Anatoly Yakovenko, co-founder of Solana, has publicly argued that the network needs an atomically composable perpetual futures DEX running directly on the SVM. He says such a product would let developers build without the constraints of bridging — and could grab a slice of the $10 billion in open interest that now flows through centralized exchanges like Binance and CME.
Why Yakovenko wants a Solana-native perp DEX
In recent remarks, Yakovenko — often called Toly — made the case that Solana’s existing perp DEXs aren’t enough. He believes atomic composability inside the SVM would enable innovations that bridges can’t support, from complex hedging strategies to new types of margin trading. The $10 billion open interest figure, he argued, represents a market opportunity Solana shouldn’t leave on the table. Centralized exchanges dominate that volume today, but a native perp DEX could pull activity onchain without sacrificing speed or capital efficiency.
Counter arguments from industry peers
Not everyone agrees. Rune, the founder of Hyperliquid — itself a leading perp DEX — questioned whether the industry needs yet another perpetual exchange. He called for innovation over replication, suggesting builders should focus on new product categories rather than cloning what already exists. Simon Dedic, founder of Moonrock Capital, took a different angle. He emphasized that Yakovenko’s direct involvement in the debate is a strong market signal. “When the co-founder of Solana personally weighs in on a specific DeFi vertical, it’s worth paying attention to,” Dedic noted. The conversation underscores a broader tension: do developers chase proven formats or invent entirely new ones?
Regulatory backdrop and market activity
While the Solana debate plays out, Hyperliquid’s co-founder Jeffrey Yan was in Washington meeting with U.S. policymakers. The topic: regulatory pathways for onchain derivatives. The meetings came as the CLARITY Act advanced — legislation that could clarify how decentralized finance platforms handle securities and commodities laws. Yan’s trip suggests Hyperliquid is already positioning itself for a regulated environment, even as the technical debate around perp DEXs continues. Meanwhile, HYPE token — associated with Hyperliquid — traded at $45.968 at the time of reporting, reflecting ongoing market interest in the sector.
The question now is whether Solana will get its own deeply integrated perp DEX, and who will build it. Yakovenko’s call has opened a public discussion, but no specific proposal or timeline has emerged. The industry is watching to see if the Solana ecosystem moves beyond speculation and into action.
