Solana perps hit $2.5B in 24 hours; Phoenix $1.27B
Solana perpetual futures volume reached $2.5 billion in 24 hours; Phoenix accounted for $1.27 billion and $241 million in open interest.
In the past 24 hours, perpetual futures trading on Solana reached $2.5 billion, the network’s largest single-day total in about 24 weeks. Solana-native venue Phoenix handled $1.27 billion of that volume and reported $241 million in open interest.
Perpetual futures, or perps, are derivative contracts that let traders hold leveraged positions without an expiration date. Open interest is the total value of outstanding contracts that have not been settled; the $241 million figure measures contracts that remain active on Phoenix.
Phoenix recorded roughly half of Solana’s perps volume during the 24-hour window. The venue offers gasless trading, which removes per-order transaction fees on Solana, and charges a trading fee of 0.005% per trade.
The decentralized perpetuals market carries an estimated market capitalization near $16.5 billion. Solana’s $2.5 billion daily volume represents a significant portion of activity in that market. Other platforms that offer decentralized perpetual trading include Hyperliquid, dYdX and GMX.
Market participants will monitor whether the elevated volume continues in the coming days and weeks and whether Phoenix maintains its current fee structure. Further reporting will track changes in volume, open interest and fee policies on Solana-native venues.
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