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Solana DEX Arbitrage Deep Dive: Is 50% of Aggregator Trading Actually Arbitrage?
【ChainNews】In the Solana DEX trading ecosystem, how rampant are arbitrage activities? Recently, an analyst compiled some data that is quite shocking.
Let’s first discuss the two types of arbitrage strategies. One is called atomic arbitrage, which is straightforward—buy low on one DEX and sell high on another DEX within a single transaction, capturing the price difference. The other is called portfolio arbitrage, which is similar but involves a broader scope, executing multiple transactions within the same block to realize arbitrage.
The current question is: how do these arbitrage bots operate? Not everyone runs their own custom programs. Many trades are actually routed through aggregator platforms like Jupiter and DFlow. This is the key point.
The data is eye-opening. Jupiter accounts for about 90% of the market share in the Solana DEX aggregator space, and at least 40% of the trading volume on this platform is pure atomic arbitrage. Approximately 60% of all DEX trades on Solana go through aggregators. What does this mean? Just through Jupiter alone, atomic arbitrage accounts for about 22% of the total Solana DEX trading volume.
But that’s not all. If portfolio arbitrage is included, the share of arbitrage trades on Jupiter jumps from 40% directly to 50%. As a result, the total arbitrage trading proportion on DEXs surges to around 27%. Plus, considering arbitrage trades from DFlow and other aggregators, it is estimated that arbitrage transactions tracked through aggregator channels account for about 30% of all DEX trading volume on Solana.
Conservatively speaking, at least half of the trades on Solana DEXs are arbitrage transactions. In some days, this ratio can reach 60% to 70%. This does not even include other types of arbitrage strategies.
This data reflects a phenomenon: the concentration of aggregators is increasing, and the activity of arbitrage bots is also rising. While they profit from the price differences, they also, to some extent, influence the liquidity distribution and trading efficiency within the Solana ecosystem.