Adrena

Adrena is a decentralized perpetual futures trading platform on Solana that lets traders open leveraged long and short positions against a shared multi-asset liquidity pool instead of an order book. Position entries and exits are priced directly from an oracle feed, removing spread and slippage, and opening a position carries no fee. Liquidity providers deposit collateral to mint a pool token that earns a share of trading fees, while a separate governance token can be staked, with optional duration locks, for a share of protocol revenue and voting power. The same interface also tracks trader profiles, achievements, and a points and referral program, and its public token swap function has been paused since mid-2025 with swaps now routed through a third-party aggregator.

Adrena is a decentralized perpetual futures trading protocol built on Solana, classified as a DeFi trading protocol. It allows traders to open long and short leveraged positions directly from a self-custody wallet, without relying on a centralized order book. The protocol targets traders seeking fast execution and liquidity providers seeking yield from trading fees.

Instead of matching trades between counterparties, Adrena uses a peer-to-pool model in which a shared liquidity pool acts as the counterparty to every trade. Positions are priced directly from an oracle feed, removing spread and slippage between entry and execution. Trades settle through a single on-chain transaction, without a keeper or intermediary matching step, giving traders leverage of up to 100x on supported markets.

Liquidity providers deposit assets into the pool and receive ALP, a token that accrues value from trading fees and pool asset performance. A separate governance token, ADX, is used for voting and receives a share of platform revenue when staked. Protocol fee revenue is distributed across pool participants, stakers, and a buyback mechanism, rather than retained by a central operator. The protocol serves both active traders and passive liquidity providers participating in its on-chain markets.

Adrena is a decentralized perpetual trading protocol on Solana. It lets traders open leveraged positions up to 100x with zero slippage using a peer-to-pool liquidity model.