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

@Blockworks @phantom Nice Dashboard Missing: Aggregator composition chart

NEW: Now tracking @phantom, a leading crypto wallet. We currently track Phantom's user activity on Solana and Hyperliquid, as well as its stablecoin, CASH.

I’m excited to announce that DFlow has been acquired by MoonPay. DFlow has consumed almost every waking moment of my life since I started it in 2021. An incredible amount of work has gone into it over the years with tangible growth results that reflect the massive effort of the entire team. Today, DFlow is integrated almost universally across trading apps on Solana. Transactions constructed by DFlow are in almost every block produced on Solana. We’ve served millions of traders across the world. We’re constantly on the frontier of the technology powering markets, working with the largest and most cutting edge businesses in next-gen finance like Phantom, Kalshi, Coinbase, and hundreds more. I’m proud of what we’ve built so far and excited to work with Ivan and the MoonPay team on the next phase of insane growth.

The tech is good. The numbers are big.

Why We Ship: @DFlow From JPMorgan's floor to building DFlow in Miami. @DanJablonski is working on opening capital markets for everyone. The 2008 crisis showed him why it matters.

@FabianoSolana Bring up any Dune dashboard, happy to show why the data is wildly off.

@eekeyguyy give me a moment to find the dune dashboard

product always beats infrastructure phantom made 5x more revenue than jupiter but 90% of phantoms revenue is coming from swapping fees routed through jupiter

@niteshnath @dflow 🔥

Never been a more exciting time on frontier financial technology. Come learn about the future.

@sjdedic Base?

Hyperliquid has won perp DEXs. Tether and Circle have won stablecoins. Solana and Base have won the chain wars. Polymarket and Kalshi have won prediction markets. I could go on with this list, but you get the point: As we mature as an industry, winners are consolidating, and it's already happening as we speak. There are only two ways to win moving forward: 1) Accumulate the winners for as long as you can. 2) Start looking for actual 0-1 innovation where there is no defined winner yet. But one thing is for sure, the stupid era of chasing long-tail copycats to make bank off the success of others is over. And that's a good thing.

@0xcarlosg This volume is largely driven by Titan, most likely tied to their incentive program rather than organic retail activity.

Solana hit an all-time high of $29M in daily PreStocks volume yesterday. OPENAI drove 69% of volume, followed by SPACEX (12.6%) and ANDURIL (9.1%). Trading pre-IPO companies is quietly gaining traction and still feels underdiscussed.

@FabianoSolana “80-90% is routed through Jupiter” misleading stats

game is game but phantom makes close to $1M every week from in-wallet swaps 80-90% is routed through Jupiter means phantom makes $800K/month by using free Jupiter API and add some fees I know Jupiter gets volume, market share, etc. but is there any other benefit for them?

The hard part of building a Dune dashboard was never the SQL. It's understanding the dataset underneath. Most broken dashboards on Dune aren't broken because someone wrote bad SQL —> they're broken because the person didn't understand what the data actually represents. A protocol upgrades its program, the account structure changes, a new instruction gets added etc..and the query that worked last month is now silently returning wrong numbers. No errors, no warnings. Just wrong data that looks right. AI can write the SELECT statement. It can't tell you that the table you're querying stopped being relevant two weeks ago because the protocol shipped a v2. That's the part that actually matters, and that's the part most dashboards get wrong. AI is moving at an insane pace and the gap is closing fast. But as of today Claude + Dune <> instant analyst.

I literally have 0 coding experience and had never worked with Dune dashboards before. It always annoyed me having to rely on other people’s dashboards and never finding the exact data I was looking for, so I figured I’d try building one myself with AI. With Claude’s help, it took me less than 1.5 hours, and most of that was just understanding how Dune works. The next one would probably take under an hour. I remember some of our portfolio companies paying thousands of $$ for these and waiting weeks for them to go live. Even though this trend has been obvious for a while, this really made it click for me just how much AI is eroding the moat and defensibility of developers, and how easy it is now for a complete beginner like me. Devs are cooked.

@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 📁