Perpetuals / Derivatives

Drift Protocol

Solana Data as of March 2026

Drift Protocol is the leading perpetual futures platform on Solana, combining a decentralized order book (DLOB) with a backstop AMM for guaranteed liquidity. It offers perps, spot trading, and lending in a single interface with up to 20x leverage.

Fee per Transaction

0.05%

Taker fee for perps

Round Trip Cost

$1.00

Buy + Sell on $1,000

TVL

~$500M

Leading Solana perps platform

How It Works

Drift uses a hybrid model: a decentralized limit order book (DLOB) handles most matching, while a virtual AMM (vAMM) provides backstop liquidity when the order book is thin. This ensures trades always execute.

Taker fees are 0.05% at base tier, with maker rebates. Fees are tiered by 30-day volume. Drift also supports spot margin trading and a lending/borrowing market integrated into the same platform.

The DRIFT token governs the protocol and receives a share of platform insurance fund growth.

Strengths

+Hybrid liquidity model. Order book + AMM backstop ensures execution even in thin markets.

+All-in-one platform. Perps, spot, lending, and borrowing in a single interface with cross-margin.

+Fast and cheap. Solana provides sub-second execution with negligible gas costs.

Risks

xSolana dependency. Network outages halt all trading and can prevent closing leveraged positions.

!Leverage risk. Up to 20x leverage means rapid liquidation potential in volatile markets.

!vAMM slippage. During high volatility, the backstop AMM may provide worse pricing than the order book.

Open Drift ↗ Compare Fees ↗

Disclosure: This profile is provided for informational purposes only. White & TT does not hold a position in DRIFT. Fee data reflects publicly documented parameters as of March 2026. Always verify current fees on the protocol. This is not financial advice.

Go deeper

DeFi Protocol Mastery

Hands-on workflows, real transactions, and risk management across 15+ protocols. From setup to strategy.

Claim Your 50% Launch Discount

Join the waitlist · No commitment required