Solana’s perpetuals trading volume surged 65.29% in the week ending November 10, 2026, driven largely by GMTrade, which accounted for 77% of the reported turnover. GMTrade, listed as GMX Solana on DefiLlama, saw its weekly turnover increase by 105%, contributing nearly $7 billion to the total $9 billion in perpetuals trading. However, this surge in derivatives activity contrasted with a 5% decline in spot decentralized exchange turnover and a 4.38% drop in stablecoin market capitalization, suggesting limited broader market revival.
The concentration of trading activity at GMTrade raises questions about sustained demand. While turnover measures traded notional value, it does not indicate rising open interest or fresh SOL purchases. GMTrade’s open interest stood at $174.9 million, compared to the overall table’s $235.1 million, highlighting the need for further observation to distinguish repeat activity from a single weekly spike.
GMTrade’s trading incentives, including points earned through trading, liquidity provision, and referrals, may have influenced the turnover surge. However, the exact impact of these incentives remains unclear, as the platform’s documentation outlines conditional treasury buybacks and fee-structure changes. The connection between GMTrade and GMX, though present, does not extend to the GT points system, which remains distinct from the GMX token.
The next critical test for Solana’s derivatives market will be whether GMTrade can maintain its elevated turnover levels and whether open interest trends become more apparent over subsequent weeks. Until then, the current data presents a mixed picture of concentrated trading activity amid broader market quietude.