Solana's derivatives market achieved a milestone in October, with perpetual futures trading volume hitting an all-time high of $65 billion. Pacifica emerged as the dominant platform, securing over 54% of the market share in November, despite entering the market only in early September. In contrast, Jupiter's market share decreased to 31%, and Drift's fell below 14%. Despite Pacifica's leadership in trading volume, its open interest remains significantly lower at $50 million compared to Drift's $516 million and Jupiter's $344 million, indicating that its growth may be driven by incentive-based high-frequency trading. Additionally, the total value locked (TVL) in major protocols has seen a decline, with Jupiter's TVL dropping 33.4% since mid-September to $892 million.