Surge Perps

Perps on Solana blockspace. Hedge fee spikes. Trade the hype. Building in public.

[Surge Perps @SurgePerps]

Solana fees can spike in minutes, and apps can't hedge them.

Surge is a prototype for trading a Solana fee index with perps.
#Solana #web3

[Surge Perps @SurgePerps]

@_KartikeyNamdev @OrnellaWeb3 @ETHBhopal @ethereum @EFDevcon Lesssgoooooo 👑

[Surge Perps @SurgePerps]

Solana fees over one weekend, rebuilt block by block:

Jan 17, 2025: 0.095 SOL per block Jan 19, 2025: 0.358 SOL per block

Nearly 4x in 48 hours. Jito tips nearly 3x on top.

Apps paying that bill had no way to hedge it. That's what Surge is for.

#Solana #DeFi #Solana

[Surge Perps @SurgePerps]

40 Solana blocks in 13 minutes, every fee split into priority fees and Jito tips.

The busiest block cost 13x the median. Quietest to busiest: 43x.

Tips were 6.6% of the total here vs ~21% over a year. Short windows lie.

What window would you use for a fee index? #SolanaCrypto

[Surge Perps @SurgePerps]

Starting to write the code. Will try to document almost everything.

Step 1: Get a RPC key to read the mainnet data, specifically Priority fees and Jito tips if possible 🌏

#SolanaCrypto

[Surge Perps @SurgePerps]

Derivatives also hedge. Hold BTC and fear a drop? Take a position that gains when it falls.

Surge applies this to Solana fees, the cost of using the chain.

Which should we explain next: funding, liquidation or hedging?

[Surge Perps @SurgePerps]

Most traders know BTC futures. Almost nobody knows you can also trade the cost of using a blockchain.

Perps 101, the way we think about it at Surge 🧵
#SolanaEcosystem

[Surge Perps @SurgePerps]

Leverage means a position bigger than your capital. At 2x, gains double. So do losses.

Initial margin opens it. Maintenance margin keeps it open. Fall below that and you're liquidated.

[Surge Perps @SurgePerps]

Solana users spent ~$301M on blockspace in the past year.

Most dashboards show $238.5M. The missing $62.8M is Jito tips: ~21% of the total, and where bots and market makers bid.

Two sources (Jito's API, on-chain tip transfers) agree within 0.1%.

[Surge Perps @SurgePerps]

@_KartikeyNamdev From today, I’m building Surge in public, every day.

Next: the fee-index keeper on devnet, then the perp program, then design partners.

Daily updates here. Follow along: @SurgePerps

[Surge Perps @SurgePerps]

Demoed Surge at Crypto Worldfair’s Buildstation, Bhopal.

Perps on Solana blockspace: a fee index (priority fees + Jito tips) with a perp market on top. Hedge fee spikes, or trade the hype.

Built solo. Now taking it further. 🧵
Next: Devcon 8, Mumbai 🎟️

#Web3‌‌ #SolanaCrypto

[Surge Perps @SurgePerps]

Solana fees are tiny, until they’re not.

Launches spike them in minutes, and wallets, apps and bots eat the cost. You can hedge SOL’s price, but not the cost of using Solana.

Surge: perps on a Solana fee index. Long caps your gas bill. Short locks in validator income.