Solana DEX's total spot trading volume (YTD) has surpassed $1.7 trillion, officially overtaking Bybit to become the second-largest trading venue globally, only behind Binance (Data source:

This is not just empty talk or short-term explosive growth, but solid evidence of a structural shift: the speed of liquidity migration from CEX to DEX far exceeds expectations. Solana ecosystem DEXs (Jupiter, Raydium, Phoenix, etc.) have actually taken a large share of CEXs in 2025.

Today, Xiaolu breaks down its core data:
1. YTD total: Solana DEX spot trading volume ≈ $1.7T (1.7 trillion USD)
→ Directly surpassing Bybit's spot volume (Bybit 2025 YTD spot ≈ $1.61T, accounting for 11.92%), ranking second globally, only behind Binance ($7.27T, 55.11%).

2. Share trend (Key points from Artemis bar chart):
2022-2023: Solana DEX share was still very small (<10%), with CEX dominating.
2024: Solana DEX began accelerating, with share rising to 15-20%.
2025 YTD: Solana DEX share has reached 11.92% (close to Bybit's 11.92%), significantly narrowing the gap between DEX and CEX.

3. Chart highlights: The Solana DEX bar (green) in 2025 YTD has stood shoulder to shoulder with Bybit (orange) and Coinbase (blue), even briefly surpassing them in some months.

Community consensus:
🤝 “On-chain trading is accelerating” → Price discovery power shifting from CEX to DEX.
Reason: Low fees on Solana (<$0.00025 per transaction), high TPS (>2000), Jupiter aggregator routing for optimal prices → institutions/high-frequency traders prefer on-chain.
🤝 Even Bybit is getting anxious: incubating Byreal (Solana-native DEX) to regain traffic; Binance is also increasing support for Solana DeFi.

From Xiaolu’s practical perspective, what does this mean for us?
✅ Explosion of DEX development opportunities
1. Solana spot volume surpassing Bybit proves on-chain spot/Perp trading has become the mainstream trading venue.
2. If you are developing DEX/Swap, prioritize Solana in 2026 (Jupiter aggregator + Orderly shared order book), with low barriers, high traffic, and users already accustomed to low fees and high TPS.
✅ Migration of quant/high-frequency trading
1. High fees + black box on CEX → Transparent DEX + low slippage → Quant bots/arbitrage opportunities shifting from Bybit to Solana.
2. Pitfall warning: MEV bots are active on Solana, so developers must implement anti-sniping/anti-front-running mechanisms.
✅ Long-term trend
1. Expected in 2026: Solana DEX share continues to rise (possibly over 20%), further eroding CEX market share.
2. But don’t go all-in: after the wave of memecoin hype recedes, DEX volume may see a pullback (a 95% weekly volume retracement was seen earlier in 2025). It’s advisable to quietly accumulate top protocols (Jupiter/Raydium).

Solana DEX’s YTD $1.7T surpassing Bybit is not short-term hype but the true beginning of on-chain trading grabbing CEX’s market share.
If you are involved in exchange/DEX/Swap development, the most urgent task now is to prototype on Solana, connect liquidity pools and aggregators.
Have you run bots or deployed projects on Solana DEX? What pitfalls have you encountered?
#dex交易所 #Solana #DeFi