Solana’s perpetual futures market has just posted its biggest 24-hour trading day in 24 weeks, with total volume reaching $2.5 billion. Phoenix, a Solana-based venue, handled about $1.27 billion of that flow—roughly half the market—while open interest on the platform reached $241 million.
This points to a clear jump in leveraged trading activity on the network, not just stronger spot buying. Perpetual contracts let traders take leveraged positions without an expiry date, so rising volume here signals deeper participation in Solana’s derivatives layer. What stands out is that the move is concentrated around one Solana-native venue gaining traction, giving Solana a more specific derivatives story than a generic increase in positioning.