📝 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
ON–360: Derivatives Part 2 📊
Jupiter | gTrade | Derive | Drift
Jupiter 🪐
👥 Aishat Suleiman | Website | Dashboard
📈 Jupiter Perps See a Cumulative Trading Volume of $286.6B, with Daily Volume Up to $10B
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.
