Weekly perpetuals turnover on Solana increased 65.29% to almost $9 billion, according to DefiLlama data for the seven‑day period ending November 10. The surge was concentrated at GMTrade, a derivatives venue that contributed roughly $7 billion, representing about 77% of the reported perpetuals volume.
In contrast, spot decentralized exchange turnover declined 5% to $9.9 billion, and the total market capitalization of stablecoins fell 4.38% to $14.5 billion, indicating limited broader trading revival.
Concentration of Volume at GMTrade
GMTrade’s share of the seven‑day reported trade notional was calculated at approximately 77% of the total Solana perpetuals turnover. The platform reported a weekly increase of 105%, roughly matching the overall table’s gain.
Open Interest and Market Context
Open interest on GMTrade stood at about $174.9 million, compared with $235.1 million for the entire Solana perpetuals table. Open interest measures outstanding positions, whereas turnover reflects the notional value traded during the period.
DefiLlama’s classification excludes Pacifica’s $2.6 billion weekly perpetuals turnover, which is labeled “off‑chain” and not included in the Solana table.
Incentives and Trading Rewards
GMTrade offers points for trading, liquidity provision, and referrals, with conditional treasury buybacks that can be redeemed for USDC. Season 2 terms tie a referrer’s sellable quota to points earned through referred traders’ activity. Fee rates for opening or closing positions range from 0.02% to 0.024%, with recent adjustments announced.
While these incentives may have contributed to the volume increase, the data do not quantify their impact or indicate whether the heightened activity will persist without them.
Outlook
The next indicator will be whether GMTrade can sustain its elevated turnover in subsequent weeks and whether open interest continues to grow, providing insight into repeat activity versus a single‑week spike amid quieter spot markets.
