AS
The State of Perps on Solana
Solana's perps ecosystem generates only $2.3B daily volume versus Hyperliquid's $6-9B—a humiliating gap driven by four base-layer failures: non-deterministic cancel ordering that forces makers to widen spreads, 400ms block times that kill HFT, opaque fee structures, and lack of native cancel prioritization. Aditya ranks the fix attempts—GMTrade dominates at $17.2B monthly through forex/commodities arbitrage, Pacifica is fastest-growing with 20ms matching, and Bullet (his employer) pursues an app-specific rollup approach—but the next 12 months will determine whether Solana ships a Hyperliquid competitor or surrenders the most profitable trading market to another chain.