Derivatives · Review
ActiveAdrena Protocol Review 2026: Solana Perps With 100x Leverage
Adrena is an open-source perpetuals and spot exchange on Solana offering up to 100x leverage and revenue sharing, but its on-chain TVL is very small.
By the DappsAtlas editorial team · Updated
DappsAtlas score
6.0/10
Mixed
Our verdict on Adrena Protocol
6.0/10Adrena suits experienced Solana traders who want leveraged perpetuals with no price impact and a revenue-sharing model. Its main strengths are the open-source code, the pool design and the community-owned approach. The main caveat is size: TVL is under $50,000 and ADX trades on thin volume, while 100x leverage adds heavy liquidation risk. Fees and audit details should be checked before depositing anything.
Score breakdown
How Adrena Protocol scores
- Security
- 5.5/10
- Ease of use
- 6.5/10
- Fees
- n/a
- Features
- 6.5/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is Adrena Protocol?
Adrena Protocol is a decentralized, open-source spot and perpetual exchange built on Solana. It is listed in the derivatives category and describes itself as a Solana perps DEX with 100x leverage, 0% slippage, 100% revenue share and community ownership.
The protocol has been listed since November 2024 and has an ADX token. Its on-chain TVL is about $44,753, which is small for a derivatives venue. Two audits are listed, though details are not described in the sources reviewed.
The project's own social account has shared early campaign figures, including $19m in trading volume, 50 new traders and $30k in fees over a campaign period. It has also referred to a foundation grant for AI agents that reach set trading milestones.
How Adrena Protocol works
Adrena is a perpetuals exchange on Solana. Instead of matching buyers and sellers in an order book, descriptions of the project call it a peer-to-pool design. Liquidity providers deposit assets into a pool, and traders open leveraged long or short positions against that pool.
Because prices come from oracle feeds and the pool takes the other side, the project says trades carry zero price impact and 0% slippage. Traders post collateral and choose leverage, with up to 100x advertised. If the position moves against them far enough, it is liquidated.
Fees paid by traders and swappers are the protocol's revenue. Adrena says it shares 100% of that revenue with its community. ADX is the protocol token tied to this community ownership model.
6 features
Key features
01
Up to 100x leverage
Trade perpetual futures on Solana with leverage of up to 100x, as stated in the protocol's description.
02
Zero price impact
The project says trades have zero price impact and 0% slippage, because pricing comes from a pool rather than an order book.
03
Spot and perp trading
Alongside perpetuals, the exchange offers spot swaps with low swap fees, according to project descriptions.
04
Revenue sharing
The protocol advertises 100% revenue share, with fees flowing back to the community instead of a private company.
05
Open source
The code is described as open source, so users and developers can inspect how the exchange works.
06
Community ownership
Adrena's materials describe the exchange as community owned, with ADX as its native token.
Pros and cons
What we like
- Up to 100x leverage on Solana perpetuals for experienced traders
- Zero price impact trades are advertised through a pool-based design
- Open-source code allows public inspection
- Revenue is shared with the community according to the project
- Two audits are listed for the protocol
- ADX appears on several exchanges per search listings
Watch out for
- TVL is very small at about $44,753, which limits depth for larger positions
- High leverage of up to 100x can liquidate positions quickly
- Peer-to-pool design means traders face the pool as counterparty, so trader profits are paid from LP funds
- Fee schedule, borrow rates and liquidation rules are not published in the sources reviewed
- Audit details are not described beyond a count of two listed audits
- ADX market cap and trading volume are tiny, which suggests limited market activity
Adrena Protocol fees
Adrena describes low swap fees, but the sources reviewed do not publish a fee table. Opening and closing fees, borrow rates and liquidation fees are not stated here.
A post from the project's own account reported about $30k in fees on $19m volume during an early campaign period, which hints at the scale of fees relative to volume. Users should check the trading interface for the exact fees before opening a position.
Is Adrena Protocol safe?
Two audits are listed for Adrena, but the auditors, scope and findings are not covered in the sources reviewed. An audit reduces but does not remove smart-contract risk. Funds deposited as collateral or liquidity sit in on-chain contracts and can be lost to bugs, oracle problems or exploits.
Trading is non-custodial in principle, since users connect their own wallets. The project does not publish team or regulatory details in the sources reviewed, and users should check whether derivatives trading is allowed where they live. Leveraged trading can lose the whole margin quickly.
