GMTrade accounted for 77% of Solana’s tracked weekly perpetuals volume, as trading incentives raise questions about sustained demand.

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.

November 10, 2026 · DefiLlama’s Solana classification. Pacifica’s Off Chain turnover is excluded. Perps turnover rose as spot turnover and stablecoin market capitalization fell.

GMTrade’s share of seven-day reported trade notional, calculated from rounded displayed totals.

GMTrade’s share of outstanding notional at the November 10 snapshot. This is a level, not a weekly growth rate.

Turnover counts trades; open interest counts outstanding notional. Neither measures fresh collateral or new SOL buying.

Shares use DefiLlama’s Solana classification, excluding Pacifica turnover classified Off Chain. Perps cover multiple underlying markets. Turnover is a seven-day flow; open interest and stablecoin market capitalization are stocks. The snapshot establishes no weekly open-interest trend or incentive causation.

Captured November 10, 2026 around 05:11 UTC. 37% open interest. Whole-percent labels are approximate, derived from rounded displayed inputs.

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