Perpetual futures on Solana reached $147 billion in volume in the second quarter of 2026, a record for the network, and $255.6 billion across the first half of the year. Volume was up 57.1% from a year earlier, with Drift and Jupiter Perps leading.
The same instrument, for cards
A perpetual future lets you take a long or a short position on a price with margin and no expiry date. You never hold the asset. On Kadex the price is an index of graded cards. Positions use isolated margin at 5x, and before you sign the ticket shows the margin required, the entry price and the estimated liquidation price.
- Opening and closing each cost 0.1% of the position size.
- While the position is open you pay a borrow rate, which rises as more of the pool is in use.
- If losses bring the position below its maintenance margin, it is liquidated.
Who takes the other side
A pool does, the model used by Jupiter Perps and GMX. Deposit into it and you receive CLP, a token for your share of the pool, minted at the pool's net asset value. Fees and borrow paid by traders go to the pool. So do traders' losses, and traders' gains are paid out of it, which is the risk you take for the yield.
Live on Solana devnet
On 12 October 2026 Kadex went live on Solana devnet. A keeper refreshes the price every ten seconds and a liquidator closes positions that fall below their maintenance margin.
To try it, open the devnet app, pick the demo wallet or connect your own wallet on devnet, and use the faucet for test SOL and kdUSD. kdUSD is a devnet test dollar, not USDC, and nothing on devnet has monetary value.
Kadex is not affiliated with or endorsed by Anatoly Yakovenko, the Solana Foundation, TechCrunch, Drift or Jupiter. Figures come from the source listed below.