Perpetual futures markets heat up on Solana as activity follows Hyperliquid trend

Perpetual futures markets are still expanding on Solana, turning the chain into a key hub for such ￰1￱ though volumes are still far from Hyperliquid, they reflect the general demand for perpetual futures ￰2￱ is hosting a lively market for perpetual futures trading, recently breaking new records for daily ￰3￱ on Glassnode data, perpetual futures open interest on the network is now above $7B, reflecting growing market ￰4￱ futures DEX trading expanded based on SOL swaps, as the asset broke above $200. The recent market rally was driven by growing open interest, setting new ￰5￱ continues to outperform, with perp open interest climbing above $7B as price extends beyond $200.

Market participation is clearly ￰6￱ Link: ￰0￱ ￰7￱ — glassnode (@glassnode) September 9, 2025 The growing volumes coincide with accelerated on-chain settlement for ￰8￱ asset recovered above $218, sparking a bullish outlook and potentially driving expanded trading ￰9￱ now enjoys a mix of centralized perpetual futures activities and DEX-based ￰10￱ growth in futures activities happens at a time when SOL sentiment points to greed, based on the Solana fear and greed ￰11￱ trades on peak open interest SOL open interest on all exchanges is also at a three-year peak of $7.48B , with over 61% in long positions and the emergence of riskier short ￰12￱ leveraged positions can also cause SOL volatility, by attempts to liquidate ￰13￱ of September 9, short positions hold over $25M in liquidatable shorts, as SOL trading draws in riskier ￰14￱ shift in short positions followed the breakout above $200, as the market anticipates a ￰15￱ Hyperliquid , the biggest single whale position is short on SOL, with over $83M in notional value and a signifirant unrealized loss during the recent ￰16￱ other potential path to SOL is another Solana season, driven by a mix of memes, lending, and other DeFi ￰17￱ locked is now above $12.24B , also reaching new all-time peaks in the past few ￰18￱ futures trading also gained additional liquidity from $12.32B of stablecoins on the Solana network.

Jupiter, Drift drive Solana on-chain perpetual DEX Solana on-chain futures are mostly active on Jupiter and Drift ￰19￱ of August 25, Jupiter reached over $25B in perpetual futures swaps after months of ￰20￱ Cryptopolitan previously reported , August was a record month for perpetual futures activity on ￰21￱ perpetual futures expanded in the past month, still showing strong interest in derivative positions. |