Perpetuals · Arbitrum L2
Orca Alternative: Solana Pools vs SOL Perpetuals
Raydium is the deepest Orca alternative with $1.13B TVL; Manifest's order book charges no trading fees. For SOL price exposure without ranges, EVEDEX offers SOL-USD perpetuals: 200x up to $50,000 notional.
SOL-USD on EVEDEX at a glance
Key terms of the SOL-USD perpetual as of September 15, 2026, from EVEDEX trading terms and fee schedule.
Orca alternatives compared
Three Solana liquidity designs against Orca Whirlpools, plus EVEDEX, a perp DEX with no LP positions. If you provide liquidity, first read about impermanent loss.
| Platform | TVL and 30-day volume | Fees | Liquidity model | Drawbacks |
|---|---|---|---|---|
| Orca | $257.3M TVL; $7.45B volume | Tiers 0.01%–2%; 87% to LPs | Concentrated Whirlpools and full-range Splash Pools | Ranges stop earning; fewer new meme coins |
| Raydium | $1.13B TVL; $6.61B volume | 0.25% on most pools | CLMM concentrated and CPMM full-range pools | Low turnover; unvetted permissionless tokens |
| Meteora DLMM | $186.6M TVL; $5.95B volume | Base fee plus volatility fee | Liquidity grouped into price bins | Unpredictable fee; bins need rebalancing |
| Manifest | $4.14B volume on an order book | No trading fees | Limit orders instead of pool deposits | Makers can cancel; big orders walk book |
| EVEDEX: not a spot DEX, perpetuals instead of spot swaps | $30.6M SOL-USD open interest | 0.015% maker, 0.045% taker | Order book perpetual with USDT margin | No SPL tokens or LP positions |
Why trade SOL on EVEDEX instead of a pool
Trade SOL's price without an LP position: no ranges to manage, low fees and both directions.
No range to manage
A SOL-USD position has no price range that can go out of bounds and no LP position to rebalance.
Short as easily as long
A perpetual lets you trade a falling SOL price, which a spot swap cannot do without borrowing.
Low trading fees
0.015% maker and 0.045% taker, with up to 35% cashback on your own trades.
One account, 52 markets
The same USDT margin trades BTC, ETH, gold, oil, EUR/USD and US stock perpetuals, 24/7.
Connect your wallet
Log in to the EVEDEX exchange with your wallet. There is no traditional KYC; deposits pass AML screening.
Deposit USDT
Fund your account from 6 USDT. The first deposit deploys a personal deposit contract on Arbitrum for about 0.1 USDT.
Open SOL-USD
Choose long or short and set leverage within the pair cap. The minimum order is 5 USDT.
Perpetual or liquidity pool?
Liquidity providers earn fees; directional traders need a position on price.
Orca turned its TVL over about 29 times in the 30 days to September 15, 2026, Meteora DLMM about 32 times and Raydium about 5.9 times, so busier pools pay LPs more per dollar and need more range management. A SOL-USD perpetual on EVEDEX is not an LP product: you post USDT margin, pay or receive funding calculated every 8 hours and charged hourly, and face liquidation below maintenance margin, 0.4% of notional at the 200x tier for positions up to $50,000. EVEDEX settles on Arbitrum L2, not Solana.
Risk disclosure
Leveraged perpetuals can lose your entire margin quickly, and concentrated liquidity can underperform simply holding tokens. Perpetual futures carry a high risk of loss. EVEDEX services are not intended for UK retail clients.
Orca alternative questions
Choose by task. Orca suits established pairs with fee tiers from 0.01%; Raydium holds the most liquidity at $1.13B TVL; PumpSwap led volume with $19.24B over 30 days to September 15, 2026, for meme coins; Manifest offers an order book with no trading fees.
Pick a DEX that supports the pair, such as Orca, Raydium or Meteora, connect a Solana wallet holding both tokens, choose a fee tier and a price range or full range, then deposit and sign. On Orca, 87% of trading fees from the pool go to liquidity providers.
On Raydium or Meteora, open the create-pool page, select both token mints, choose a pool type and fee tier, set the initial price and deposit both tokens. Raydium lists 0.01%, 0.25% and 1% as common CPMM tiers. Check that no endorsed pool for the pair exists first.
Deposit two tokens into an existing pool from a self-custody wallet. On Orca Whirlpools you choose a price range and earn only while price stays inside it; on Raydium CPMM or Orca Splash Pools liquidity covers the full range. Keep extra SOL for transaction fees.
Burning liquidity means locking an LP position permanently so it can never be withdrawn. Raydium does this through Burn and Earn: the position is locked, but a transferable Fee Key NFT keeps collecting trading fees. Burned liquidity cannot be recovered, so confirm the pool and amount first.
DEX trading on Solana means swapping tokens from your own wallet against on-chain pools or order books instead of an exchange account. Fees range from 0 on Manifest to 0.01% on Orca low tiers and 1.25% on some PumpSwap pools, plus a small SOL network fee.
Withdraw SOL or USD Coin from the centralized exchange to a self-custody Solana wallet on the Solana network. Keep some SOL for fees, connect the wallet to Orca, Raydium or Jupiter, confirm the token mint address and sign the swap. The tokens settle directly to your wallet.
No. Serum stopped operating in November 2022 after FTX collapsed with control of its program keys. The community forked it as OpenBook. Newer order books followed, including Manifest, which charges no trading fees and handled $4.14B in the 30 days to September 15, 2026.
