📝 Editor's Note:

Welcome to OurNetwork’s latest, the second installment of our two-part series covering onchain derivatives. 

In this issue we're featuring Aishat who covered Jupiter, Joseph who covered gTrade, Dillon who covered Derive, and Owen, from the OurNetwork team, who covered Drift.

Enjoy!

– ON Editorial Team

Jupiter | gTrade | Derive | Drift

• Jupiter Perps is a decentralized perpetuals trading platform on Solana, part of the Jupiter product catalog. Jupiters Perps’ assets under management (AUM) grew rapidly from late 2023, peaking above $2B in early 2025 before stabilizing near $1.5B. USDC and WSOL (wrapped SOL) dominate the portfolio, indicating strong demand for stablecoin collateral. The surge in AUM coincides with the increase in price of Jupiter's JLP token, showing strong LP confidence during volatile market phases.

• Retail traders, who have sub-$10k trading volume, form the bulk of users, but most volume comes from high-tier traders moving over $100k. Weekly activity peaked above 20k traders, highlighting a healthy mix of participation. Despite smaller numbers, whales drive impact through large trades.

• Top traders earned up to $3.1M with just a few positions — between 2 and 7— highlighting the effectiveness of high-conviction strategies. Most profitable users are low in number, showing a steep skill or risk curve. Over 300k+ traders realized varying outcomes.

• Live since 2021, gTrade is a fully onchain and battle-tested PerpDEX that has surpassed $100B in cumulative trading volume and $65M+ in revenue — without VC funding, token inflation, or points programs. Operating across Arbitrum, and Base, the platform offers zero slippage on major digital assets and over 290 pairs across crypto, stocks, forex, and commodities. July 2025 marked one of the strongest months this year, as momentum builds toward the protocol's largest upgrade: gTrade v10.

• gTrade's GNS is consistently among the top 20 assets in terms of token holder revenue with highly deflationary tokenomics. Powered by 55% of trading fees and a share of negative trader profit-and-loss, nearly 500k GNS was bought back & burned in the past 30 days alone — with over 12% of the total supply burned in the last 6 months.

• gTrade's DEGEN pairs — offering BTC, ETH & SOL with 500x leverage and zero slippage— now account for a major share of gTrade's volume. With just 0.02% fees and one-click trading, they offer a seamless, onchain experience tailored for high-leverage scalpers and volatility chasers.

• Derive, which has $127.8M in total value locked (TVL) and $16.8B trade volume, is a leading onchain options platform, delivering institutional-grade execution with deep liquidity and high speed. Most of Derive's fees come from options trades via the request for quote where institutions and DAO treasuries execute large trades to farm covered call premiums on their ETH/BTC holdings. This has resulted in $5M in fees annually for Derive.

• Since most of Derive's volume comes from spreads via the RFQ, the notional volume traded outweighs the premiums generated as sophisticated traders are able to create complex strategies. Derive's capital efficiency in portfolio margin allows it to generate much more contract volume.

• As shown in the volatility curve from Amberdata, institutions positioning for a bullish December on contracts traded on Derive.

• Drift is a Solana-based decentralized exchange which offers perpetual future as well as spot trading. Drift has averaged just over $190M in daily perps volume year-to-date in 2025. Volume has increased 150% so far in Q3 however. Drift has averaged over $470M, according to Artemis.

• The median number of liquidations per day in 2025 was around 2,750 while the average amount was higher at 5,450, according to this Dune query. This right skew makes sense — a handful of volatile days pulls the average up far above the median level.

• With $1.85M in 30-day revenue, Drift ranks 41st among all crypto projects, according to DefiLlama. Drift's 30 day revenue annualizes to $22.6M.