Analysis: At least 40% of Jupiter's trading volume is pure atomic arbitrage activity.
PANews reported on December 29th that analyst Eekeyguy published an analysis on the X platform stating that arbitrage trading on Solana is divided into atomic arbitrage and bundled arbitrage. Many arbitrage bots do not run custom programs but trade through aggregators such as Jupiter and DFlow. At least 40% of Jupiter's trading volume is purely atomic arbitrage activity. Aggregators handle approximately 60% of all Solana DEX trading volume, and Jupiter holds about 90% market share in this area. Therefore, approximately 22% of Solana DEX's total trading volume consists solely of atomic arbitrage trades conducted through Jupiter.
Furthermore, with the inclusion of combined arbitrage data, Jupiter's arbitrage trading share jumped from 40% to 50%, bringing the total arbitrage trading share of the DEX to approximately 27%. Including DFlow and other aggregators, it's estimated that arbitrage trading tracked solely through aggregators accounts for about 30% of all trading volume on Solana's DEX. A conservative estimate suggests that on average, at least 50% of Solana DEX's trading volume is arbitrage trading, and on certain days, this proportion may approach 60% to 70%.
Note: The above analysis has not yet captured other arbitrage strategy types. Atomic arbitrage refers to completing the transaction within a single trade—that is, buying low on one DEX and selling high on another DEX to profit from the price difference in one transaction. Combination arbitrage, on the other hand, achieves the same result through multiple trades within the same block.
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