Solana DEX Spot Volume Surpasses $1.7T YTD, Overtakes Bybit to Rank Second Globally Behind Binance

According to data from Artemis, year‑to‑date (YTD) spot trading volume across decentralized exchanges (DEXs) on Solana has exceeded $1.7 trillion. Trading activity continues to accelerate, with Solana DEXs surpassing centralized exchange Bybit in total spot volume, ranking second globally, behind only Binance.

Key Highlights

• Volume milestone: Solana DEX spot trading volume has surpassed $1.7 trillion YTD
• Ranking shift: Total spot volume has overtaken Bybit, placing Solana DEXs at No. 2 globally
• Top comparison: Currently second only to Binance, ahead of other major centralized and decentralized platforms
• Data source: Artemis

Key Drivers Behind the Surge

Market participants widely attribute the rapid growth in Solana DEX volume to several factors:

• High‑performance Solana network: High throughput and low transaction fees significantly reduce costs for high‑frequency trading and market making
• Expanding DEX ecosystem: Core protocols such as Jupiter, Raydium, and Orca continue to see strong trading activity
• Active meme and new‑asset trading: Frequent new token launches and short‑term trading have driven spot volume higher
• Shift in user behavior: A portion of spot trading demand is migrating from CEXs to on‑chain markets

Market Implications

• Rising prominence of DEXs: Solana DEXs now operate at a scale comparable to top centralized exchanges
• Blurring CEX/DEX boundaries: Improved on‑chain aggregation and execution experience are making DEXs a mainstream trading venue
• Strengthening Solana’s ecosystem: Growing trading volumes further reinforce Solana’s position as a leading high‑performance blockchain

What to Watch Next

Market focus will likely center on:

• Whether Solana DEX volumes can sustain growth from a high base
• How quickly the gap with Binance may narrow
• On‑chain liquidity depth, MEV dynamics, and network stability
• Potential responses from CEXs, including on‑chain or hybrid trading offerings

Conclusion

Solana DEX spot volume surpassing $1.7 trillion YTD and overtaking Bybit marks a major milestone for on‑chain spot markets. As performance, cost efficiency, and user experience continue to improve, decentralized exchanges are becoming an increasingly central force in the global spot trading landscape.