Pacifica

When a platform built by the former COO of FTX overtakes Jupiter to become Solana's largest perpetual DEX by volume, people take notice. Pacifica has been that story in 2025 and into 2026, growing from a closed beta to a $450 million daily volume powerhouse in under a year. We tested the platform extensively and found a polished, fast, AI-enhanced trading experience, though the FTX connection and some aspects of the platform deserve careful scrutiny.

What is Pacifica?

Pacifica is a hybrid perpetual futures DEX built natively on Solana, combining off-chain order matching with on-chain settlement for a trading experience that rivals centralized exchanges in speed while maintaining the transparency of DeFi. The platform launched in January 2025 and reached mainnet on June 10, 2025.

Pacifica was co-founded by three individuals: Constance Wang, the former Chief Operating Officer of FTX; Jose, previously of NFTperp; and Tony from AsyncBlock. The broader team brings experience from an impressive list of organizations: Binance, FTX, Coinbase, Jane Street, Fidelity, OpenAI, DeepMind, and ByteDance. Several former FTX and Alameda Research alumni are also reportedly involved in advisory and operational roles.

The FTX connection is the elephant in the room, and it is worth addressing directly. FTX collapsed spectacularly in late 2022 due to fraud by its CEO, Sam Bankman-Fried. Constance Wang was COO, not CEO, and was responsible for operations rather than the financial mismanagement that led to FTX's downfall. The Pacifica team has been open about this background, and the self-funded nature of the project (no external venture capital) can be interpreted as a deliberate choice to build credibility through product quality rather than investor names.

What makes Pacifica particularly notable is its growth trajectory. The platform attracted over 10,000 active traders within its first three months. By September 2025, Pacifica surpassed both Jupiter and Drift Protocol to become the largest perpetual DEX on Solana by 24-hour trading volume, recording over $440 million in daily volume. This was achieved while the platform was still technically in beta. By early 2026, daily volumes have settled around $450 million, and TVL sits at approximately $40 million.

The platform is entirely self-funded by its founding team without external capital. In a space where most projects raise millions from venture capitalists before writing a single line of code, Pacifica's bootstrap approach is unusual and signals genuine confidence from the founders in their ability to build a successful product.

Features and Functionality

Trading Interface

Pacifica's trading interface is one of the best we have used on any Solana DEX. The layout is immediately familiar to anyone who has traded on a centralized exchange: price chart in the center with TradingView integration, order book on the side, and trade entry panel clearly positioned. The design is modern, clean, and avoids the cluttered feeling that plagues many DeFi trading interfaces.

The platform supports market orders, limit orders, and stop-loss orders. What impressed us most during testing was the execution speed. Pacifica uses an off-chain central limit order book (CLOB) for matching, which delivers sub-10ms execution latency. In practice, this means your orders fill almost the instant you click. We tested rapid market order sequences on BTC/USD and ETH/USD pairs and experienced no noticeable delay between submission and fill. This is on par with what you would experience on Binance or Bybit.

Settlements, deposits, and withdrawals are all handled on-chain on Solana, which keeps things transparent and self-custodial. The hybrid architecture gives you the speed of centralized matching with the security of decentralized settlement. It is the same general approach used by Hyperliquid, but Pacifica implements it on Solana rather than a custom L1.

Supported Markets

Pacifica offers approximately 60 markets as of early 2026, covering major cryptocurrencies, mid-cap altcoins, and some trending newer tokens. The list includes the standard majors (BTC, ETH, SOL) and expands to include pairs like DOGE, AVAX, ARB, and others. The platform has also been quick to list new assets, including pre-market perpetuals like Monad (MON) with up to 3x leverage.

Deposit and withdrawal limits have been progressively increased as the platform has matured. During the closed beta, limits were more restrictive, but recent updates raised these to $50,000 per day, which is sufficient for most retail traders.

The 60-market count is competitive for a Solana perp DEX but below what you would find on Hyperliquid (150+) or dYdX (180+). However, the quality of the available markets is high, with decent liquidity on all listed pairs.

Liquidity and Order Book Depth

With $450 million in daily volume and $40 million in TVL, Pacifica's liquidity metrics tell an interesting story. The volume-to-TVL ratio is very high (over 11x), which suggests either extremely efficient capital utilization or that a significant portion of volume comes from incentivized trading (points farming). Likely both factors are at play.

