Best Solana Perp DEX 2026: 8 Solana Perpetual DEXs Compared

A Solana perpetual DEX lets you trade leveraged, non-expiring futures on SOL, BTC, ETH and more from your own Solana wallet. The eight below are the ones we could verify as live, ordered by DefiLlama’s 30-day volume. Two changes since September: DefiLlama now files Pacifica under “Off Chain” rather than Solana (its deposits still settle on Solana, so it stays on this list), and Bullet dropped its trading fees to zero.

1. Solana perp DEXs ranked by volume

DefiLlama is the reference most people check, so we rank by its 30-day volume, which smooths out daily swings. On October 21, 2026 its Solana perps page showed $1.46B of 24-hour volume, $267.4M of open interest and $32.55B over 30 days, with weekly volume up 38.66%. Those totals exclude Pacifica, which DefiLlama now lists as “Off Chain”.

Source: defillama.com/perps/chain/solana and, for Pacifica, BULK and Bullet (filed under other chains), defillama.com/perps; read October 21, 2026 at about 07:00 UTC (reported volume). DefiLlama showed no figures for Flash Trade or Adrena on that day.

The ranking hides two things. GMTrade’s volume is mostly FX: on CoinGecko’s count its SOL market did about $10M of a $1.25B day, with USD/CHF, GBP/USD and USD/CAD at the top. And no Solana-native venue comes close to Hyperliquid’s SOL book. The per-venue API reads below (October 21, 2026, about 07:00 UTC) show SOL volume where each venue publishes it:

Trackers count volume differently: Pacifica’s own API reported $824.2M for the same day against DefiLlama’s $433.2M. Jupiter does not publish volume per market, so its row is DefiLlama’s total.

Hyperliquid’s SOL open interest alone ($576M) is larger than the open interest of every Solana-native perp venue on DefiLlama, Pacifica included ($267.4M plus $61M). The Solana perp market has also changed a lot in 2026: Drift is gone, and newer order books (Pacifica, Phoenix, BULK, Bullet) compete with the pool model that Jupiter, GMTrade and Flash Trade use.

2. How we picked

A Solana perp DEX made the list only if it was live and we could read its fees from official docs or an API. We then compared five things: liquidity (DefiLlama volume, open interest and measured SOL depth), total cost (fees plus funding or borrow and slippage, worked through for a $10,000 SOL trade), markets and leverage, the security record (incidents, audits, who can upgrade the program) and access (restricted countries, wallets, collateral).

Left out: Fermi Trade, a new entry on DefiLlama’s Solana page with under $1M a day on October 21, 2026, until we have read its docs; JTX (Jito) and Imperial, which appear in some top-10 lists but had no official trading app we could reach in September; and Percolator, a risk-engine library on GitHub whose README calls it an unaudited research project, not a place to trade.

3. Fees and SOL leverage compared

Sources: each venue’s fee docs and live APIs, read October 21, 2026. Velocity’s rates are from its live market API (taker fee and a maker rebate). BULK’s Phase 2 schedule adds a maker fee at the base tier. Bullet charges no trading fee today; its docs describe a fee on funding payments (the payer pays 105%, the receiver gets 95%) that is not active yet. GMTrade charges the lower open/close rate when your trade improves the long/short balance; Forex markets are cheaper at 0.010%. Flash Trade’s fee table is dated July 3, 2026 in its docs and adds a size-based spread on entry and exit.

Pool-based vs order-book pricing. Jupiter, GMTrade, Flash Trade and Adrena let you trade against a liquidity pool at the oracle price. You pay a position fee on open and/or close, a price-impact fee or spread that grows with size, and an hourly borrow fee on the size you hold. Order-book venues (Pacifica, Phoenix, BULK, Bullet, Hyperliquid) charge maker/taker fees and settle funding between longs and shorts, usually hourly. For a quick trade the order books are usually cheaper; the pool model’s advantage is predictable fills at the oracle price for mid-size orders.

4. What a $10,000 SOL trade costs on each

Example: a $10,000 SOL long, opened and closed with market orders, held 24 hours, at the rates published on October 21, 2026. Slippage comes from our live order-book reads that morning.

