# Adrena

> Trade at the speed of light with up to 100x leverage.

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.

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.

- Type: Protocol
- Sector: DeFi
- Status: Active
- Founded: 2023-03-01
- Profile: https://thegrid.id/profiles/adrena

## Products

- [Adrena](https://thegrid.id/profiles/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. (Decentralised Exchange, Live, Main Product)

## Assets

- [Adrena ADX (ADX)](https://thegrid.id/profiles/adrena): ADX is the governance token of Adrena, a perpetual and spot exchange on Solana. Holders vote on protocol proposals and can stake ADX to earn a twenty percent share of trading fees paid in USDC, with duration-locked stakes multiplying rewards while early unlocking triggers a burn penalty. Unstaked supply also benefits from periodic buybacks funded by platform fees. (Governance)
- [Adrena LP Token (ALP)](https://thegrid.id/profiles/adrena): ALP is the liquidity provider token of Adrena, representing a share of the protocol's multi-asset trading pool on Solana. Holders supply collateral that backs trader positions and receive seventy percent of platform fees through appreciation of the pool's underlying assets. Locking ALP for set durations boosts USDC fee distributions and grants access to ADX emissions. (Liquid Staking Tokens (LSTs))

## Links

- [Main](https://www.adrena.xyz)
- [Documentation](https://docs.adrena.trade)
- [Terms of Service](https://docs.adrena.trade/terms-and-conditions/terms-and-conditions)
- [Twitter / X](https://x.com/AdrenaProtocol)
- [Discord](https://discord.gg/adrena)
- [GitHub](https://github.com/AdrenaFoundation)

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- [Data Licensing & Disclaimers](https://about.thegrid.id/legal/data-licensing-and-disclaimers): Licensing models and disclaimers
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- [Attribution Guidelines](https://about.thegrid.id/legal/open-data-attribution-guidelines): How to attribute The Grid's data when using the open data service.
- [Web Services Terms](https://about.thegrid.id/legal/web-services-terms): commercial Terms for using data services.
- [All Legal Documents](https://about.thegrid.id/legal): Full index of terms, policies, and disclosures

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- [TGS Field Descriptions](https://github.com/The-Grid-Data/workspace-public/blob/main/references/tgs-field-descriptions.md): Schema field definitions for The Grid's data model
- [TGS JSON Structure](https://github.com/The-Grid-Data/workspace-public/blob/main/references/tgs-json-structure.md): Data model structure and relationships
- [Product Type Definitions](https://github.com/The-Grid-Data/workspace-public/blob/main/references/product-type-definitions.md): Definitions for each product type
- [Product Type Classification](https://github.com/The-Grid-Data/workspace-public/blob/main/references/product-type-classification.md): Guide for classifying products into types
- [Grid MCP Guide](https://github.com/The-Grid-Data/workspace-public/blob/main/grid-search/skills/grid-query/references/grid-mcp-guide.md): How to query The Grid programmatically via MCP