Solana Leads All Chains in Perpetual Trade Volume, Breaks Daily All-Time High

Trump’s victory in the Presidential Election had a profound effect on crypto markets, with Bitcoin finally breaking its previous all-time high and trading volumes exploding across the industry.

Amidst the excitement, the Solana network handled record-breaking levels of perpetual trading volume. Solana’s unprecedented surge of volume catapulted the network over its rivals to become the central hub of onchain perps trading.

Solana Perpetual Trade Volume Records All-Time High

On November 6, 2024, Solana recorded its all-time high in daily perpetual trading volume. Facilitating over $2.28B worth of volume, Solana flipped Hyperliquid, the previous market leader, to command 20.58% of perps market share based on DefiLlama data.

Solana’s dominance in this achievement is made all the more remarkable given that 82% of Solana’s perpetual trading volume was executed on a platform that only lists three assets. 

Jupiter, Solana’s largest perpetual exchange, witnessed over $1.87B of perpetual trading volume. But while other popular platforms like Hyperliquid, dYdX, and GMX offer hundreds of trading pairs, Jupiter only supports $SOL, $wBTC, and $wETH.

According to Dune Analytics data, 7,212 traders chose Jupiter as their perpetual trading platform of choice during one of the biggest trading days of the year. Outside Jupiter, Drift Protocol witnessed the bulk of the remaining activity, recording $388M in daily trading volume.

$10M Worth of $SOL Shorts Liquidated

Election Day was a period of heightened emotional volatility, which inevitably made its way into markets. Choppy market dynamics paved the way for a litany of liquidations, with bears paying the price.

According to Coinglass data, over $10M worth of short Solana positions got liquidated on centralized exchanges in a 4-hour period on Election day as Donald Trump took control in the Presidential race. $SOL has since risen by 15.96% to currently exchange hands at $192.9.

Next Steps for Perpetual Trading on Solana

Despite surging volumes, Solana’s perpetual trading scene is still relatively underdeveloped when compared to platforms on alternative chains. Arguably, the biggest obstacle to further perpetual trading adoption on Solana is the lack of trading pairs on Jupiter, the chain’s largest market.

Comparatively, competitors like dYdX offer assets from across the entire crypto industry, even extending to select Forex markets. Closer to home, Drift Protocol also supports an extensive range of Solana-based assets on top of digital currencies from the wider industry.

Soju, a Jupiter team member, has hinted that Jupiter may be considering adding a wider range of tradeable assets to its platform in the near future.

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