Derivatives trading platform on-chain data: JUP reached $100 billion in trading volume, and USDC lending APR on Solana reached 8.5%

Author: OurNetwork

Compiled by: Xiaobai Navigation coderworld

List of derivatives trading platforms and agreements involved in this report

Jupiter | Drift | Synthetix | GMX | Vertex | Perennial

Jupiter Perps

Soju | Website | Dashboard

Jupiter Perps hits $100 billion in trading volume on Solana

• Jupiter Perps will be launched in early October 2023 and is a perpetualcontractThe deepest liquidity source for trading. Jupiter Liquidity Pool (JLP) is a perpetualcontractThe total value locked (TVL) of its peers has grown from 0 to over $700 million — enabling the protocol to support large-scale trading through a peer-to-pool model.

Dune – @ilemi

• Jupiter Perps also ranked second in DefiLlama’s derivatives trading volume rankings, even surpassing order book-based competitors like Vertex and dYdX.Xiaobai NavigationThe peer-to-pool model has a higher percentage of non-harmful traffic, so the trading volume is less than the order book.

DeFiLlama

• Relying on a large pool of ordinary traders, deep liquidity and high trading volume, Jupiter Perps brings JLP holders $2 million to $8 million in returns each week, further promoting the development of the platform.

Dune – @ilemi

Drift

BigZ Pubkey | Website | Dashboard

Drift has processed over $900 million in volume in the past week

• Drift is the largest full-service decentralizedexchange (DEX), which integrates perpetual contracts, spot trading, lending, staking, and prediction markets under a cross-margin engine to maximize capital efficiency. BET is the name of Drift's prediction market, allowing users to use multiple crypto assets as collateral without giving up returns, thereby avoiding odds errors caused by opportunity costs. In this way, it has achieved the highest prediction market trading volume on Solana (nearly $30 million in 1.5 months).

Dune – @bigz

• Over the past 90 days, the average DeFi lending rate for USDC on Solana has been 8.5% APR. This is a non-negligible ROI that can drive other prediction markets. This interest is only waived when the position is losing money and settled with the counterparty through regular market settlement.

Drift

• The composition of collateral shows high user demand for non-stablecoin transactions, even if the bets are ultimately settled in stablecoins. As of October 1, only 22% of Drift’s total locked value (TVL) was held in popular stablecoins such as USDC, PYUSD, USDT, and others such as USDe/sUSDe and USDY.

DeFiLlama

• Transaction highlights:In particular, a user used non-stablecoins (JitoSOL, SOL, wBTC) asmortgage, betting on Trump's victory (notional amount of about $50,000). In addition, they regularly trade the fluctuations of BTC-PERP, not affecting long-term forecast bets and crypto positions, while making short-term trades.

Synthetix

Omer | Website | Dashboard

Synthetix lays the foundation for a major reboot with sharp growth in open interest and APR

• Synthetix is a DeFi pioneer in perpetual derivatives trading. The protocol offers a wide range of synthetic assets and derivatives, including perpetual futures, options, and spot trading. To date, Synthetix has traded over $63 billion in derivatives on Optimism ($60.74 billion), Base ($3.6 billion), and Arbitrum ($1.2 million). Synthetix is currently SR-2 Reboot Plan, a governance referendum designed to help Synthetix return to the forefront of the DeFi ecosystem.

Synthetix

• In September this year, the 7-day average annualized rate of return (APR) of USDC liquidity increased by 300%, soaring from 5% to more than 20% in just a few weeks. This growth highlights the rapid growth of demand for stable income within the Synthetix ecosystem.

Synthetix

• Open interest in sBTC and sETH expanded from $50 million to over $150 million, reflecting a 200% increase in leveraged positions. This growth is consistent with increased volume from SNX integrators and anticipated product launches such as multi-collateral perpetual contracts.