During our testing, we found the order book depth on BTC/USD and ETH/USD to be solid for a platform of this age. Spreads on major pairs were typically 1-3 basis points during active hours. Mid-cap altcoin pairs showed wider spreads, as expected. For position sizes under $100,000, execution quality was good with minimal slippage.

The 50% volume increase within a single week that was reported during the platform's peak growth phase suggests the points farming program has been a major driver of activity. This is not inherently bad - Hyperliquid grew similarly through its points program - but it means that some of the volume is incentive-driven and may not persist at the same levels after the farming program ends.

Advanced Features

Pacifica's AI-assisted trading tools are its most distinctive feature. The platform integrates artificial intelligence that helps traders analyze market conditions, identify potential trading opportunities, and manage risk. The AI can suggest optimal entry and exit points, provide sentiment analysis based on market data, and alert users to unusual activity. The team includes members from OpenAI and DeepMind, which lends credibility to the AI capabilities.

In our testing, the AI suggestions were useful as a supplementary signal but should not be treated as trading advice. The sentiment analysis feature was particularly interesting, providing a real-time read on market conditions that we found correlated reasonably well with short-term price movements. Whether the AI tools provide a genuine edge is difficult to assess over a short testing period, but they add a layer of functionality you will not find on most competing platforms.

The platform also supports staking (once the PACIFICA token launches) and has a points farming program that distributes 10 million points weekly, every Thursday. The points program has been a major growth driver, and the community estimates it was set to continue through approximately February 2026, with total distributions of around 220 million points.

Fees and Pricing

Fee Structure

Pacifica charges a 0.05% swap fee per trade. This fee is split between liquidity providers, who receive 0.02%, and the protocol, which takes 0.03%. There are no separate maker and taker fees in the traditional sense, as the fee applies uniformly to all trades.

Gas costs on Solana are minimal. At approximately $0.15 per transaction, Solana offers some of the lowest gas fees in all of DeFi. For perspective, a single trade on Ethereum mainnet during high congestion could cost the same as hundreds of Pacifica trades in gas alone.

There are no deposit or withdrawal fees beyond the standard Solana network costs. This makes Pacifica one of the most accessible platforms for traders who execute many small to medium trades. The total cost of trading is predictable and low.

How Pacifica Fees Compare

Pacifica's 0.05% fee positions it below Jupiter Perps (0.06%) but above Drift (0.02%) and Hyperliquid (0.02%) in terms of explicit trading costs. Compared to dYdX, the explicit fee is identical at 0.05%. The gas cost is slightly higher than other Solana DEXes because Pacifica's Solana transactions include additional data for the on-chain settlement component, but the difference is minimal at $0.15 versus roughly $0.01.

For Solana-native traders choosing between Pacifica and Jupiter Perps, Pacifica is slightly cheaper on fees (0.05% vs 0.06%). Against Drift, Pacifica is more expensive on fees but offers a different execution model and the AI trading tools.

Real-World Cost Examples

Here is what you can expect to pay on Pacifica in concrete terms:

A $10,000 BTC/USD long position: $5.00 in trading fees (0.05%) plus $0.15 in gas, totaling $5.15. On Jupiter Perps, the same trade would cost $6.00 plus $0.01 in gas, for $6.01. On Drift, it would be $2.00 plus $0.01, for $2.01. On Hyperliquid, $2.00 with zero gas.

A $50,000 ETH/USD position: $25.00 in fees plus $0.15 gas on Pacifica, totaling $25.15. Jupiter would charge $30.00, Drift $10.00, and Hyperliquid $10.00.

A $5,000 altcoin trade: $2.50 in fees plus $0.15 gas on Pacifica, totaling $2.65. This is reasonable for a retail-sized altcoin trade and cheaper than what most centralized exchanges charge.

The pattern is clear: Pacifica is not the cheapest perp DEX available, but it is competitive, especially within the Solana ecosystem where it undercuts Jupiter on fees while offering superior execution speed and AI tools.