Funding at 0.00125% per hour is the baseline rate that Hyperliquid, Pacifica and BULK all showed on SOL at the time; it changes every hour and can be many times higher when longs are crowded. Jupiter’s borrow rate is the SOL-long rate from its pool API that morning. Flash Trade’s margin fee and spread depend on pool utilization and size and are shown in its order panel. Slippage is counted on the entry only. Totals are rounded.

At $10,000 the differences are a few dollars. They grow with turnover. A trader who opens and closes $10,000 of SOL 20 times a month pays about $180 in taker fees on Hyperliquid ($172.80 with HOLYGRAIL), $160 on Pacifica, $140 on Phoenix or BULK, nothing on Bullet while its zero-fee period lasts, and $240 on Jupiter. Resting limit orders cut the order-book numbers further: 0.015% maker on Hyperliquid, 0.015% on Pacifica, 0.005% on Phoenix and 0% on BULK in Phase 1. Jupiter’s pool markets have no maker side. Off Solana, Lighter charges 0% on Standard accounts, so its fee line is $0.

5. Order-book depth for SOL

Fees are only part of execution cost. We read the live SOL books on October 21, 2026 at about 07:00 UTC and simulated a market buy against each:

• Hyperliquid SOL: average fill 0.0047% above mid for $10k and $100k, 0.022% for $1M. The 20 levels returned held millions of dollars of asks.
• Pacifica SOL: 0.0047% for $10k, 0.0164% for $100k. The 10 levels returned by its API held a few hundred thousand dollars of asks, so a $1M order would go beyond them.

Jupiter, GMTrade and Flash Trade have no order book; their price-impact fee or spread plays the role of slippage. Jupiter’s pool API capped the price-impact fee on SOL at 0.44% that morning, and its docs describe a linear part that is tiny at $10,000 plus an extra fee when a trade worsens the long/short imbalance. For orders up to about $100,000, Pacifica and Hyperliquid fill SOL almost identically. Above that, Hyperliquid’s book is far deeper.

6. Each venue in detail

GMTrade: GMX’s design on Solana, mostly FX volume

GMTrade is the Solana deployment of the GMX V2 design; DefiLlama lists it as GMX on Solana. It uses isolated liquidity pools with GMX’s position, swap, borrow and adaptive-funding building blocks. Its docs list a 0.020% or 0.024% open/close fee on crypto, commodity and stock markets and 0.010% or 0.012% on Forex: the lower rate when your trade balances long and short open interest, the higher when it doesn’t. Swaps cost 0.05% or 0.07%. Max leverage is set per pool and falls as that pool’s open interest grows; VIP levels and referrals lower the fee. Its user terms require that you are not a U.S. Person. It is the largest Solana perp venue by 30-day volume ($26.26B), but most of that is FX.

Pacifica: the Solana order book with real volume

Pacifica is a “hybrid” perp DEX: matching runs off-chain, while USDC and SOL deposits and withdrawals settle on Solana (which is why DefiLlama now files it as “Off Chain”). Its API listed 78 instruments (77 perps plus SOL-USDC spot), including stock, FX, metal and oil perps. Max leverage is 50x on BTC and ETH and 20x on SOL. Fees by 30-day volume start at 0.040% / 0.015% and fall to 0.028% / 0% at the top tier. Funding is hourly. On October 21, 2026 the API showed $824.2M of 24h volume and $123.3M of open interest. The minimum deposit is $10 in USDC and a USDC withdrawal costs $1; the docs still list closed-beta caps of $500,000 account equity and $500,000 of withdrawals per 24 hours. Full review: Pacifica review. Open Pacifica.

