Eekeyguy

How Much of Solana's DEX Volume Is Actually Arbitrage? I have been digging into this question for a while now, and the numbers are pretty wild. Quick primer: arbitrage on Solana happens in a few different flavors. Atomic arbs execute within a single transaction—> buy low on one DEX, sell high on another, pocket the difference, all in one go. Bundled arbs spread across multiple transactions in the same block to achieve the same result. And here is something that might surprise you: Lot of bots aren't running custom programs. They are routing through aggregators like Jupiter and DFlow. So I built some queries on Dune to actually quantify this. the numbers. Starting with atomic arbitrage on Jupiter, the results were eye opening: at least 40% of Jupiter's volume is pure atomic arb activity. Let's do some quick math. Aggregators handle roughly 60% of all Solana DEX volume, and Jupiter dominates that space with ~90% market share. So: 0.6 × 0.9 × 0.4 = ~22% of total Solana DEX volume is just atomic arbs running through Jupiter. When I added bundled arbs (multiple transactions across the same block to net a profit on the initial asset), Jupiter's arb share jumped from 40% to 50%, pushing the total DEX figure to around 27%. Factor in DFlow and other aggregators, and we're looking at roughly 30% of all Solana DEX volume coming from arbitrage that I have been able to track through aggregators alone. Note : we took 2 consecutive txns to spot bundled arbs to avoid insanely heavy computation on dune What we are missing Here is the thing—> I am pretty confident we are only capturing maybe 40-60% of actual arb activity. The rest is harder to track with current resources, but based on hundreds of transactions I've analyzed manually: >> Profit margins outside aggregators are significantly higher. Makes sense—>custom routing gives you more room to optimize. h/t @0xGhostLogs for making me realise this >>There are other types of arb strategies we haven't captured yet. The takeaway Conservative estimate: at least 50% of Solana's DEX volume is arbitrage on avg and on certain days, it's probably closer to 60-70%. >> Dune's 30-minute compute limits have been a constraint, but it's still the best tool out there for this kind of analysis. If you have got ideas on how to improve the methodology or want to poke holes in my assumptions, I am all ears. I have built a dashboard to specifically track these numbers : dune.com/the_defi_repor… cc: @mert @DefiIgnas @toly @niteshnath @DanJablonski

@solana_daily @JupiterExchange @okx @Titan_Exchange @dflow @BinanceWallet @BitgetWallet @RangoExchange @opensea @lifiprotocol Source ? None of the numbers seems accurate.

Top 10 DEX Aggregators on Solana by 30D Trading Volume 📊 ▫️@JupiterExchange | $27.16B ▫️@okx | $1.60B ▫️@Titan_Exchange | $1.46B ▫️@dflow | $1.27B ▫️@BinanceWallet | $88.76m ▫️@BitgetWallet | $77.16M ▫️@RangoExchange | $20.75M ▫️@opensea | $20.37M ▫️@lifiprotocol | $5.84M ▫️@defidotapp | $1.06M

Say hello to the newest way to trade @Kalshi on @Solana. Prediction Markets are now live on the DFlow frontend. Choose a market. Take a position. Track it in real time. Predict politics, sports, crypto, culture — everything. All from your favorite onchain trading UI.

@moonshiesty Great read. "we could compute the bid-ask spread" —>> that might be tricky since most blocks only have trades in one direction from what I've seen.

Say hello to DFlow Proof 🔍 A new way for users to verify real-world identity on @Solana, without requiring applications to build or maintain KYC infrastructure. The end goal is seamless onchain identity. Learn more and get started below 👇

Two OG giants of Solana DeFi are teaming up once again DFlow is now live in Orca for swaps 🐳 @Orca_so is Solana’s leading liquidity layer and DEX for fast, efficient trading Orca improves capital efficiency and liquidity depth while offering swaps, near-instant execution, permissionless pools, and a seamless UI

85% of Solana blocks produced on January 30th contained a DFlow trade transaction

2025 was the best year in DFlow’s history From pioneering JIT Routing on @Solana to bringing tokenized @Kalshi markets onchain for the first time DFlow scaled across a growing ecosystem of apps and paid out 10s of millions in revenue to partners The 2025 files, in review 📁

@niteshnath Much needed feature

Minor weekend ship 🚢 Clear visual separation of Verified and Unverified tokens when searching on dflow.net Also, $CASH spotted

PreStocks are now live in DFlow, and listed under the Equities tab. @PreStocks bring the world's hottest pre-IPO stocks to @Solana, including SpaceX, OpenAI, Anthropic, xAI, and Anduril. With PreStocks, retail investors can finally access private markets, with 24/7 instant trading and no minimums.

Built on DFlow // Powered by DFlow

There are literally more teams Built on @DFlow Than there are on @Starknet And we're just an app

@spaceagente @dflow @solana @Kalshi 🐐

GM. My unemployment arc is officially over!! I've joined @dflow to lead DevRel. DFlow is infra that makes it easy to build institutional-grade trading applications on @solana, including spot trading and @kalshi prediction markets. After 30 years of working in different jobs, I've learned the most important thing when choosing a new one is vibes. When they're right, everything else follows. And when I first met @niteshnath, @DanJablonski, @boidushya, and @hannakwade, I was struck by how locked in they were and how strongly they believed in what they're building ... but, what stood out even more was that they're genuinely kind people who care about the work and the people doing it. Small startups live and die by internal dynamics. When people enjoy working together, quality work flows naturally. This is the same mindset I bring to DevRel. This may be hot take, but I believe a great DevRel should have a tiny ego. Our job is to fade into the background, bring the vibes, and work hard to help builders succeed. And when that's the vibes are right, the outcomes take care of themselves. As of today, at DFlow, we have: - 300++ teams building on DFlow - Millions++ monthly users via our API integrations My focus over the next few months is improving DX and making DFlow as easy as possible to build with. Coming soon: revamped docs, more quickstarts, tutorials, videos, and more. If you're building wallets, prediction markets, or trading apps on Solana (or you just want to brainstorm an idea) my DMs are open. LFG.

