Solana DEX volume splits four ways as PumpSwap share falls

Solana DEX volume reached $17.56 billion in the week to Sept. 28, and no venue took more than 14.5%, down from PumpSwap’s 31% a month earlier, DefiLlama data shows.

The quick take

Trigger: PumpSwap’s share of Solana DEX trading fell by more than half in four weeks, per DefiLlama.
Watch: Whether Orca DEX, BisonFi and Raydium keep their gains as weekly volume cools.

What happened

Solana DEX volume no longer has one clear leader. In the week to Sept. 28, Solana ($SOL) exchanges handled $17.56 billion in trades, according to DefiLlama. Four venues each took between 12% and 15% of it.

Pump.fun ($PUMP)‘s exchange, PumpSwap, still ranked first with $2.54 billion, or 14.5%. Orca DEX ($ORCA) followed with $2.35 billion, or 13.4%. BisonFi, which DefiLlama lists as a “Prop AMM” on Solana, handled $2.32 billion, or 13.2%.

Raydium ($RAY) came fourth with $2.17 billion, or 12.3%. Meteora’s DLMM pools were fifth at $1.42 billion, or 8.1%.

A month ago, the picture looked very different. In the week to Aug. 31, PumpSwap handled $5.63 billion of $18.05 billion, a 31.2% share. Orca had 11.3%, BisonFi 11.0% and Raydium only 6.0%.

Venue	Week to Aug. 31	Week to Sept. 28
PumpSwap	31.2%	14.5%
Orca DEX	11.3%	13.4%
BisonFi	11.0%	13.2%
Raydium AMM	6.0%	12.3%
Meteora DLMM	7.7%	8.1%

Source: DefiLlama, weekly sums of daily volume, read at 20:40 UTC on Sept. 29.

Why it moved

PumpSwap’s share stayed near 31% through the week to Sept. 7. It then dropped to 16.4% in the week to Sept. 14. DefiLlama’s data shows the drop but not its cause, and we found no primary source that explains it.

Raydium’s jump lines up with a launchpad move. On Sept. 6, StonkFun, a Solana launchpad for stock-paired tokens, said new tokens would launch through Raydium’s LaunchLab, The Block reported. Raydium’s share rose to 14.3% the following week, from 8.3% the week before.

Orca took longer to climb. Its share sat at 6.2% in the week to Sept. 14, then reached 9.0% and 13.4% in the next two weeks. On Sept. 28 alone, Orca led all Solana DEXs with $417 million, ahead of BisonFi’s $382 million, per DefiLlama.

Much of Orca’s trading runs through one pool. DexScreener showed Orca’s SOL-USDC pool with $186.1 million in 24-hour volume and $30.6 million in liquidity at 20:42 UTC on Sept. 29. That single pool accounts for close to half of Orca’s daily total.

Who’s buying and selling

Total activity is cooling even as it spreads out. Weekly Solana DEX volume fell to $17.56 billion from $20.73 billion a week earlier, a drop of about 15%, DefiLlama data shows.

The leaders are different kinds of venues. PumpSwap is Pump.fun’s own exchange, launched shortly before Raydium introduced LaunchLab in April 2025, The Block noted. BisonFi is listed by DefiLlama as a prop AMM, while Orca and Raydium run pools that anyone can supply.

What to watch next

The next test is whether this four-way split holds. If PumpSwap’s share keeps sliding, fees and buybacks tied to it could come under pressure. If it recovers, the split may prove to be a short phase.

Orca’s lead on Sept. 28 was narrow, about $35 million over BisonFi. One busy day for any of the top four could reorder the table. DefiLlama’s own daily buckets also differ slightly between its pages, so small gaps are worth treating with care.

For traders and liquidity providers, the takeaway is practical. Solana’s biggest pools are no longer concentrated on one venue, so pricing and fees across several DEXs matter more than a month ago.

Bottom line: Solana DEX trading now splits almost evenly among PumpSwap, Orca DEX, BisonFi and Raydium, after PumpSwap’s share fell from 31% to 14.5% in a month.