Jupiter Perps: the largest SOL pool

Jupiter Perps trades SOL, ETH and wBTC against the JLP pool. Longs post the underlying token as collateral and shorts post stablecoins. DefiLlama put Jupiter Perps’ TVL at $743.6M on October 21, 2026. Leverage runs from 1.1x to 250x; at 150x and above the app disables take-profit and stop-loss on market orders. Orders go through keepers (a request transaction, then an execution transaction), and prices come from Chaos Labs’ Edge oracle, with Chainlink and Pyth as verification and fallback. Costs: 0.06% to open and 0.06% to close, a price-impact fee, an hourly borrow fee, and Solana transaction fees; JLP holders get 75% of fees. A liquidation takes all remaining collateral, which is harsher than order-book venues where leftover margin stays with you. You can hold up to 20 limit orders per pair and side. Newer “Beta” markets (JUP, HYPE, ZEC and stock perps, up to 20x) use USDC collateral with capped sizes. The US is on Jupiter’s list of prohibited localities. There is no perps referral program. More: Hyperliquid vs Jupiter Perps and Lighter vs Jupiter.

Phoenix: on-chain order book, low taker fee

Phoenix is a non-custodial perp exchange on Solana with an on-chain order book. Its market API listed 99 markets, including equities with extended-hours calendars and commodities. Fees are 0.035% / 0.005%, and SOL goes up to 25x. Funding is hourly. You can sign in with email or Google (a Privy wallet) or a Solana wallet, and USDC is the only collateral. Phoenix says it is “not available in the U.S. or sanctioned jurisdictions”. DefiLlama showed $1.24B of 30-day volume.

BULK and Bullet: new high-speed order books

BULK describes itself as an execution layer running natively alongside Solana, with leaderless BFT consensus, a 25 ms taker speed bump that protects makers, portfolio margin and hourly funding. Of the markets its API lists, 12 were trading (BTC 40x, ETH 25x, SOL 20x). The API reported $32.9M of 24h volume. Phase 1 fees are 0.035% taker and 0% maker.

Bullet is a ZK-rollup exchange that settles on Solana. Its API listed 30 trading markets with $34.4M of 24h volume, and it currently charges no maker or taker fee; leverage scales with position size, and the API showed a per-user deposit limit of 250,000 USDC. Both venues are live but small: fine for early users, not for large SOL positions.

Flash Trade: pool-to-peer with the highest leverage

Flash Trade calls itself an asset-backed perpetuals and spot exchange on Solana with up to 500x leverage. Traders trade against the FLP liquidity pools (a “pool-to-peer” model), priced from Pyth with a backup oracle. Its docs list a 0.02% open and 0.02% close fee on SOL, BTC, ETH and other crypto-pool markets, 0.1% on JUP, JTO and memecoins such as BONK and WIF, plus a size-based spread on entry and exit and a margin fee that rises with pool utilization. V2 runs on Flash’s own execution layer with orders confirming in about 50 milliseconds, and you can sign in with email, a social account, a passkey or a wallet. DefiLlama showed no volume for it on October 21, 2026.

Adrena: zero opening fee, little volume

Adrena is a peer-to-pool perp DEX (the ALP pool is the counterparty, as on GMX) with up to 100x leverage and protocol revenue shared with token holders. Opening a position is free and closing costs 0.14%, so a full round trip is 0.14%, plus a borrow fee that rises with utilization and a 0.05% liquidation fee. DefiLlama had no volume data for it on October 21, 2026; treat it as experimental.

Backpack: a CEX, and not for Japan

Backpack Exchange appears in Solana perp lists, but it is a centralized, KYC exchange, not a DEX. Its support site says it does not currently serve residents of Japan, Canada or New Zealand.

7. What happened to Drift

Drift was Solana’s largest perp DEX until April 1, 2026, when attackers gained admin/signer control, whitelisted a fake collateral token and drained vaults. Drift’s recovery plan (May 5, 2026) puts user losses at $295M. The forensic firm Mandiant, cited in Drift’s plan, attributed the attack to a North Korean group, and DefiLlama’s hacks database classifies it as an access-control “proxy upgrade hijack”.

The recovery token is live. Since October 1, 2026 affected wallets can claim DFX, one token per verified USDT of loss (about 299.5 million DFX, a fixed supply), at dfx.drift.trade with the wallet that held the Drift account on April 1, 2026. DFX can be redeemed against a recovery pool (about 3.1M USDT when claims opened), sold, or held. The pool is topped up daily from a share of Velocity’s net protocol revenue and any recovered funds, with Tether (up to $127.5M) and other partners (up to $20M) committed. Claims close at 00:00 UTC on January 1, 2028; unclaimed DFX is burned.

