Drift Protocol posted an ATH of $14.83B in Perpetual volume in July 2025, driven by protocol upgrades, liquidity partnerships, DeFi adoption.
Author: Chirag Sharma
August 2, 2025, Drift Protocol reported a record $14.83 billion in monthly perpetual futures trading volume—its highest ever. The open-source DEX, built on Solana, has rapidly gained traction by offering cross-margined perps with tight spreads, capital efficiency, and an intuitive trading experience.
This volume milestone reflects:
Even with zero-fee campaigns on BTC and ETH markets, Drift’s SOL market alone processed $5 billion in volume. This highlights strong user engagement and deep retail interest.
Several upgrades contributed to this Drift Protocol perpetual volume. The protocol-owned AMM now accounts for 70% of all fills, with spreads as tight as 1–3 basis points—on par with centralized exchanges.
Cindy Leow, co-founder of Drift Protocol, emphasized,
“We’re building the most performant on-chain exchange, and it’s already showing in the numbers.”
Other key drivers include:
As a result, Drift has become the second-largest perp DEX by open interest, trailing only behind much older platforms.
Looking forward, Drift Protocol is preparing several feature rollouts:
OpenDelta
@opendelta_
@SolanaFloor @solana @DriftProtocol Everything on Solana is on a roll right now!
🚨NEW: Monthly perps trading volume on @Solana-based @DriftProtocol hits a new all-time high. https://t.co/jVLdJ6bEbb
03:54 PM·Aug 2, 2025
Lady M
@CryptoLady_M
@SolanaFloor @solana @DriftProtocol That's impressive! Drift Protocol is really gaining momentum.
🚨NEW: Monthly perps trading volume on @Solana-based @DriftProtocol hits a new all-time high. https://t.co/jVLdJ6bEbb
12:55 PM·Aug 1, 2025
Its integration with Jito’s BAM also improves order matching and execution. Analysts have noted Drift’s FDV-to-fees ratio is 14.5x, compared to 43.6x for Hyperliquid, suggesting it may be undervalued relative to usage.
With Solana DeFi hitting $2B daily in DEX volume and millions of active wallets, Drift is well-positioned to lead the next wave of on-chain derivatives growth.
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