Solana Perps: open interest, volume and hourly rates across Solana perpetual venues
Solana perpetuals trade on two designs. On a pool-backed venue such as Jupiter or GM Trade, a liquidity pool takes the other side of every trade: open interest is capped by what the pool holds, and traders pay the pool an hourly borrow fee (Jupiter) or a funding rate that follows the pool's long and short imbalance (GM Trade). On an order book such as Pacifica, Phoenix or Bullet, longs match shorts and the crowded side pays the other an hourly funding rate; Velocity, the Drift relaunch, pairs an order book with a vAMM backstop. This board reads Jupiter, Pacifica, Phoenix, GM Trade, Velocity and Bullet every 10 minutes and puts open interest, 24h volume and the hourly rate side by side, market by market.
Venues
One card per venue: its open interest and 24h volume, the long and short sides where the venue publishes them, how many markets it lists and the median hourly rate across them. The rate kind differs by design, so each card says whether it is funding or a borrow fee.
GM Trade (GMX Solana)
Pool-backed (GMX v2 markets), oracle price, funding accrued per second
| Open interest | $101.9M |
| Long / short | $100.3M / $103.5M |
| Share of open interest | 44.6% |
| 24h volume | $1.3B |
| Markets | 68 |
| Median funding /h | -0.0009% |
| As of | 2026-09-28 15:12 UTC |
Pacifica
Central limit order book, hourly funding
| Open interest | $58.3M |
| Share of open interest | 25.5% |
| 24h volume | $416.3M |
| Markets | 77 |
| Median funding /h | 0.0013% |
| As of | 2026-09-28 15:12 UTC |
Jupiter Perps
Pool-backed (JLP), oracle price, hourly borrow fee
| Open interest | $42.4M |
| Long / short | $65.3M / $19.5M |
| Share of open interest | 18.5% |
| 24h volume | $178.2M |
| Markets | 3 |
| Median borrow fee /h | 0.0013% |
| As of | 2026-09-28 15:07 UTC |
Phoenix
Central limit order book, funding accrued hourly and settled daily
| Open interest | $24.5M |
| Share of open interest | 10.7% |
| 24h volume | $49.5M |
| Markets | 90 |
| Median funding /h | · |
| As of | 2026-09-28 15:12 UTC |
Bullet
Central limit order book on a Solana network extension, hourly funding
| Open interest | $1.4M |
| Share of open interest | 0.6% |
| 24h volume | $7.2M |
| Markets | 23 |
| Median funding /h | 0.0089% |
| As of | 2026-09-28 15:12 UTC |
Velocity (Drift)
Order book with a vAMM backstop, hourly funding
| Open interest | $130.0K |
| Long / short | $133.8K / $126.2K |
| Share of open interest | 0.1% |
| 24h volume | $145.4K |
| Markets | 5 |
| Median funding /h | -0.0049% |
| As of | 2026-09-28 15:12 UTC |
Method
Open interest is one-sided on every venue, the convention exchanges and DefiLlama use: on an order book it is the contracts open times the mark price; on a pool venue (Jupiter, GM Trade, Velocity) it is long plus short halved, with both sides kept on the card and in the API. Pacifica's API reports both sides together and counts 24h volume as maker plus taker, so both are halved. Jupiter's own page reports long plus short in full.
Phoenix publishes a funding accumulator, not a rate; the hourly rate is left empty until its scale is confirmed.
Flash has shown zero open interest since 2026-09-13 and is not listed; Adrena has no public data feed. Both join when they print. A venue whose feed fails keeps its last good reading for up to an hour, marked on its card, then drops out.
Markets
Every market of every venue, largest open interest first. The same coin can appear once per venue; the venue column keeps them apart. Stock, index, commodity and currency perpetuals carry a small tag.
