a new all-time high, clearing $20 billion in weekly trading volume. The peak came on May 18, when daily volume hit a record $5.78 billion.
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Which Solana perp DEX led the record week?
GMTrade led the surge, registering roughly $4.9 billion in 24-hour volume on May 18 — the bulk of that day's record print across the Solana perps stack.
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How does Solana's perps volume compare to Hyperliquid?
A $20B week and a single-day print above $5B is the first datapoint putting Solana perps venues in the same conversation as Hyperliquid and the leading EVM perps books.
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What was the high-profile trade on Phoenix that drew extra attention?
A public, wager-style trade on Solana perp protocol Phoenix between Solana Foundation Chief Product Officer Vibhu and Hyperliquid trader Drews888 pulled extra eyes onto the Solana perps stack during the record week.
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What would confirm the $20B week is a structural shift rather than a spike?
A second consecutive week above $15B would mark the transition from one-off spike to structural demand for on-chain Solana perpetual futures.
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