Vela Exchange

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

DeFiLlama publishes the exact rules used to aggregate on-chain balances into the headline TVL figure shown on this page. The methodology below is the team's own source-of-truth description.

Counts USDC deposited to trade and to mint VLP. Staking counts VELA and esVELA deposited to earn esVELA

If a contract or vault isn't in this list, its balance does not contribute to the TVL displayed on Mantapex or DeFiLlama.

Vela Exchange's governance or utility token carries a market capitalisation of $18K based on circulating supply at the latest DeFiLlama snapshot. The token's market cap ($18K) is small relative to deposits secured by the protocol ($367K); a mcap/TVL multiple of 0.05× is sometimes read as a discount, though it can also reflect minimal fee accrual to the token.

Market cap and supply figures are sourced from DeFiLlama's price feed (which reconciles CoinGecko, CoinMarketCap, and on-chain DEX prices). Treasury and staking values reflect on-chain balances controlled by the protocol at last sync.

Major events flagged by the DeFiLlama community — protocol launches, exploits, governance changes, and incentive programs.

1. Feb 18, 2023
   Listed on DeFiLlama
2. Sep 17, 2024
   Burned 65m Vela tokens
3. Jul 18, 2024
   Implemented Aave VLP supply integration
4. Sep 5, 2023
   Launched on Base Chain
5. Apr 13, 2023
   Refunded tokens to VLP holders & traders

Vela Exchange is a Derivatives protocol where traders open leveraged, perpetual, or option positions priced off oracle feeds and settled in collateral held by the contract. It is deployed across 2 chains, including Arbitrum, Base. DeFiLlama tracks 4 historical events for this protocol since 2023.

Vela Exchange operates on 2 networks (Arbitrum, Base), keeping its surface area narrower than chain-agnostic peers. Its TVL is heavily concentrated on Arbitrum, which holds 97% of all assets — other deployments are comparatively small. Price feeds come from a single oracle provider (Pyth); an outage or manipulation of that feed would propagate into every market the protocol prices. Its token market cap ($18K) is small relative to TVL ($367K) — a mcap/TVL ratio of 0.05 is often read as the token being structurally undervalued versus the activity it secures.

Verified external resources for Vela Exchange — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

Vela Exchange is one of 7 Derivatives protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Jupiter Perpetual Exchange, Hyperliquid HLP, Drift Trade, and 3 more. These peer protocols collectively secure $2.3B in deposits, giving you a frame of reference for whether Vela Exchange's own TVL is at the top, middle, or tail of the category.

Jupiter Perpetual Exchange

TVL $910.6M · 24h -0.27%

Hyperliquid HLP

TVL $431.7M · 24h +0.11%

Drift Trade

TVL $334.4M · 24h +0.22%

GMX V2 Perps

TVL $267.5M · 24h -0.08%

Extended

TVL $196.4M · 24h +0.06%

dYdX V4

TVL $125.3M · 24h +0.58%