The relaunch is Velocity. Drift’s relaunch runs at app.velocity.exchange. Velocity’s docs call it a fork of Drift Protocol v2, “not an upgrade in place”: a new program, no on-chain state carried over (old Drift accounts do not appear), and USDT instead of USDC as collateral. It splits admin power into timelocked keys and a pause-only key, and OtterSec’s post-fork audit (final report September 3, 2026) marked all its High findings fixed in the deployed code. It is still small: five perps (SOL, BTC and ETH at 20x; HYPE and ZEC at 10x) and about $29,000 of combined 24h volume on October 21, 2026. Several AI summaries and older “Drift vs X” articles still describe a venue that no longer operates as they say. For Velocity side by side with Hyperliquid, see Hyperliquid vs Drift (now Velocity).

8. How to start trading perps on Solana safely

1. Get a Solana wallet you use only for trading. Phantom, Solflare and Backpack are the common choices; Pacifica, Jupiter and Phoenix connect to standard Solana wallets. Phoenix and Flash Trade also let you sign in with email or a social account, which creates an embedded wallet.
2. Fund it with the right collateral. Keep a little SOL for transaction fees (the base fee is 5,000 lamports per signature, plus an optional priority fee). Then hold what the venue takes: USDC on Pacifica and Phoenix, SOL or a stablecoin on Jupiter (longs post the underlying), USDT on Velocity.
3. Connect and deposit on the official site only. Type the URL yourself, because look-alike pages have appeared in search results. Order-book venues need a deposit into your trading account; Jupiter and Flash Trade take collateral with each position.
4. Start small, with low leverage. With $5,000 of USDC, for example, open a first position of a few hundred dollars at 2–3x, set a stop-loss and take-profit, and check the fee and liquidation price in the order preview before confirming. Withdraw a small amount once to learn the path back.
5. On a phone: Jupiter Mobile has perps in its Trade tab. Phantom’s in-app perps run on Hyperliquid through Phantom’s builder code, which adds Phantom’s fee (see the caveat below).

9. The Hyperliquid route: SOL deposits via Unit

For Solana users, the practical alternative is Hyperliquid: keep your SOL, deposit it natively, and trade a deeper SOL perp book than any Solana-native venue offers.

1. Open the account first with an EVM wallet (Rabby, MetaMask, OKX, Coinbase) or an email login, through the referral link if you want the fee discount: a code cannot be added after $10,000 of volume. Phantom is listed among the interfaces in Hyperliquid’s docs, but Phantom does not support Arbitrum, so if you ever want to withdraw USDC to Arbitrum, use Rabby or the email login.
2. Deposit SOL via Unit. Your Unit deposit address is permanent and tied to your Hyperliquid address. The minimum is 0.12 SOL and arrival typically takes about a minute. SOL arrives as USOL in your spot balance. Solana memecoins such as PUMP, FARTCOIN, SPX and BONK can also be deposited.
3. Sell USOL for USDC on the USOL/USDC spot market (0.070% taker / 0.040% maker at tier 0), or keep the SOL and deposit USDC separately as margin.
4. Trade the SOL perp: 20x max (10x above $70M notional), 0.045% taker / 0.015% maker, hourly funding. Solana-ecosystem perps are listed too, mostly at 5–10x: PUMP ($107.3M of 24h volume on October 21, 2026), JUP, FARTCOIN, PYTH, TRUMP, PENGU, JTO, kBONK and WIF.

Worked example: 10 SOL (about $1059.60 at $105.96 on October 21, 2026) sold for USDC at the 0.070% spot taker fee costs about $0.74. A $5,000 SOL long at 5x then costs $2.25 to open and about $2.25 to close ($2.16 each with HOLYGRAIL). Guides: Hyperliquid bridge routes (Solana, Arbitrum), deposit guide, full fee schedule.

