Solana perps turnover jumps 65% to $9bn as one venue takes 77%
Solana's perpetuals desks reported nearly $9 billion in seven-day turnover in a Nov. 10 snapshot, up 65.29% on the week before, while spot activity on the same dashboard went the other way. Spot decentralised exchange turnover fell 5% to $9.9 billion, and stablecoin market capitalisation on Solana dropped 4.38% to $14.5 billion.
The derivatives headline rests on one venue. GMTrade, listed on the dashboard as GMX Solana, contributed almost $7 billion of the weekly total, with a displayed weekly increase of 105%. Dividing its turnover by the table's total gives a share of roughly 77%, and the rounded figures imply GMTrade's gain was about as large as the whole table's.
Leveraged turnover is not the same as fresh buying. GMTrade's trading documentation allows SOL exposure backed by either wrapped SOL or USDC collateral, so a dollar of leveraged volume cannot be counted as a dollar of new SOL demand. Its GT documentation sets out points earned through trading, liquidity provision and referrals, with conditional treasury buybacks offering a route to USDC, and the announced Season 2 terms tie a referrer's sellable quota to GT earned through referred traders' trading. The published fee schedule 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, and the Season 2 announcement also described a change to the fee structure. The material does not show how much of the weekly increase the incentives caused, or how much trading would persist without them.
The GMX link runs deeper than the label. GM Labs said in a Sept. 16 governance post that GMX Solana had been integrated into GMX, though GT points remain distinct from the GMX token, and contributor Jonezee said in a Nov. 3 forum reply that Solana-side buybacks were adding GMX to the staking rewards pool. The Nov. 10 table shows nearly $174.9 million in GMTrade open interest against $235.1 million for the table overall; open interest measures outstanding positions, while turnover measures notional value traded in a period.
The next test is whether GMTrade holds its turnover across later weeks, with open interest tracked over matching periods. That would separate repeat activity from a single weekly jump while the wider spot market stays quieter.
