Key Takeaways
-
Solana DEX spot volume has exceeded $1.7 trillion year to date, according to Artemis data.
-
The figure places Solana-based decentralized exchanges second globally, behind only Binance.
-
Aggregate Solana DEX volume has now overtaken Bybit’s spot trading activity over the same period.
Solana DEX spot volume has climbed past $1.7 trillion year to date, overtaking Bybit to rank as the second largest venue globally for spot crypto trading, according to data compiled by Artemis. The milestone underscores the rapid growth of decentralized trading activity on Solana and highlights a continued shift in market structure toward onchain liquidity.
The data shows that Solana-based decentralized exchanges have processed more spot volume in 2025 than Bybit, one of the largest centralized crypto exchanges by global market share. Only Binance, the industry’s dominant centralized exchange, has recorded higher aggregate spot trading volume over the same period.
The ranking reflects cumulative year-to-date volume rather than a single-day or monthly spike. Market participants say this distinction is significant, as it suggests sustained trading activity rather than short-lived bursts driven by volatility or token launches.
Solana has emerged as one of the most active ecosystems for decentralized trading, supported by low transaction fees, high throughput, and a growing set of native DEX platforms. Protocols operating on Solana have benefited from an influx of retail traders and professional market makers seeking alternatives to Ethereum-based venues, where transaction costs can still spike during periods of congestion.
The rise in Solana DEX spot volume also coincides with increased adoption of onchain trading tools, including aggregator platforms, automated market makers, and hybrid order book designs. These systems allow traders to execute large volumes with relatively low slippage compared to earlier generations of decentralized exchanges.
By contrast, Bybit’s spot trading activity has remained relatively stable in recent months, according to market data, though it continues to rank among the largest centralized venues globally. The fact that a network of decentralized protocols has surpassed a major centralized exchange in cumulative spot volume marks a notable shift in how liquidity is distributed across crypto markets.
Broader context helps explain the trend. Decentralized exchanges have gained market share following regulatory pressure on centralized platforms in multiple jurisdictions. While centralized exchanges still dominate fiat onramps and derivatives trading, spot activity has increasingly migrated onchain, particularly for assets native to specific ecosystems such as Solana.
The surge in Solana DEX spot volume has not been driven by a single token or sector. Instead, trading activity has been spread across large-cap tokens, ecosystem-native assets, and shorter-term speculative trades. This diversity suggests that Solana DEX usage is not solely dependent on meme coin cycles, though such activity has contributed meaningfully at times.
Industry analysts tracking DEX growth note that Solana’s architecture has enabled higher frequency trading strategies that are less viable on higher-fee networks. Faster block times and lower costs allow traders to rebalance positions, arbitrage price differences, and deploy automated strategies with tighter margins.
From a market impact perspective, the data reinforces the growing competitiveness of decentralized venues relative to centralized exchanges. While centralized platforms still offer deeper liquidity for some pairs and more advanced derivatives products, DEXs are increasingly capturing spot volume that was once considered out of reach for onchain systems.
The comparison with Bybit is particularly notable because it highlights how aggregate DEX activity can rival single centralized entities. Solana’s DEX volume is spread across multiple protocols rather than concentrated in one platform, indicating a more fragmented but collectively powerful liquidity environment.
What happens next will depend on whether Solana can sustain this level of activity as market conditions evolve. Key factors include network stability, continued developer support, and the ability of DEX platforms to manage risk during periods of extreme volatility. Any significant network outages or congestion issues could slow momentum, while continued improvements in infrastructure may push volumes higher.
Regulatory developments may also play a role. As authorities scrutinize centralized exchanges more closely, decentralized alternatives could benefit from traders seeking venues with fewer custodial risks. At the same time, regulators in several regions are beginning to explore frameworks for decentralized finance, which could introduce new compliance considerations.
For now, the $1.7 trillion year-to-date figure positions Solana as a central force in global spot crypto trading. Surpassing Bybit in aggregate volume places Solana DEX activity firmly among the largest trading venues in the market, signaling a structural shift in how and where spot liquidity is formed.