One caveat for Phantom users: Phantom’s built-in perps trading runs on Hyperliquid through Phantom’s builder code, which adds Phantom’s own fee (0.05%) on top of Hyperliquid’s. A Hyperliquid referral code still works there: the referral discount also applies to orders placed through apps with a builder code, so HOLYGRAIL keeps 4% off Hyperliquid’s part of each order (Phantom’s fee is not discounted). The catch is timing: apps such as Phantom often set their own Hyperliquid referral code on accounts that have none, so enter a code on Hyperliquid before you start using an app. A code cannot be added after $10,000 of volume, so with your Phantom wallet, join Hyperliquid with code HOLYGRAIL before you first use Phantom’s perps (how the HOLYGRAIL code works). Trading directly at app.hyperliquid.xyz also removes Phantom’s fee.

10. Which one should you use?

• You want to stay fully on Solana and trade SOL, BTC or ETH simply: Jupiter Perps. Fills at the oracle price, deep JLP liquidity, up to 250x. Accept the 0.06% per side and the borrow fee.
• You want a Solana order book with maker pricing: Pacifica (0.040% / 0.015%, 20x SOL), or Phoenix (0.035% / 0.005%, 25x SOL).
• You trade FX, oil or stocks on-chain: GMTrade, where most of the volume is exactly that.
• You want to try the newest venues: BULK, Bullet or Adrena are live with small books. Size accordingly.
• You trade size, scalp SOL, or want Solana memecoin perps: Hyperliquid. Deeper SOL book than the Solana-native venues, native SOL deposits, many Solana-ecosystem perps. Code HOLYGRAIL.
• You want the lowest fees and don’t mind leaving Solana: Lighter (code 718610TD): 0% / 0% on Standard accounts, SOL at 25x. It accepts deposits from Solana among other routes.

Jupiter Perps alternatives

Jupiter Perps is the default for many Solana traders, but its 0.06% fee to open and again to close, the hourly borrow fee and the “liquidation takes all remaining collateral” rule push active traders elsewhere. The main Jupiter Perps alternatives: Pacifica for a Solana order book at 0.040% taker and 0.015% maker; Flash Trade if you like the pool model at 0.02% per side; GMTrade for FX and commodity perps; and, off Solana, Hyperliquid (0.045% taker, native SOL deposits, far deeper SOL liquidity) or Lighter (0% fees on Standard). Head-to-heads: Hyperliquid vs Jupiter Perps and Lighter vs Jupiter Perps.

Still choosing between ecosystems? Our best DEX guide compares every major perp DEX, and the perp DEX ranking tracks live volume across all chains.

11. Risks specific to Solana perps

• Admin-key and upgrade risk. The Drift exploit came through admin control, not a trading bug. Check who can upgrade a program and whether there is a timelock; Velocity’s docs have an “Admin keys and upgrade authority” page.
• Hybrid custody. Pacifica, BULK and Bullet match orders off the Solana base layer. Deposits and withdrawals settle on-chain, but during trading you rely on the operator’s engine. Read each venue’s caps: Pacifica’s docs list $500,000 of withdrawals per 24 hours during its closed beta, and Bullet’s API showed a 250,000 USDC deposit limit.
• Pool counterparty. On Jupiter, GMTrade, Flash Trade and Adrena the pool is your counterparty. Heavy one-sided open interest raises price impact and borrow costs exactly when everyone wants the same side.
• Liquidation rules differ. Jupiter liquidation takes all remaining collateral. Order-book venues usually return what’s left after maintenance. See the liquidation price calculator.
• Leverage. SOL’s daily range is often several percent. A 20x position is liquidated after a move of roughly 2.5% (half the initial margin), and the 100x–500x on offer at pool venues leaves almost no room. The leverage limits guide shows the tiers.
• Phishing. Bookmark official URLs and never sign a transaction you did not start. More in our DEX security checklist.

12. FAQ

New to perps? Start with what a DEX is and how to use Hyperliquid. Funding explained: Hyperliquid funding rate.

Disclosure: HOLYGRAIL and 718610TD are our referral codes; we earn a share of fees paid by referred accounts. We hold no code for Jupiter, Pacifica, GMTrade, Phoenix, Flash Trade, Adrena, BULK, Bullet, Velocity or Backpack. Volumes, open interest, order books and fees were read from official APIs, docs, DefiLlama and CoinGecko on October 21, 2026; they change daily. Not financial advice.