I wrote about Solana's path to winning the perp wars in @MessariCrypto UO this morning.
When not including Aster's volume, Solana is the fourth-largest chain for perp dex volume, with 6.5% of all volume traded in the last month.
Over the last 30 days, Solana has averaged $1.8 billion in daily perp dex volume. @JupiterExchange was the leader during this time period with $763 million in average daily volume, even though it only allows the trading of BTC, ETH, and SOL. Quietly behind them was @pacifica_fi, which launched mainnet in June and DefiLlama started tracking volume on Sept. 9, 2025. Pacifica averaged $645 million in daily volume over the last month.
I see three paths for Solana to become the leader in perp dex volume:
- Through @jito_sol's BAM, @DriftProtocol can use priority cancels on the L1 and attract MM to the platform.
- @bulletxyz_ launches its network extension and when traders/MMs see its 2 ms latency on mainnet, they rotate to the better product.
- Apps like @pacifica_fi, @_bulktrade, and @ranger_finance continue to grow market share and increase competition among perp dexs on Solana.
Solana may have lost the battle, but can still win the war.
Subscribe to our daily newsletter here:
3.95K
24
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.