Solana derivatives volume explodes 65% amid shrinking spot trading activity

Solana’s jump in tracked perpetuals trading is concentrated at GMTrade, a derivatives venue that accounts for about 77% of reported weekly turnover in DefiLlama’s Solana table. Spot trading moved the other way, leaving a narrower demand picture than the derivatives headline suggests. In the Nov. 10 snapshot, the Solana dashboard reports nearly $9 billion in seven-day perpetuals turnover, up 65.29% from the preceding week. GMTrade, listed by DefiLlama as GMX Solana , contributed nearly $7 billion, with a displayed weekly increase of 105%. Over the same dashboard’s seven-day comparisons, spot decentralized exchange turnover fell 5% to $9.9 billion, and stablecoin market capitalization fell 4.38% to $14.5 billion.

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