Solana's on-chain derivatives market is heating up again as perpetual futures open interest hits levels not seen since late 2025Perpetual futures open interest across Solana-based platforms has climbed to $500 million, marking its highest point in nine months. To put that number in context, Solana-based perpetual venues accounted for roughly 3% of the total open interest market share and about 2% of volume market share during Q1 2026. AdvertisementWhat’s driving the reboundOne standout is PhoenixTrade, a decentralized exchange built by Ellipsis Labs, which hit a record open interest of between $10 million and $11 million in late July 2026. Total open interest for SOL token futures across all platforms, including centralized exchanges, sat near $1.8 billion in early August 2026. Hyperliquid, which runs its own appchain, continues to dominate the decentralized perpetual futures market by a wide margin in both volume and open interest.