Synthetix

• Transaction highlights:Synthetix's SR-2 Reboot May Be Its Biggest Governance Reform to Date, With a Stunning 104 Million SNX Token(valued at over $150 million)Get Approval, reaching almost unanimous consensus at 99.94%. The reboot brings with it a comprehensive governance overhaul, a growth-focused 2025 roadmap, and new optimism for expected product releases such as the launch of multi-collateral perpetual contracts on Synthetix V3.

GMX

Shogun | Website | Dashboard

The TVL of the GMX partnership agreement surged, accounting for 41% of the total locked value of GMX V2

• GMX is a protocol that primarily provides perpetual contract trading. Since the launch of GMX V2 in 2023, cooperation with other protocols has significantly increased the TVL of perpetual contract trading. These protocols have developed innovative yield strategies to obtain liquidity from GMX's capital pool to enhance their respective platforms. GMX V2's $109 million TVL shows its success in providing good returns for blue-chip assets, long-tail assets, and more emerging asset pairs in the future.

Dune – @gmx-io

• With the launch of many GM pools, most liquidity providers have achieved positive growth. The best performers in the past 3 months GM Funding Pool, compared to their benchmarks - holding the underlying assets - including AVAX/USD, PEPE/USD, and WIF/USD, which rose by 10%, 18%, and 11% respectively.

Dune – @gmx-io

• During its operation, GMX V2 generated close to $66 million in revenue for the protocol in the form of ETH or AVAX. In the future, this will change with the repurchase and distribution of GMX, as of July 2018.Snapshot VotingAs part of theTokenEconomics, designed to benefit token holders and stakers. Transaction highlights:

• Transaction highlights:Recently, a large trader on GMX V2Locked $100,865 in ETH long profits. They currently still hold $60,894.9 in BTC longs, with a P&L of $118,996. This trader typically has a high hit rate - achieving a historical net P&L of $790,000.

Vertex

Honz | Website | Dashboard

Vertex reaches $130 billion in all-time total transaction volume

• Vertex is a platform that offers perpetual contracts and spot trading. Despite reaching a new milestone of $130 billion in total trading volume on the platform, Vertex appears to be having a challenge attracting more business. In fact, the monthly trading volume chart shows a decline starting in December 2023. This is particularly worrying because Vertex has recently expanded its business to other chains such as Base, Mantle, and Sei, having initially focused on Arbitrum.

DeFiLlama

• The Dune chart shows that Vertex is holding steady in terms of users. After reaching an all-time high in July 2024 — helped by the Mantle expansion to Layer 2 — new users have since fallen back to previous lows.

Dune – @friljoes

• While trading metrics are not in Vertex’s favor for now, token metrics appear more encouraging — with $VRTX tokens staked for 42% of the platform’s total, users are showing strong engagement with the platform.

Perennial

Lucas | Website | Dashboard

Perennial’s daily trading volume exceeds $44 million

• Perennial provides perpetual contract trading infrastructure that partner front ends can access and share liquidity and order flow. When Perennial integrates new applications, trading volume increases as new user groups join the trading network. After recently integrating with Kwenta, the leading perpetual contract aggregator on Arbitrum, Perennial reached its highest daily trading volume in history. During the ETH ETF news in mid-July, Perennial's daily trading volume soared to over $44 million as market makers delta-hedged their volatility bets.

Dune – @lewi

• One of Perennial’s most notable features is its leveraged market making. Over the past few months, Perennial’s average market making leverage has risen by 2,29%, demonstrating users’ confidence and understanding of the protocol and its capital efficiency.

Dune – @lewi

• Perennial’s funding rate mechanism balances demand between longs and shorts, helping reduce market makers’ risk exposure. Over the past few months, the funding rate has dropped from as high as 5% to about 0.01% now, due to the participation of arbitrageurs.

Dune – @lewi

The article comes from the Internet:Derivatives trading platform on-chain data: JUP reached $100 billion in trading volume, and USDC lending APR on Solana reached 8.5%

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