Which DEXs led SOL volumes?

TLDR

Raydium (RAY), Orca (ORCA), and xrp/">Phoenix are the primary spot DEX venues handling most SOL trading, with Jupiter (JUP) routing the bulk of flow via aggregation confirmed at over 93% share in Solana DEX aggregation per a project site update.

1. Spot leaders this week: Raydium, Orca, Phoenix.
2. Aggregation: Jupiter controls over 93% of Solana DEX routing.
3. Perps context: Drift (DRIFT) stands out among Solana-native perps per a market report.

Deep Dive

1. Spot DEX Leaders

The bulk of SOL spot trading sits on Raydium, Orca, and Phoenix, which together anchor liquidity and pairs across the Solana ecosystem. Their depth and pool coverage make them the default venues for SOL swaps, with routing optimized by Jupiter, which stitches these order books and AMMs into a single path.

• Jupiter highlights its share and routing breadth in a recent mobile release, noting it processes the majority of weekly trading volume and controls over 93% of Solana DEX aggregation, reinforcing how Raydium, Orca, and Phoenix carry most spot execution when routed through Jupiters engine per the project site update.

2. Aggregation Dominance

Jupiter (JUP) is the aggregation layer that consolidates paths across Solana DEXs, reducing slippage and improving execution, especially during volatile windows. Its stated 93% share in DEX aggregation means most SOL trading effectively touches Jupiter even when the final settlement happens at Raydium, Orca, or Phoenix per the project site update.

• This dominance matters because aggregation can shift where volume shows up, even when the underlying pools live on the spot DEXs. So who led volumes usually points to Raydium, Orca, Phoenix for spot, with Jupiter orchestrating the route.

3. Perps Context

For derivatives, Drift (DRIFT) is among the notable Solana-native perpetuals venues and often appears in ecosystem leadership snapshots. Recent weekly updates compare leading perps platforms across chains, with Drift cited alongside other high-activity perps venues in a market report.

• Spot and perps are distinct flows. When you ask which DEXs led SOL volumes, spot usually means Raydium, Orca, Phoenix; perps leadership includes Drift on Solana, though cross-chain perps venues can dominate aggregate headlines.

Conclusion

On Solana, SOL spot volumes concentrate on Raydium, Orca, and Phoenix, while Jupiters aggregation layer controls most routing, effectively channeling the bulk of flow across these venues per the project update above. For perps, Drift is a key Solana-native venue, but cross-chain leaders can dominate weekly totals. For practical execution, aggregation through Jupiter typically delivers better pricing across the leading spot pools, and derivatives require a separate venue-by-venue check on depth and funding.