Solana’s decentralized derivatives market showed a sharp weekly uptick on November 10, 2026, with total perpetuals turnover climbing 65% to nearly $9 billion, according to data compiled by DefiLlama. The surge was almost entirely concentrated on GMTrade, a Solana‑based derivatives venue that alone accounted for roughly 77% of the reported weekly volume.

SOL / USD
Source: CoinGecko. Prices are indicative.

GMTrade drives the bulk of the growth

DefiLlama’s Solana dashboard recorded $7 billion of turnover on GMTrade, a 105% week‑over‑week increase that mirrored the overall table’s gain. The platform offers leveraged SOL exposure backed by either wrapped SOL or USDC collateral, and its fee schedule ranges from 0.02% to 0.024% depending on trade direction. GMTrade’s Season 2 incentive program, which awards GT points for trading, liquidity provision and referrals, is cited as a possible catalyst, though the exact impact remains unclear.

Spot activity and stablecoin market decline

While derivatives volume surged, spot decentralized exchange (DEX) turnover moved in the opposite direction, slipping 5% to $9.9 billion. Stablecoin market capitalization also fell, down 4.38% to $14.5 billion, indicating limited broader market enthusiasm. These metrics suggest that the perpetuals boom may be isolated to GMTrade’s incentive‑driven trading rather than reflecting a wider resurgence in SOL demand.

Open interest and future outlook

The November 10 snapshot shows GMTrade’s open interest at about $174.9 million, compared with $235.1 million for the entire Solana perpetuals table. Open interest, which measures outstanding positions, is a more reliable indicator of sustained activity than turnover alone. Analysts will be watching whether GMTrade can maintain high turnover and grow open interest in the coming weeks, as this will determine if the current spike is a one‑off event or the start of a longer‑term trend.

What to watch next

Future reports should focus on GMTrade’s open‑interest trajectory, the persistence of its incentive program, and any shifts in spot DEX volume that could signal broader market participation. Additionally, changes in stablecoin supply and Solana’s overall TVL will help contextualize the health of the ecosystem.