@Rustemzzzz more details here mate : dune.com/the_defi_repor…

@0xEekeyguy Thank, I have been looking for this data

How Much of Solana's DEX Volume Is Actually Arbitrage? I have been digging into this question for a while now, and the numbers are pretty wild. Quick primer: arbitrage on Solana happens in a few different flavors. Atomic arbs execute within a single transaction—> buy low on one DEX, sell high on another, pocket the difference, all in one go. Bundled arbs spread across multiple transactions in the same block to achieve the same result. And here is something that might surprise you: Lot of bots aren't running custom programs. They are routing through aggregators like Jupiter and DFlow. So I built some queries on Dune to actually quantify this. the numbers. Starting with atomic arbitrage on Jupiter, the results were eye opening: at least 40% of Jupiter's volume is pure atomic arb activity. Let's do some quick math. Aggregators handle roughly 60% of all Solana DEX volume, and Jupiter dominates that space with ~90% market share. So: 0.6 × 0.9 × 0.4 = ~22% of total Solana DEX volume is just atomic arbs running through Jupiter. When I added bundled arbs (multiple transactions across the same block to net a profit on the initial asset), Jupiter's arb share jumped from 40% to 50%, pushing the total DEX figure to around 27%. Factor in DFlow and other aggregators, and we're looking at roughly 30% of all Solana DEX volume coming from arbitrage that I have been able to track through aggregators alone. Note : we took 2 consecutive txns to spot bundled arbs to avoid insanely heavy computation on dune What we are missing Here is the thing—> I am pretty confident we are only capturing maybe 40-60% of actual arb activity. The rest is harder to track with current resources, but based on hundreds of transactions I've analyzed manually: >> Profit margins outside aggregators are significantly higher. Makes sense—>custom routing gives you more room to optimize. h/t @0xGhostLogs for making me realise this >>There are other types of arb strategies we haven't captured yet. The takeaway Conservative estimate: at least 50% of Solana's DEX volume is arbitrage on avg and on certain days, it's probably closer to 60-70%. >> Dune's 30-minute compute limits have been a constraint, but it's still the best tool out there for this kind of analysis. If you have got ideas on how to improve the methodology or want to poke holes in my assumptions, I am all ears. I have built a dashboard to specifically track these numbers : dune.com/the_defi_repor… cc: @mert @DefiIgnas @toly @niteshnath @DanJablonski

@totlsota @0xShitTrader

@totlsota On Avg around 60% atomic arbitrages on aggregators is purely using prop amms only (not counting prop amm + other amm combo) Interestingly 90% on atomic arbitrage on agg. is covered by barely 100 addresses

@CaoMinhWeb3 Seems Prop AMMs supporting this arb flow

@0xEekeyguy Onchain arb flow this high makes Solana a pure efficiency arena.

@inno_ox @jup_mobile @Backpack @solflare @phantom i think we can look deeper into this , sending time might be same but landing times might differ. Also did all trades route via same aggreagtor ? it will be great to see if the difference is mainly from fees or there is something else which is making a diffference.

I compared in-app swaps top 4 Solana Wallets, to do so, i swapped 1000 USDC to SOL at the same time, here are the results: > 1st: @jup_mobile 🥇 with best rates 8.47 SOL > 2nd: @Backpack 🥈 - 8.3976 SOL > 3rd: @solflare 🥉 - 8.3975 SOL > 4th: @phantom - 8.395 SOL What's your preferred wallet? what metric you want me to compare next?

@growthepie_eth Finally a correct source of this data. Thanks.

Reminder: You can track ETH issuance on growthepie by searching "ETH Supply"

@SolanaSensei @solflare @SolflareEmpire @mauricedotxyz @vidor_solflare @solquicks @SolflareKingdom @solana @toly @jup_mobile @phantom I doubt the accuracy of this data. No source is mentioned here. Tracking phantom is easy onchain but solflare isn’t that easy unless solflare team shares some info privately.

I fucking LOVE to see this chart. Let me elaborate on why exactly. Phantom is Phantom. I’ll always love and appreciate them, but real competition is what keeps them focused, shipping better features and keeping users happy. I’ve tried basically every Solana wallet that’s ever existed, and I genuinely think Solflare and Jup Wallet are insane products that deserve way more love. Seeing Solflare finally get the recognition it deserves makes the Solana OG in me really happy. I always knew this would happen. I told the Solflare core team countless times, even before their market share started rising fast. I’ve always believed in them. Solflare is the OG Solana wallet (even more OG than Sollet for those who remember). They stayed fully focused on Solana despite having opportunities to expand to other chains, and put all their energy into building the best Solana-native wallet. After consistently showing up at every major Solana event, shipping great products, and giving back heavily to the community, Solflare has been earning more and more respect and attention. Karma is real, this growth is 100% deserved. Of course, the other Solana wallet with insane features that deserves waaaay more love is Jup Wallet. A fully native Solana wallet with a clean UI and genuinely useful features you won’t find elsewhere. Asset tracking, trades, DeFi, all JUP products built in, gasless sending and swapping, best swap tech powered by Jupiter, low fees, and much more. I’ve caught myself using Jup Wallet way more often lately. I’ve always had an amazing experience with Jupiter products, but their wallet is still one of the most underrated things they’ve built. The Jupiter team is forever goated in my eyes. Phantom may still lead in market share, but Solflare and Jup Wallet are quietly raising the bar. That competition is very healthy, and in the end it benefits all of Solana.