Security and Safety

Smart Contract Audits

Pacifica has been audited by two respected firms. OtterSec completed an audit of the core protocol in May 2025. OtterSec is one of the leading blockchain security firms, having secured over $36.8 billion in total value locked across their audit portfolio. They have identified and patched vulnerabilities worth more than $1 billion across various protocols, making them a trusted name in Solana security specifically.

Neodyme conducted a second audit in August 2025, focusing on the smart contracts. Neodyme specializes in Solana security research and has contributed to finding critical vulnerabilities in the Solana runtime itself. Having a Solana-specialized firm audit the smart contracts is particularly valuable given the unique security considerations of the Solana programming model.

The protocol is open source, allowing public inspection of the contract code. Both audits were completed before the platform hit significant scale, which is the right approach - auditing before large amounts of capital are at risk.

Security Track Record

As of early 2026, Pacifica has not experienced any security exploits or loss of user funds. The platform has processed billions of dollars in cumulative volume since its mainnet launch in June 2025. The clean security record through a period of rapid growth is a positive indicator.

However, Pacifica is still young. Less than a year of mainnet operation is a short time in DeFi, where vulnerabilities can remain dormant for months before being discovered. The hybrid architecture (off-chain matching, on-chain settlement) introduces complexity that requires careful ongoing attention. We would like to see additional audits as the protocol adds new features.

The FTX background of the founding team also raises natural questions about trust, though it is important to separate operational security (smart contract integrity, fund custody) from the corporate fraud that defined FTX's collapse. Pacifica's on-chain settlement means user funds are secured by Solana smart contracts, not held in a company account.

User Protection Features

Pacifica uses multisig governance for protocol administration, preventing any single actor from making unauthorized changes. There is a 24-hour timelock delay on governance actions, which gives users notice before any protocol changes take effect. The timelock is shorter than the 48-hour standard used by some competitors, but it still provides a window for users to react.

The bug bounty program offers up to $300,000 for critical vulnerabilities. This is a competitive amount and signals that the team takes proactive security seriously. For a self-funded project without VC backing, allocating $300,000 to a bug bounty demonstrates clear prioritization of security.

All settlement occurs on-chain on Solana, which means every trade's final state is publicly verifiable. The off-chain CLOB handles matching for speed, but the on-chain settlement provides the transparency and security guarantees that define DeFi.

Getting Started with Pacifica

Connecting Your Wallet

To start trading on Pacifica, navigate to pacifica.fi and click Connect Wallet. The platform supports popular Solana wallets including Phantom, Solflare, and Backpack. If you are coming from the Ethereum ecosystem and primarily use MetaMask, you will need to set up a Solana wallet first. Phantom is our recommendation for most users due to its clean interface and broad Solana ecosystem support.

If you already have a Solana wallet with SOL for gas fees, the connection process takes seconds. Click the Connect button, select your wallet, and approve the connection. You will be on the trading page almost immediately.

Making Your First Deposit

Pacifica accepts USDC deposits on Solana. If you have USDC on Ethereum or another chain, you will need to bridge it to Solana first. Wormhole and Mayan Finance are popular bridging options. The process typically takes a few minutes. If you already have SOL, you can swap it for USDC on Jupiter aggregator before depositing to Pacifica.

The minimum first deposit is $10 to be eligible for the points farming program. Current deposit limits are $50,000 per day, which was recently increased from lower limits during the beta phase. Once deposited, your funds appear in your Pacifica account within seconds thanks to Solana's fast finality.

Make sure you keep a small amount of SOL in your wallet for gas fees. Around 0.05 SOL (roughly $10 at current prices) is more than enough for hundreds of transactions on Solana.

Placing Your First Trade

With funds deposited, select a trading pair from the market list. We recommend starting with SOL/USD or BTC/USD for your first trade, as these are the most liquid pairs. Choose your position size, select your desired leverage, and decide whether to go long or short. Click the order type you prefer (market for immediate execution, limit for a specific price).

Market orders execute almost instantly. During our testing, the fill was so fast that it felt identical to a centralized exchange. Your position will appear in the Positions panel with real-time PnL tracking, entry price, and estimated liquidation level. We strongly recommend setting a stop-loss on every position, especially when using higher leverage.

Once you have exceeded $10,000 in total trading volume, you become eligible to create your own referral link and earn 10% of the points generated by referred users.

