Solana Perp DEX Comparison 2026: Jupiter, Pacifica, Phoenix

Solana perp DEX list: fees, leverage, volume and TVL (11 October 2026)

By 30-day volume, Pacifica is the biggest Solana perp orderbook ($10.70B; GMTrade’s higher number is flagged below). Jupiter Perps holds by far the most TVL ($774.5M). Phoenix and Bulk start with the lowest orderbook taker fees.

Volume and TVL as of 10 and 11 October. Velocity has no tracked numbers yet (a little volume still shows under the old Drift name), and Bulk’s volume isn’t tracked.

*GMTrade’s $27.86B of 30-day volume sits on roughly $28M of TVL, about 1,000 times its TVL in a month. That number doesn’t tell you how deep the market is for your order.

Terms the table uses:

• Perpetual futures (perps) are leveraged positions with no expiry that follow a coin’s price.
• On an orderbook you trade against other traders. A maker posts a limit order that waits on the book. A taker fills straight away and usually pays more.
• On an oracle pool you trade against LP money at an oracle price. Jupiter’s JLP is the big one.
• Funding is paid between longs and shorts, and the crowded side pays. Jupiter’s pool markets charge an hourly borrow fee instead.
• Your liquidation price is where your margin runs out and the position gets closed for you.
• Cross margin backs all your positions with one balance. Isolated margin gives each position its own, so one blow-up can’t drain the rest.
• The settlement coin is what your profit and loss are paid in: USDC on most venues, USDT on Velocity.
• 1 bp = 0.01%, so 0.06% is 6 bps. TVL is the money deposited in a protocol.

Best Solana perp DEX for your trading style

Pick by what matters most to you. Fees and pools move, so these are as of 11 October 2026.

Best overall: Jupiter Perps

For most traders, and for a first perp, Jupiter Perps. Its $774.5M pool is the deepest on Solana, so SOL, ETH and BTC trades fill at the oracle price even at size. It costs a bit more per trade (0.06% plus an hourly borrow fee), and it only has 9 markets.

Lowest fees: Phoenix

Phoenix charges 0.035% a trade, the lowest taker fee of the main orderbooks. Bulk starts at the same rate if you have an invite. Pacifica is 0.04%, and Jupiter and Velocity are 0.06%.

Best for altcoins: Pacifica

Pacifica, the busiest orderbook, with 65+ markets across crypto, RWAs, FX and pre-IPO names. Deposits are thin for its volume, so use limit orders on smaller alts.

Fastest execution: Pacifica or Bulk

Pacifica matches orders off-chain and settles on Solana, so fills feel like a CEX. Bulk runs its orderbook inside the validators and aims for 5 to 20 ms matching, but it is invite only.

Best for airdrop and points farming

Pacifica points, Bulk AURA and Phoenix’s Frontier Traders are the live programmes. If you’d rather a bot did the clicking, Tenor farms perp points. You pay fees on every farmed trade, so count them against the rewards.

Stocks, forex and commodities: GMTrade or Phoenix

GMTrade covers forex and commodities alongside stocks. For stock perps, compare Phoenix too, which also runs inside Solflare as Solflare Perps if you’d rather trade from your wallet.

Best for makers and high volume

Pacifica’s maker fee hits 0% from $100M a month. Bulk charges makers 0% on its upper tiers, and its biggest makers get rebates.

What changed: Drift is now Velocity, Bulk is live, Jupiter has 9 markets

Other lists still show Drift at 101x with 40+ markets. That venue doesn’t exist now.

Drift was hacked and rebuilt. On 1 April 2026 attackers tricked Drift’s Security Council signers into pre-signing hidden admin actions and drained about $285M in roughly 12 minutes. Blockchain analytics firms tied it to North Korean hackers. Drift came back as Velocity, published its code and an OtterSec audit (154 findings, none critical) and relaunched on 29 September under a new five-person team.

Bulk went live. Its mainnet launched on 5 September, invite only.

Jupiter added six beta markets on a new orderbook, and on 5 October it dropped the JUP staking requirement for using them.

Jupiter Perps: SOL, ETH and BTC against the JLP pool

Jupiter Perps is where I’d send a first-timer who wants majors. Jupiter’s wallet is obviously great, and the exchange makes an easy home base: swaps, limit orders and perps all sit in one place. SOL, ETH and wBTC trade against the JLP pool at oracle prices, at up to 250x, with no funding rate. Instead you pay:

• a 0.06% (6 bps) base fee to open and again to close
• a price impact fee that grows with trade size and any long/short imbalance
• an hourly borrow fee on your position size, which rises as more of the pool is in use

The six beta markets are JUP, HYPE, ZEC and the stock perps SPCX, SNDK and SKHYNIX. They run on Jupiter’s GUM orderbook at 20x (JUP at 10x), with funding plus a maker or taker fee, and no take-profit or stop-loss orders yet.

With $774.5M in the pool, your order isn’t going to move the price much. At 250x, liquidation is what gets you. JLP is LP money on the other side of your trade: the pool collects your fees, and if you get liquidated, what’s left of your collateral goes to it. Our Jupiter exchange guide breaks down every Jupiter fee.