6 steps
How to get started with Adrena Protocol
- 1
Read the official documentation to understand the pool model, leverage and liquidation rules.
- 2
Check the listed audit reports and confirm you are on the official website.
- 3
Set up a Solana wallet and fund it with SOL for network fees and a stablecoin or other supported asset for margin.
- 4
Connect the wallet to the Adrena trading interface.
- 5
Start with a small position and low leverage to see how fees and liquidation prices are shown.
- 6
Set your own risk limits and monitor open positions, since high leverage can liquidate quickly.
Who Adrena Protocol is for
Adrena is for experienced traders comfortable with leveraged perpetuals and Solana wallets, and for users interested in revenue-sharing, community-owned protocols. It is not suited to beginners or anyone who cannot afford to lose their margin.
Adrena Protocol FAQs
What is Adrena Protocol?
Adrena is a decentralized, open-source spot and perpetual exchange built on Solana. It offers leveraged trading with up to 100x leverage and says trades have zero price impact.
What does the 100% rev share mean?
The project describes itself as 100% revenue share and community owned. The sources reviewed do not spell out the exact split between ADX holders, liquidity providers and other parties, so check the official documentation.
Which blockchain does Adrena use?
Adrena runs on Solana. Users need a Solana-compatible wallet and SOL for network fees.
What is the ADX token?
ADX is the protocol's token. Search listings point to markets on exchanges such as Binance, HitBTC and Coinbase, though listed volume and market cap are very small, so liquidity may be thin.
Is trading on Adrena risky?
Leveraged perpetuals are high risk. At 100x leverage a small price move against you can wipe out a position, and smart-contract and liquidity risks also apply. Only risk money you can afford to lose.
Has Adrena been audited?
Two audits are listed for the protocol, but the reviewed sources do not name the auditors or findings. Read the audit reports directly before depositing funds.
Compare
Adrena Protocol alternatives
Jupiter Perpetual Exchange is a Solana perpetuals venue where LPs fund a pool that leveraged traders trade against at oracle prices.
BULK is a newly listed perpetuals DEX on Solana that markets 20ms blocks, up to 40x leverage and portfolio margining.
Orderly is omnichain, shared-orderbook infrastructure that lets builders launch perpetual-futures DEXs, used by traders through those frontends.
Drift is a Solana decentralized exchange for cross-margined perpetual futures and leveraged spot trading, aimed at experienced on-chain traders.
Decibel is an Aptos-based onchain trading engine for perpetual futures, spot and yield, aimed at experienced crypto traders.
Bumpin Trade is a Solana derivatives exchange offering coin-margined futures, copy trading and strategy bots for active crypto traders.
Same category
More Derivatives dApps
Hyperliquid is a Layer-1 blockchain with a non-custodial onchain exchange for perpetual futures and spot trading, aimed at active crypto traders.
Contango V2 is a DeFi protocol that automates leveraged looping on lending markets across ten chains for long, short and yield strategies.
Gtrade is a non-custodial app from Gains Network for leveraged long and short trading on crypto, forex, stocks, indices and commodities, mainly on Arbitrum.
MUX Perps is a decentralized perpetuals trading protocol and aggregator offering up to 100x leverage across several chains, for experienced non-US traders.
Drift is a Solana-based on-chain exchange offering leveraged perpetual futures and spot trading for active crypto traders.
GMX is a decentralized exchange for spot and perpetual futures trading with up to 50x leverage, running on Arbitrum and Avalanche, for experienced DeFi traders.
Same chain
More on Solana
Lido is a liquid staking protocol where users stake ETH and receive stETH, a reward-earning token usable across DeFi, governed by LDO holders.
OKX is a major centralized crypto exchange for spot and derivatives trading, earn products and a Web3 wallet, with its own OKB token.
LayerZero V2 is a cross-chain messaging protocol and bridge infrastructure for developers and asset issuers, connecting dozens of blockchains.
Jito Liquid Staking lets Solana users stake SOL for JitoSOL, a liquid token that accrues staking and MEV rewards.
Marinade is a Solana staking protocol offering native and liquid staking (mSOL) via an auction where validators bid for delegated SOL.
Across is an intent-based cross-chain bridge and swap protocol for moving tokens between Ethereum, rollups and other chains, with an API for apps.
How we checked
Sources
Last updated . Spotted an error? Tell us and we will correct it.