Analysis: At least 40% of Jupiter's trading volume consists of pure atomic arbitrage activities

PANews, December 29 – Analyst Eekeyguy posted an analysis on X, stating that arbitrage trading on Solana can be divided into atomic arbs and bundled arbs. Many arbitrage bots do not run custom programs but instead trade through aggregators such as Jupiter and DFlow. Of Jupiter’s trading volume, at least 40% consists purely of atomic arbitrage activities. Aggregators handle about 60% of all Solana DEX trading volume, with Jupiter accounting for around 90% of that market share. Therefore, about 22% of Solana DEX’s total trading volume is simply atomic arbitrage trading conducted via Jupiter.

In addition, after including data from bundled arbitrage, Jupiter’s arbitrage trading share jumps from 40% to 50%, bringing the total proportion of arbitrage trading on DEXs to about 27%. Factoring in DFlow and other aggregators, it is estimated that arbitrage trading tracked solely through aggregators accounts for about 30% of all Solana DEX trading volume. Conservatively, at least 50% of Solana DEX trading volume on average is arbitrage trading, and on some days, this proportion may approach 60% to 70%.

Note: The above analysis does not capture other types of arbitrage strategies. Atomic arbitrage refers to completing the process within a single transaction—buying at a low price on one DEX and selling at a higher price on another DEX in one go to earn the price difference. Bundled arbitrage achieves the same result through multiple transactions within the same block.