Solana perpetual DEX trading volume surpasses $451.2 billion, exceeding the total for the past year

In 2025, Solana’s perpetual DEX trading volume reached a record high of $451.2 billion. Even more astonishing is that this figure has surpassed the total perpetual trading volume of all previous years since the network’s launch. This is not just a numerical milestone but also reflects the maturity of Solana’s DeFi infrastructure and a surge in market activity.

Explosive Growth of Perpetual Trading

According to SolanaFloor data, what does a $451.2 billion perpetual trading volume mean? In the context of the overall ecosystem, it is a significant component of on-chain trading activity on Solana.

By 2025, the on-chain spot trading volume on Solana has reached $1.6 trillion, officially surpassing all centralized trading platforms except Binance (including Bybit, Coinbase, and Bitget). As a supplement to spot trading, perpetual trading is becoming an important choice for traders. This trend indicates that Solana is no longer just a hub for spot trading but is building a comprehensive derivatives trading ecosystem.

Why is perpetual trading volume so important

Perpetual trading requires higher market depth and liquidity support. Traders engaging in leveraged positions in perpetual markets need sufficient counterparties and stable price mechanisms. The record-breaking $451.2 billion in perpetual trading volume demonstrates that:

• Solana’s on-chain liquidity has reached a level capable of supporting large-scale derivatives trading
• DeX protocols within the ecosystem (such as Jupiter, Magic Eden, etc.) have established institutional-grade infrastructure
• Confidence among traders in on-chain trading on Solana continues to grow

Multi-dimensional Indicators of Ecosystem Maturity

The breakthrough in perpetual trading volume is not an isolated phenomenon but a microcosm of the overall upgrade of the Solana ecosystem.

Infrastructure improvements

On January 6, the Solana ecosystem staking protocol Jito launched the block explorer IBRL Explorer, providing visibility into the internal structure of blocks. The emergence of such tools indicates that the ecosystem has shifted from focusing on “whether trading is possible” to “how to optimize trading.”

Meanwhile, AI agent protocols like Swarms are rolling out new API updates and mobile app plans, signaling that the Solana ecosystem is expanding into application layers.

Deepening institutional participation

Morgan Stanley has submitted documents to the U.S. Securities and Exchange Commission to apply for Bitcoin and Solana ETF products. This signifies recognition from Wall Street towards Solana.

More directly, Solana’s spot ETF saw a record single-day net inflow of $16.8 million on January 5, with total net inflows reaching $791 million. This indicates ongoing capital inflows from traditional finance.

Ecosystem activity heats up again

According to the latest data, Solana’s total chain trading volume in the past 24 hours has rebounded to $78.7 billion, up 28.7% from the previous day. Old tokens like PENGU, FARTCOIN, and WIF have surged over 40% in the past 7 days, indicating a comprehensive revival of trading activity within the ecosystem.

Shifts in Market Position

The deeper significance is that Solana is changing the trading landscape of the entire crypto market.

Since 2022, on-chain trading volume on Solana has surged from 1% to 12% of total trading volume. Meanwhile, Binance’s market share has decreased from 80% to 55%. This means on-chain trading is becoming mainstream, and Solana is the biggest beneficiary of this shift.

The new all-time high in perpetual trading volume further consolidates this trend. As more traders choose to conduct perpetual trading on Solana, on-chain DEXs are no longer “alternative options” but “mainstream choices.”

Summary

The breakthrough of $451.2 billion in Solana’s 2025 perpetual DEX trading volume is not just a numerical record but a testament to ecosystem maturity. From infrastructure improvements, increased institutional participation, to heightened market activity, Solana is building a truly competitive on-chain trading ecosystem.

Whether this trend can continue depends on two key factors: first, whether Solana’s network stability and performance upgrades (such as Firedancer) can keep pace with trading volume growth; second, whether DeX protocols within the ecosystem can continue to innovate and provide better trading experiences. Based on current progress, both conditions are gradually being met. In 2026, Solana is expected to further solidify its leadership in on-chain trading.