User Experience

Desktop Platform

Pacifica earns a 9.2 out of 10 for user experience in our assessment, and it genuinely deserves it. The desktop interface is among the best we have tested in DeFi. Load times are fast, the chart renders smoothly with TradingView integration, and the overall design feels modern without being gimmicky. The color scheme and typography are well-chosen, and important information like your position details and available balance are always visible.

The AI assistant panel is accessible from the trading screen without taking you to a separate page. We found this integration thoughtful - you can glance at AI-generated signals while setting up your trade parameters without disrupting your workflow.

One small complaint: the settings and customization options are limited compared to platforms like Hyperliquid, which offers more control over the layout and display preferences. But for most traders, the default layout works well.

Mobile Experience

Pacifica has stated plans to launch a mobile version, but as of early 2026, there is no dedicated native app. The web interface is responsive and functional on mobile browsers, allowing you to check positions and close trades on the go. However, active trading on a small screen is not ideal, especially with the AI tools that benefit from a larger display.

For Solana-native mobile traders, the Phantom wallet app provides basic portfolio tracking that complements the Pacifica web experience. But if mobile trading is your primary use case, Pacifica is not yet the best option.

Customer Support

Pacifica maintains an active Discord community with responsive team members. During our testing, we had questions answered within a few hours. The documentation at docs.pacifica.fi covers the essential topics including getting started, the fee structure, and the points program.

The team is active on social media, regularly sharing updates about new market listings, feature additions, and trading competitions. For a self-funded project, the communication cadence is impressive and helps build trust with the community.

Pacifica vs Competitors

Pacifica vs Jupiter Perps: Both are Solana-native, but they differ significantly in architecture. Jupiter uses an oracle-based model integrated within the broader Jupiter ecosystem, while Pacifica uses a hybrid CLOB with off-chain matching. Pacifica offers lower fees (0.05% vs 0.06%), much faster execution (sub-10ms vs ~400ms), and AI trading tools that Jupiter lacks. Jupiter has far deeper TVL ($1B+ vs $40M) and benefits from its position as Solana's largest aggregator. For pure perp trading, we prefer Pacifica's execution quality. For traders who want an all-in-one Solana DeFi platform, Jupiter's ecosystem integration is hard to beat.

Pacifica vs Drift: Drift is the most established perp DEX on Solana with deeper liquidity and a launched token (DRIFT). Drift charges lower fees (0.02% vs 0.05%) and has a longer track record. Pacifica's advantage is the significantly faster execution speed (sub-10ms vs ~400ms) and the AI-assisted trading tools. The execution speed gap is the biggest differentiator. For latency-sensitive traders and scalpers, Pacifica is the clear choice on Solana. For cost-conscious traders who prioritize low fees, Drift wins.

Pacifica vs Hyperliquid: This is the comparison that matters most for serious perp traders. Hyperliquid is the dominant perp DEX globally, with $5B+ daily volume, 150+ markets, and the lowest fees. Pacifica cannot match Hyperliquid on scale, fees, or market selection. What Pacifica offers is Solana-native integration (no need to bridge to a separate L1), AI trading tools, and the sub-10ms execution that matches Hyperliquid's speed. For Solana-ecosystem traders who want to stay on Solana, Pacifica is the best perp option. For traders who prioritize the absolute best liquidity and lowest fees regardless of chain, Hyperliquid remains the gold standard.

Who Should Use Pacifica?

Pacifica is best suited for Solana-native traders who want a fast, well-designed perpetual trading experience without leaving the Solana ecosystem. If you already hold SOL and USDC on Solana and want to trade perps without bridging to Arbitrum or a separate L1, Pacifica is the top choice.

The platform is also a strong option for traders who value execution speed above all else. The sub-10ms matching engine is one of the fastest in all of DeFi, tied with Hyperliquid and significantly faster than Jupiter or Drift. Scalpers and active traders will appreciate this.

Traders interested in AI-enhanced trading will find Pacifica's tools unique in the space. The sentiment analysis and suggested entry/exit points add a layer of intelligence that no major competitor currently offers.

Airdrop farmers should consider Pacifica as well. The points farming program with 10 million weekly points, combined with a PACIFICA token that has been announced but not yet launched, creates a familiar incentive structure that has rewarded early users of protocols like Hyperliquid and Jupiter.

