Solana DEX Ecosystem Posts Ninth Consecutive Week Above Bybit, Coinbase, and Kraken in Spot Volume

Solana's decentralized exchanges posted higher weekly spot trading volume than Bybit, Coinbase, and Kraken for the ninth consecutive week, ranking second globally behind only Binance, according to DeFiLlama data reported by SolanaFloor and CryptoBriefing on August 25.

The streak is a continuation of the run first tracked here at week four on July 28, when Solana's aggregate had already cleared Bybit, the world's third-largest centralized exchange by spot volume, along with Coinbase and Kraken. Five more weeks have passed without the ranking changing.

Nine Weeks Ahead of Bybit, Coinbase, and Kraken in Weekly Spot Volume

DeFiLlama tracks weekly spot volume across both centralized exchanges and decentralized chain aggregates. Solana's total, combining all contributing DEX programs, posts as a single comparable figure alongside Binance, Bybit, Coinbase, and Kraken's reported weekly numbers.

Binance's weekly volume has remained several multiples larger than Solana's DEX aggregate throughout the streak, holding an uncontested first position. The nine-week pattern is that Solana's decentralized aggregate has consistently cleared Bybit's weekly figures since early July, a streak that now extends through the week ending August 24.

DEX Activity in the Week Ending August 24

Solana Compass on-chain analytics tracked daily DEX volume above $6 billion on every day from August 19 through August 24, with Monday's close reaching $7.47 billion.

The trading days August 19 through August 24 recorded 191.3 million trades across 403,178 active markets on 81 active programs, per Solana Compass analytics.

How Jupiter, Orca, Meteora, and Raydium Split the Volume

On the aggregator side, Jupiter JUP$0.212+1.6% routed $5.39 billion over the period, accounting for more than half of the $10.09 billion processed through all aggregator programs combined, per Solana Compass. Aggregated swaps represented 24.5% of total DEX volume for the period.

Among direct DEX venues, Orca ORCA$1.26-1.5% led at $2.88 billion, with Meteora MET$0.213-6.6%'s Dynamic Liquidity Market Maker (DLMM) program posting $1.98 billion. Raydium RAY$0.793+4.3%'s concentrated liquidity program contributed $1.32 billion, with additional volume from its older AMM pools. Newer venues including BisonFi, Manifest, and HumidiFi each added hundreds of millions of dollars to the week's total.

The 81 active programs across those days show a DEX layer that extends well beyond the handful of AMMs that anchored Solana's early DeFi activity. The aggregate has held second place globally, behind Binance and ahead of Bybit, for nine consecutive weeks.