Pacifica: the busiest orderbook, thin deposits

Pacifica is the busiest perp orderbook on Solana: $10.70B of volume in the last 30 days across 65+ perps (majors, alts, RWAs, FX and pre-IPO markets) at up to 50x. It matches orders off-chain and settles on Solana, so it feels like a CEX. Base fees are 0.04% taker and 0.015% maker (4 and 1.5 bps), falling with your 30-day volume: maker hits 0% from $100M a month, and taker bottoms out at 0.028% from $500M. Collateral is USDC, and spot holdings can count toward margin.

The catch: only about $27.2M is deposited, which is tiny for that volume. SOL is fine, but market-buy a thin alt in size and you’ll feel it. For alts it’s still the pick. Just use limit orders and sizes the book can take.

Points still run: 10M a week, with a snapshot every Thursday at 00:00 UTC, and no token yet. If you’re farming Pacifica points, the trick is not burning your margin on fees.

Phoenix and Solflare Perps: a fully on-chain orderbook

Phoenix, from Ellipsis Labs, keeps the whole orderbook on-chain. It charges 0.035% (3.5 bps), goes up to 25x on SOL and takes USDC as collateral. Beyond BTC, ETH and SOL it lists 65+ markets, including stock perps at 10x to 20x and commodities. It’s smaller than Jupiter or Pacifica: $1.19B of volume in 30 days on about $23.6M of TVL.

The draw right now is Frontier Traders Season 1, with over $1M in rewards, running from 21 September to 7 November, and our Phoenix guide walks through the setup. Perp volume on Phoenix or Solflare both count. Reward crates unlock at $10K, $50K and $250K of taker volume (maker fills only count toward the leaderboards). You have to verify your identity to claim, and results are checked before prizes are confirmed, so wash trading risks disqualification.

I rate Solflare way better than Phantom right now (it tops our best Solana wallet picks), and Solflare Perps is the same Phoenix orderbook built into the wallet, so your USDC never leaves it. It’s isolated margin only and blocked in some countries, the US among them. If Solflare is already your wallet, it’s the easiest way to try an orderbook.

GMTrade: forex, stocks and commodities

GMTrade (formerly GMX-Solana) uses a GMX v2 style design: you trade against liquidity pools at oracle prices, with forex, commodity and stock perps alongside crypto. The base fee to open or close is 0.02% or 0.024% (2 or 2.4 bps) on crypto, stocks and commodities, and half that on forex. Price impact, funding and a borrow fee on the busier side come on top.

Max leverage depends on the market and drops as open interest (the total size of open positions) grows, so the headline number isn’t always on offer. Trade-to-Mint pays GT based on the fees you pay. Use GMTrade if forex or commodities are the point. For stock perps, compare Phoenix too, and for SOL, use Jupiter.

Velocity (formerly Drift): what’s different and should you trade there

Velocity is Drift’s relaunch: five markets, USDT settlement and a few weeks of track record. I’d want more history before parking size here. If you try it, go small.

Velocity is perps only now: BTC, ETH and SOL at up to 20x, and HYPE and ZEC at 10x. Stock perps such as NVDA and TSLA are listed as coming soon. Everything settles in USDT, so get native USDT before you deposit. Our USDT bridging guide shows how, and how to check you got the right mint. You can post wBTC, wETH, SOL or USDT as collateral, and deposits earn lending interest while they back your positions.

Taker fees start at 0.06% (6 bps) under $5M of 30-day volume and step down to 0.02% above $200M. Makers get a 0.0025% (0.25 bps) rebate on post-only orders. Individual markets can be priced above or below that baseline, but today all five charge the standard rate, and the ticket shows your real one. A referral link takes 5% off your fees.

Orders sit on-chain and are filled by keepers, market makers and the protocol’s own AMM. The full on-chain orderbook is still in development. The reasons for caution: a co-founder stepped down at the relaunch, the new five-person team is weeks in, and the code is brand new, clean audit or not.

Bulk: live since 5 September, invite only

Bulk‘s orderbook runs inside the validators, aiming for 5 to 20 ms matching. It settles in USDC from your own Solana wallet and goes up to 40x. Mainnet launched on 5 September, you still need an invite code to get in, and TVL is about $7.8M.

Taker fees run from 0.035% down to 0.022% by volume. Makers paid 0% during Genesis, the first 30 days after the 5 September launch, so Phase 2 rates should now apply: the smallest tier pays 0.02% (2 bps) as a maker, and makers pay 0% from the fifth tier ($150M of 14-day volume) up. The docs don’t give the switch date, so check which maker fee the ticket shows.

Bulk has set aside 30% of the BULK supply for the community. Getting a Bulk invite and Ranked Aura are covered separately, with the fee maths for farming. Once you’re in, you can open Bulk through my referral link. It’s a referral, so I earn a share of a weekly AURA pool from it.