Pacifica is not ideal for traders who need the deepest possible liquidity or the lowest possible fees. Hyperliquid and Drift both beat Pacifica on these metrics. Traders who are uncomfortable with the FTX association in the founding team should be aware of it, though the self-funded model and on-chain settlement mitigate the trust concerns. And anyone who needs cross-chain access will find Pacifica limited to Solana only.

Frequently Asked Questions

How did Pacifica surpass Jupiter in volume?

Pacifica's hybrid architecture combines off-chain CLOB matching (sub-10ms) with on-chain Solana settlement, providing significantly faster execution than Jupiter's oracle-based model. The AI trading tools, experienced team, and an active points farming program all contributed to rapid volume growth, allowing Pacifica to surpass Jupiter by September 2025.

What AI features does Pacifica offer?

Pacifica integrates AI tools that analyze market conditions, suggest optimal entry and exit points, provide sentiment analysis, and alert users to unusual market activity. The team includes members from OpenAI and DeepMind. We found the sentiment analysis useful as a supplementary signal, though it should not replace your own research and risk management.

Is Pacifica safe to use?

Pacifica has been audited by OtterSec (May 2025, core protocol) and Neodyme (August 2025, smart contracts). The platform uses multisig governance, a 24-hour timelock, and a $300,000 bug bounty program. All settlement is on-chain on Solana. No security incidents have been reported. However, the platform is less than a year old, so its track record is shorter than established competitors.

What fees does Pacifica charge?

Pacifica charges a flat 0.05% swap fee per trade, split between liquidity providers (0.02%) and the protocol (0.03%). Solana gas costs are approximately $0.15 per transaction. There are no deposit or withdrawal fees beyond standard network costs. This makes Pacifica cheaper than Jupiter Perps (0.06%) but more expensive than Drift (0.02%).

Does Pacifica have a token or airdrop?

Pacifica has announced a PACIFICA governance token with a total supply of 1 billion tokens, but it has not launched yet. The token will be used for governance, trading rewards, fee discounts, and staking. A points farming program distributes 10 million points weekly, and trading activity likely positions users for future token distribution.

Who founded Pacifica and is the FTX connection a concern?

Pacifica was co-founded by former FTX COO Constance Wang, Jose from NFTperp, and Tony from AsyncBlock. The FTX connection has drawn both attention and scrutiny. Importantly, the platform is self-funded (no VC backing), uses on-chain settlement (funds are secured by smart contracts, not held by the company), and has undergone two security audits. These structural choices address many of the trust issues that FTX's collapse highlighted.

How fast is trading on Pacifica?

Pacifica delivers sub-10ms execution latency through its off-chain CLOB matching engine. This is among the fastest in all of DeFi, on par with Hyperliquid and significantly faster than Jupiter (~400ms) or Drift (~400ms). In our testing, orders filled almost instantaneously, making the experience indistinguishable from centralized exchanges.

Can I use Pacifica with MetaMask or an Ethereum wallet?

No. Pacifica runs on Solana and requires a Solana-compatible wallet like Phantom, Solflare, or Backpack. If you primarily use MetaMask, you will need to set up a Solana wallet. Phantom is the most popular option and takes just a minute to install. You will also need to bridge your assets from Ethereum to Solana using Wormhole or a similar bridge service.

Final Verdict

Pacifica earns an overall rating of 9.0 out of 10, making it the highest-rated DEX we have reviewed in this batch. The rating reflects the exceptional execution speed, polished user interface, unique AI trading tools, and the rapid growth that saw it overtake Jupiter as Solana's top perp DEX in under nine months.

The self-funded model is both a strength and a concern. It demonstrates genuine conviction from the founding team but also means there is no war chest of VC funding to sustain the platform through a prolonged downturn. The FTX connection in the founding team is worth acknowledging, though the on-chain settlement model and open-source code provide structural safeguards that FTX never had.

We recommend Pacifica for Solana-native traders who want the fastest execution available on the network, for those interested in AI-enhanced trading, and for airdrop farmers positioning for the PACIFICA token launch. The 0.05% fee is not the lowest in the market, but it is competitive, and the overall trading experience justifies the cost. If Solana is your home chain for DeFi, Pacifica should be on your shortlist for perpetual trading in 2026.