Non-Aggregator Trades Cost More on Solana
A round-trip analysis found wider median spreads on non-aggregator trades at five of six Solana automated market makers between September 2025 and August 2026.
Updated on Nov. 3, 2026 in Investing
Trades routed outside aggregators had wider median round-trip spreads than aggregator-routed trades at five of six Solana proprietary automated market makers, based on Solana-USDC trades from September 1, 2025, through August 31, 2026. ZeroFi was the exception, with a median difference of minus 0.05 basis points.
Why it matters
The findings suggest that where a trade is routed can materially affect the price a trader receives on Solana's decentralized exchanges. The gap was largest at GoonFi, where non-aggregator trades carried a median premium of 3.59 basis points.
The analysis paired consecutive opposite-direction trades within 25 Solana slots of one another, and median non-aggregator premiums ranged from 3.59 basis points at GoonFi to 0.10 basis points at BisonFi and Tessera. Non-aggregator spreads were wider in 68% to 83% of matched groups at five venues, while ZeroFi showed a median difference of minus 0.05 basis points.
The players
GoonFi
A proprietary automated market maker on the Solana blockchain that showed the largest non-aggregator premium in the analysis.
SolFi V2
A Solana proprietary automated market maker whose overall median spreads were 3.88 basis points for aggregator trades and 4.90 basis points for non-aggregator trades.
The details
Researchers compared round-trip trades between SOL and USDC on six proprietary automated market makers. Each pair of consecutive fills had to occur within 25 Solana slots, be within a factor of two in size, and belong to the same routing class, with no intervening quote update from the venue operator.
Timeline
September 1, 2025 through August 31, 2026: sample period for the trades compared.
November 3, 2026: date the article was published.
Market Dynamics
The comparison addresses how order routing on Solana's proprietary automated market makers, including GoonFi, SolFi V2, HumidiFi, BisonFi, Tessera and ZeroFi, affects the spreads traders pay. Its results show that the cost of bypassing aggregators varies sharply across venues on the same blockchain.
Traders who route Solana-USDC swaps outside aggregators may pay materially wider spreads at several venues, with median premiums reaching 3.59 basis points at GoonFi. Checking whether an aggregator route is available before executing can reduce that cost on the venues where the premium appeared.
The takeaway
Routing choice is a measurable cost on Solana's decentralized exchanges, not just a technical detail. Traders who compare execution across aggregator and direct venues can avoid unnecessary spread costs on the platforms where the gap was largest.
Further reading
For broader background on how these trading costs fit into everyday portfolio decisions, see Investing.
Source note: This article includes information reported by TokenPost.
