GMTrade TVL Crosses $40M Amidst Solana Perps Renaissance

GMTrade, Solana’s leading perpetual futures venue by volume and open interest, has reached another critical milestone, amassing over $40M in TVL.

The venue’s liquidity providers have been handsomely rewarded, earning over $4.9M in platform fees since the DEX launched in 2025.

Elsewhere in Solana’s budding perpetual futures trading scene, Phoenix Trade is enjoying a steady growth trajectory, recording a new all-time high in daily volume.

GMTrade Leads Solana Perps in Volume, Open Interest

Solana’s perps war is starting in earnest, with multiple venues across the network recording new all-time highs in volume, open interest, and market liquidity. 

GMTrade, a venue developed and operated by GMX, a historically popular EVM-based trading platform, has demonstrated significant growth in recent weeks, amassing over $40.7M in TVL since launching November 2025. Onchain data suggests the venue has just recorded $50B in cumulative volume, generating $6.58M in fees and distributing $4.9M to liquidity providers.

Trading volume has exploded on the venue in recent weeks, no doubt inspired by incentivized campaigns designed to stimulate volume and activity. On May 3rd, GMTrade announced a 90% reduction to its fee structure across all crypto-based pairs.

While GMTrade’s recent surge in volume is certainly impressive, the venue has yet to attract similar levels of open interest. 

Where market leaders like Hyperliquid typically have a volume-to-OI of around 1, GMTrade is processing around 17x more volume than open interest, suggesting that users prefer rapid trade-turnaround, as opposed to allowing a genuine thesis to play out.

Phoenix Maintains Activity After Controversial Week

After being subjected to a decidedly public baptism of fire, Phoenix, an emerging perps platform operated by Ellipsis Labs, is continuing to attract volume. According to DefiLlama data, Phoenix has recorded a new all-time high in daily trading volume, notching $20M on a Sunday.

Despite strong support from Solana Labs co-founder Anatoly Yakovenko and other ecosystem leaders, Phoenix’s invite-only beta still faces criticisms over some growing pains. 

Having tested the venue at Yakovenko’s behest, traders from across the industry remarked that despite its technical prowess, Phoenix still lacked the deep liquidity required by serious traders. This was later evidenced when an abrupt market movement caused an outsized wick in its SOL/USD pair.

Despite the public discourse, the Phoenix team remains emboldened and committed to improving the product during its beta phase. On May 15, Phoenix launched Flight Codes, enabling developers to monetize applications and services built on top of the venue’s markets. 

New Solana Perps Venues Emerge

With more attention on Solana’s perps sector than ever before, many nascent protocols have decided that this is the opportune time to come out of stealth and join the race. 

New entrants include Blink, a new exchange built around physical market infrastructure promising <1ms latency, Fermi Trade, which champions a FCFS CLOB, and Sour Finance, which replaces standard order types with price-space demand curves.

Bullet (formerly Zeta Markets) remains in its own private beta, while BULK continues its testnet, which has been bolstered by a $50k trading competition to further stress-test the venue ahead of its mainnet launch.

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