Others: Flash Trade, Adrena, Raydium Perps, Bullet, Imperial, Papertrade

• Flash Trade went close-only on 31 August 2026, force-closed all positions on 2 September and ran forced withdrawals around 15 September. Trading has stopped. If you still had funds there, check its official channels for how to withdraw.
• Adrena is still listed but down to about $0.3M of TVL.
• Raydium Perps is a front end on Orderly Network’s orderbook. Its numbers aren’t tracked anymore, so make sure the app works before you deposit.
• Bullet, from the old Zeta team, is on a gated mainnet and needs an access code.
• Imperial started as one front end for several Solana perp venues. Its docs now describe Armada, which quotes outside orderbook depth on Solana, so read them before you deposit.
• Papertrade isn’t on Solana. It runs on HyperEVM and launched on 10 October with up to 1000x on BTC and ETH. Our Papertrade page covers funding it from Solana.

Off Solana, a lot of perp traders went to Hyperliquid and Aster: see Aster vs Hyperliquid. For a trading app rather than another venue, look at Jito’s JTX app. And if you’d rather earn on coins you already hold than use leverage, I think covered calls on Leaps look really cool. The catch is they cap your upside if the coin rips past your strike.

Solana perp DEX fees compared: fee, funding or borrow, and slippage

A perp has three costs: the trading fee, the cost of holding the position (funding, or Jupiter’s borrow fee) and slippage. Here’s one worked example: a $1,000 position at 5x ($200 of margin), opened and closed with market orders.

The whole spread is 80 cents. Holding costs grow with time: every 0.001% an hour is $0.24 a day on $1,000, about $1.68 a week, which beats that gap within four days. If you hold for days, compare the borrow or funding rate on the ticket, not just the fee. Funding can also pay you if you’re on the less crowded side.

Slippage is where a thin book really costs you. A $1,000 order barely moves anything, but a large market order on a quiet alt can cost more than the fee. On size, use limit orders and pay the maker rate, and compare live quotes before you commit.

How to open your first Solana perp on Jupiter

1. Connect your wallet on Jupiter Perps. Keep about 0.03 SOL in it for transaction fees (buy some SOL first if it’s empty).
2. Pick SOL, ETH or wBTC, then choose Long or Short.
3. Pay with SOL, USDC or any token Jupiter can swap. The minimum is $10 of collateral.
4. Keep leverage low and read the liquidation price before you confirm. For a first trade I’d stay at 2x to 3x. If an ordinary day’s move would reach your liquidation price, lower the leverage. The panel also shows the 0.06% open fee and the current hourly borrow rate.
5. Add a stop loss, then close from your positions when you’re done. You pay the 0.06% fee again on close. You can’t set a stop loss when opening at 150x or above, or on beta markets yet. On the SOL, ETH and wBTC pool markets, liquidation takes all the collateral left in the position.

Drift DFX claim: had funds on Drift on 1 April?

Claim only at dfx.drift.trade, using the wallet that controlled your Drift account on 1 April 2026. Any other wallet shows “No recovery tokens allocated”.

• You get 1 DFX for every 1 USDT of verified loss.
• You can redeem DFX for USDT now, at about 0.0104 USDT per DFX at launch, or hold it while the pool grows. The pool is funded by 60% to 90% of Velocity’s daily net revenue (tiered), Tether’s commitment of up to 127.5M USDT (announced 16 April), up to 20M USDT from partners, and any recovered stolen funds.
• Deadline: claims close at 00:00 UTC on 1 January 2028, and unclaimed DFX is burned.
• Had money in Drift’s Insurance Fund? That wasn’t hit and is returned in full, but it’s a separate claim on the same site, and it closes earlier: 00:00 UTC on 1 July 2027.

Treat any DM, fee request or other claim link as a scam (how to spot airdrop scams). Claim now so the DFX sits in your wallet, then decide whether to redeem. These Solana security habits keep fake claim sites away from your main wallet.

FAQ

Which Solana perp DEX has the lowest fees?

Of the six venues in our table, GMTrade has the lowest base fee at 0.02% or 0.024% on crypto, but price impact, funding and borrow come on top. Among orderbooks, Phoenix and Bulk start at 0.035%, then Pacifica at 0.04%. Jupiter and Velocity charge 0.06%.

Which Solana perp DEX has the highest leverage?

Jupiter Perps, at up to 250x on SOL, ETH and wBTC. Pacifica goes to 50x, Bulk 40x, Phoenix 25x on SOL and Velocity 20x. Higher leverage just moves your liquidation price closer.

Was Drift hacked, and is it still working?

Yes, about $285M was drained on 1 April 2026, and Drift itself no longer trades. It renamed itself Velocity on 1 July, published its audited code on 17 September and opened a public beta on 21 September. The Drift name lives on through the DFX recovery claim.

Are Solana perp DEXs safe?

You keep custody, but every venue carries smart contract risk, and Drift showed how big that can get. Velocity and Bulk are only weeks old. Keep only your trading margin on any of them.

What happened to Zeta Markets?

Zeta wound down its exchange to build Bullet. Bullet is on a gated mainnet that needs an access code.

More venues and farming guides sit in the Solana perps section.