Solana perp volume explodes 65% amid shrinking spot activity
DefiLlama’s Nov. 10 snapshot shows Solana perpetuals turnover up 65.29% week over week to nearly $9 billion, with GMTrade accounting for about $7 billion, or 77% of the total. GMTrade’s rise was roughly as large as the table’s overall increase. In contrast, Solana spot DEX turnover fell 5% to $9.9 billion and stablecoin market capitalization declined 4.38% to $14.5 billion. GMTrade trading can use wrapped SOL or USDC collateral, so leveraged turnover does not necessarily mean new SOL buying. Its points and referral incentives may have contributed, but available data do not establish their effect or whether activity will persist. GMTrade had about $174.9 million in open interest, versus $235.1 million across the table. Subsequent weekly turnover and matching open-interest data will help show whether the surge is sustained.
