Solana perp volume explodes 65% amid shrinking spot activity

Solana’s jump in tracked perpetuals trading is concentrated at GMTrade, a derivatives venue that accounts for about 77% of reported weekly turnover in DefiLlama’s Solana table.Spot trading moved the other way, leaving a narrower demand picture than the derivatives headline suggests.In the Nov. 10 snapshot, the Solana dashboard reports nearly $9 billion in seven-day perpetuals turnover, up 65.29% from the preceding week. GMTrade, listed by DefiLlama as GMX Solana, contributed nearly $7 billion, with a displayed weekly increase of 105%.Over the same dashboard’s seven-day comparisons, spot decentralized exchange turnover fell 5% to $9.9 billion, and stablecoin market capitalization fell 4.38% to $14.5 billion.Weekly turnover and stablecoin market capitalization changes 01 / WEEKLY DIVERGENCE Perps rise. Spot contracts. Perps turnover +65.29% 7-day turnover change Spot DEX turnover −5.00% 7-day turnover change Stablecoin market cap −4.38% 7-day market-cap change Weekly turnover and stablecoin market capitalization changes 01 / WEEKLY DIVERGENCE Perps rise. Spot contracts. Perps turnover +65.29% 7-day turnover change Spot DEX turnover −5.00% 7-day turnover change Stablecoin market cap −...