| Market | Venue | Mark | 24h % | Open interest | 24h volume | Rate /h |
|---|---|---|---|---|---|---|
| SOL | Jupiter Perps | 118.15 | -2.85% | $27.4M | $131.9M | 0.0016% borrow |
| BTC | Pacifica | 82,940 | -1.79% | $20.7M | $234.4M | 0.0013% funding |
| USDCADFX | GM Trade (GMX Solana) | 1.41 | · | $19.2M | $60.2M | 0.0009% funding |
| ETH | Pacifica | 2,663 | -0.87% | $15.5M | $126.4M | 0.0013% funding |
| USDCHFFX | GM Trade (GMX Solana) | 0.8285 | · | $13.1M | $111.0M | -0.0010% funding |
| EURFX | GM Trade (GMX Solana) | 1.14 | · | $12.2M | $75.0M | -0.0009% funding |
| AUDFX | GM Trade (GMX Solana) | 0.7024 | · | $11.2M | $54.0M | 0.0008% funding |
| GBPFX | GM Trade (GMX Solana) | 1.32 | · | $10.0M | $59.9M | -0.0000% funding |
| BTC | Jupiter Perps | 83,005 | -1.75% | $9.9M | $24.7M | 0.0013% borrow |
| NZDFX | GM Trade (GMX Solana) | 0.5664 | · | $9.0M | $57.8M | 0.0011% funding |
| SOL | Pacifica | 117.87 | -3.03% | $7.8M | $42.9M | 0.0013% funding |
| USDJPYFX | GM Trade (GMX Solana) | 157.28 | · | $6.4M | $158.0M | 0.0001% funding |
| HYPE | Pacifica | 87.54 | -4.31% | $6.1M | $3.7M | 0.0013% funding |
| SOL | Phoenix | 117.93 | -2.71% | $5.6M | $17.3M | · funding |
| ETH | Jupiter Perps | 2,668 | -0.71% | $5.0M | $21.6M | 0.0013% borrow |
Rates are per hour, in percent of position size. Funding moves between longs and shorts and can be negative; a borrow fee is always paid by the position to the pool. A dot (·) marks a number the venue does not publish.
Top 15 of 266 markets by open interest shown.
Full history is a member feature. Members see every market of every venue; anonymous readers get the largest by open interest.
Unlock full depth →Methodology and honest limits
Jupiter is read from the official Jupiter perps API, the same custody read as the Jupiter Perps page, and the rate shown is the long side's hourly borrow fee. Pacifica, Phoenix, GM Trade, Velocity and Bullet are read from each venue's public market API, and the rate shown is the hourly funding rate (GM Trade's per-second funding scaled to an hour). Every venue is refreshed every 10 minutes.
A borrow fee and a funding rate are different numbers. The borrow fee is paid by the position to the pool whatever the direction; funding is paid between longs and shorts and changes sign when the crowd flips. The board labels every rate with its kind and never converts one into the other. A venue's median is the median across its markets.
Coverage: every market each venue lists, including the stock, index, commodity and currency perpetuals some venues carry, largest open interest first. A venue that returns no markets is left out of that refresh, never estimated.
History: every venue but Jupiter is recorded hourly per market and metric (Pacifica from 2026-09-25, the other venues from 2026-09-26) and served at /api/public/solana-perps?venue=phoenix&symbol=SOL&days=7; any key gets 7 days, a Terminal session or a Builder key and above up to 30. The full hourly set of every venue is on the paid route /api/x402/solana-perps-history and the midnight rows in the solana-perps-daily dataset; Jupiter's hourly history stays at /api/public/jupiter.
FAQ
Why do some venues show a borrow fee and others a funding rate?
Jupiter positions borrow from the JLP pool and pay it an hourly fee; there is no payment between longs and shorts. Pacifica, Phoenix, Velocity and Bullet match longs against shorts, and GM Trade charges the heavier side of its pools, so the crowded side pays the other side funding. The two numbers answer different questions, so the board keeps their labels.
Is the open interest comparable across venues?
Yes, it is one-sided everywhere: an order book's contracts times the mark price, a pool venue's long plus short halved. That is the convention exchanges and DefiLlama report. Every figure is a real position read from the venue, not modeled.
Why is open interest lower than on Jupiter's page?
The board counts open interest one-sided on every venue, so a pool venue's long and short are added and halved. Jupiter's own page reports long plus short in full, so its total there is twice the Jupiter row here; both come from the same custody read.
Which venues are missing?
Flash has shown zero open interest since 2026-09-13, so it is not listed, and Adrena has no public data feed. Both join the board when they print. A venue whose feed fails in a refresh keeps its last good reading for up to an hour, marked on its card, then drops out until it answers again.
How do I get the data?
JSON at /api/public/solana-perps with an API key, filtered with ?venue= (jupiter, pacifica, phoenix, gmtrade, velocity or bullet); add &symbol=SOL&days=7 for the hourly history of one market on every venue but Jupiter (more than 7 days, up to 30, is member depth). The full hourly history is on the paid route /api/x402/solana-perps-history, the midnight rows in the solana-perps-daily dataset, and the MCP tool get_solana_perps returns the same board to AI agents.