Solana DEXs Post Fourth Consecutive Week Ahead of Bybit, Coinbase, and Kraken in Spot Volume

For four consecutive weeks, Solana SOL$104.27-2.1% Solana's decentralized exchanges have ranked second in global weekly spot trading volume, behind only Binance and ahead of Bybit, Coinbase, and Kraken, according to DefiLlama data as reported by CryptoBriefing on July 28.

As of July 28, Solana DEXs recorded $1.796 billion in 24-hour volume and $79.5 billion over the trailing 30 days, down 3.75% week-over-week, per DefiLlama. The weekly dip has not broken the streak.

How Solana's DEX Volume Compares With Bybit, Coinbase, and Kraken

DefiLlama aggregates Solana's spot DEX volume across protocols and compares it against reported spot figures from centralized venues. Solana surpassed Coinbase and Kraken in weekly spot volume in June, per DefiLlama data. The crossover with Bybit came in mid-July, placing Solana in second position globally behind only Binance.

Four weeks of holding that second-place ranking is the more significant data point. Earlier in 2026, Solana's DEXs had exceeded individual CEX weekly figures during elevated market activity before pulling back. The current streak has held through a week of moderate decline, suggesting depth in Solana's DeFi layer that does not depend on a single high-volume episode.

Binance remains well ahead by weekly spot figures. The current data does not indicate that gap will narrow near-term.

Jupiter JUP$0.250-7.2% Jupiter, Raydium RAY$1.17-13.1% Raydium, and Orca ORCA$1.54+8.6% Orca as the Protocol Layer

Solana's aggregate on-chain volume flows through a layered architecture of liquidity venues and aggregators. Jupiter acts as the primary aggregation layer for Solana spot trading, routing orders across Raydium, Orca, Meteora MET$0.200-4.9% Meteora, and other liquidity programs. Raydium provides the largest total value locked among Solana AMMs, with its concentrated liquidity pools drawing both retail and larger-lot order flow. Orca's concentrated liquidity markets run consistently among the top venues by daily spot volume across major pairs.

Solana Compass tracks daily DEX data covering protocol-level volume, trade counts, and program activity across more than 75 active DEX programs and 277,000 markets in the past week.

The distribution across dozens of active programs is part of what sustains the aggregate. No single protocol accounts for all volume, and the ecosystem's breadth means different participants route through different venues depending on asset pair and fee structure.

Solana DEX Volume in Context: H1 2026 Data and the Current Ranking Streak

Birdeye's H1 2026 Solana report documented Solana holding 54% of global spot DEX market share in the first half of 2026, with roughly $425 billion in monthly on-chain spot volume across all chains. The current four-week run adds a specific dimension to that picture: Solana's DEX aggregate now competes with major centralized venues in a like-for-like spot-volume comparison, across consecutive weeks of varying market conditions.

The -3.75% week-over-week decline is one data point in a four-week window. Volume is at a moderate level rather than a cyclical peak, and the streak demonstrates that Solana's on-chain trading layer produces competitive weekly figures even during quieter periods. That is a more durable argument for infrastructure maturity than a single high-volume spike.