Derivatives exchange on-chain data: JUP reaches $100 billion in trading volume, Solana's USDC lending APR hits 8.5%

Author: OurNetwork

Translation: TechFlow

List of Derivatives Platforms and Protocols Covered in This Report

Jupiter | Drift | Synthetix | GMX | Vertex | Perennial

Jupiter Perps

Soju | Website | Dashboard

Jupiter Perps Hits $100 Billion in Trading Volume on Solana

• Launched in early October 2023, Jupiter Perps is the deepest source of liquidity for perpetual contracts trading on Solana. The Jupiter Liquidity Pool (JLP), which acts as the counterparty to perpetual traders, has grown its total value locked (TVL) from zero to over $700 million—enabling the protocol to support large-scale trading via a pool-based model.

Dune - @ilemi

• Jupiter Perps ranks second on DefiLlama’s derivatives trading volume leaderboard, surpassing orderbook-based competitors like Vertex and dYdX. However, due to a higher proportion of non-toxic flow in the pool-based model, trading volume appears relatively lower compared to orderbook platforms.

DeFiLlama

• Leveraging a broad base of retail traders, deep liquidity, and high trading volume, Jupiter Perps generates weekly earnings of $2–8 million for JLP holders, further fueling platform growth.

Dune - @ilemi

Drift

BigZ Pubkey | Website | Dashboard

Drift Achieves Over $900 Million in Trading Volume in the Past Week

• Drift is Solana's largest full-service decentralized exchange (DEX), integrating perpetuals, spot trading, lending, staking, and prediction markets under a single cross-margin engine to maximize capital efficiency. BET, Drift’s prediction market offering, allows users to stake various crypto assets without forfeiting yield, thus avoiding skewed odds due to opportunity cost. As a result, it has achieved the highest prediction market volume on Solana (nearly $30 million within 1.5 months).

Dune - @bigz

• Over the past 90 days, the average DeFi lending rate for USDC on Solana was 8.5% APR—a significant return that can drive participation across other prediction markets. This interest is only forfeited when positions incur losses and are settled against counterparties during periodic market settlements.

Drift

• The collateral composition shows strong user demand for non-stablecoin trading, even though bets are ultimately settled in stablecoins. As of October 1, only 22% of Drift’s total value locked (TVL) was held in popular stablecoins such as USDC, PYUSD, USDT, and others including USDe/sUSDe and USDY.

DeFiLlama

• Trading Highlight: Notably, one user placed a bet on Trump’s victory using non-stablecoins (JitoSOL, SOL, wBTC) as collateral, with a notional amount of approximately $50,000. Additionally, they actively trade BTC-PERP volatility without affecting their long-term prediction bets or core crypto holdings, engaging in short-term speculation simultaneously.

Synthetix

Omer | Website | Dashboard

Synthetix Lays Groundwork for Major Relaunch, With Soaring Open Interest and APR

• Synthetix, a DeFi pioneer in perpetual derivatives trading, offers a wide range of synthetic assets and derivatives, including perpetual futures, options, and spot trading. To date, Synthetix has surpassed $63 billion in derivatives trading volume across Optimism ($60.74 billion), Base ($3.6 billion), and Arbitrum ($1.2 million). The protocol is currently undergoing the SR-2 relaunch initiative—a governance vote aimed at repositioning Synthetix at the forefront of the DeFi ecosystem.

Synthetix

• In September, the 7-day average annualized percentage rate (APR) for USDC liquidity surged by 300%, rising from 5% to over 20% within weeks. This sharp increase highlights rapidly growing demand for stable yields within the Synthetix ecosystem.

Synthetix

• Open interest for sBTC and sETH expanded from $50 million to over $150 million, reflecting a 200% increase in leveraged positions. This growth aligns with increased trading volume among SNX integrators and anticipation around upcoming product releases, such as multi-collateral perps.

Synthetix

• Trading Highlight: The SR-2 Synthetix relaunch—the most significant governance reform in the project’s history—was approved with an overwhelming 104 million SNX tokens (worth over $150 million), achieving near-unanimous consensus of 99.94%. This relaunch introduces comprehensive governance reforms, a growth-focused 2025 roadmap, and renewed optimism around anticipated product launches, including multi-collateral perps on Synthetix V3.

GMX

Shogun | Website | Dashboard

TVL from Partner Protocols Surges, Accounting for 41% of GMX V2 Total Locked Value

• GMX is a protocol primarily offering perpetual contract trading. Since the launch of GMX V2 in 2023, partnerships with other protocols have significantly boosted TVL in perpetual trading. These partners have developed innovative yield strategies, drawing liquidity from GMX’s pools to enhance their own platforms. The $109 million TVL contributed by partner protocols demonstrates GMX’s success in delivering strong returns across blue-chip assets, long-tail pairs, and emerging markets.

Dune - @gmx-io

• With the rollout of numerous GM pools, most liquidity providers have seen positive performance gains. Over the past three months, top-performing GM pools such as AVAX/USD, PEPE/USD, and WIF/USD outperformed their respective underlying asset benchmarks by 10%, 18%, and 11% respectively.

Dune - @gmx-io

• During its operation, GMX V2 has generated nearly $66 million in protocol revenue in the form of ETH or AVAX. In the future, this will shift toward buybacks and distributions as outlined in a July snapshot vote, which proposed a new tokenomics model designed to benefit token holders and stakers. Trading Highlight:

• Trading Highlight: Recently, a major trader on GMX V2 locked in $100,865 in ETH long profits. They continue to hold a $60,894.9 BTC long position with a current PnL of $118,996. This trader maintains a high win rate, achieving a historical net PnL of $790,000.

Vertex

Honz | Website | Dashboard

Vertex Reaches $130 Billion in Lifetime Trading Volume

• Vertex is a platform offering both perpetual and spot trading. Despite hitting a new milestone of $130 billion in total trading volume, Vertex appears to be struggling to attract additional business. Indeed, monthly trading volume charts show a decline since December 2023—an especially concerning trend given that Vertex recently expanded to other chains like Base, Mantle, and Sei after initially focusing exclusively on Arbitrum.

DeFiLlama

• Dune data shows Vertex maintaining stable user metrics. After reaching an all-time high in July 2024—driven by expansion to Mantle’s Layer 2—new user numbers quickly reverted to previous lows.

Dune - @friljoes

• While trading metrics appear temporarily unfavorable for Vertex, token metrics are more encouraging—42% of the platform’s $VRTX tokens are staked, indicating strong user engagement.

Perennial

Lucas | Website | Dashboard

Perennial Breaks $44 Million in Average Daily Trading Volume

• Perennial provides infrastructure for perpetual contract trading, allowing partner frontends to plug in and share liquidity and order flow. When Perennial integrates new applications, trading volume increases as fresh user bases join the trading network. Following its recent integration with Kwenta, the leading perps aggregator on Arbitrum, Perennial reached record daily trading volumes. During mid-July news surrounding the ETH ETF, Perennial’s daily volume spiked above $44 million as market makers delta-hedged their volatility exposure.

Dune - @lewi

• One of Perennial’s most notable features is its leveraged market making. Over recent months, average market-making leverage on Perennial has increased by 229%, signaling growing user confidence and understanding of the protocol’s capital efficiency.

Dune - @lewi

• Perennial’s funding rate mechanism balances demand between longs and shorts, helping reduce risk exposure for market makers. Over the past few months, thanks to active arbitrageurs, funding rates have dropped from highs of 5% to around 0.01% today.

Dune - @lewi