Orca DEX tops Solana trading with $197 million in daily volume

Orca DEX tops Solana trading in the latest daily figures from DefiLlama. The exchange, home of the Orca ($ORCA) token, handled $197.3 million in 24-hour volume as of 12:42 UTC (8:42 a.m. ET). No other venue on the network did more, and the total was up 66% from $118.9 million in DefiLlama’s previous 24-hour reading.

What happened

DefiLlama counted $1.28 billion in decentralized exchange volume on Solana ($SOL) over the same 24 hours. Orca’s share of that total was about 15%.

BisonFi came second with $163.2 million. Pump.fun‘s launch platform followed with $160.8 million, then PumpSwap with $135.5 million and Raydium AMM with $129.7 million.

The ranking depends on how venues are split. Pump.fun’s launch platform and PumpSwap are listed separately, and together they handled about $296 million. That is more than Orca alone.

Orca’s own data feed gives a higher reading. Its protocol data showed $222.8 million in 24-hour volume at 12:45 UTC, with about $254,000 in fees. The two counts use different time windows, so both are shown here.

Why it moved

Most of the activity sat in one pool. Orca’s SOL/USDC pool handled $91.2 million in 24 hours, according to Orca’s data, about 41% of the exchange’s total.

That pool held $29.1 million in deposits and charges a 0.04% fee per trade. It is also the top $SOL pool on DexScreener, which listed $29.0 million in liquidity there at 12:42 UTC.

The wider market was calm. $SOL traded at $110.05 on CoinGecko, up 0.5% in 24 hours and down 8.1% over seven days.

Orca’s blog and site show no new announcement in this window. The cause of the extra volume is not confirmed.

The longer backdrop is Orca’s merger with the lending protocol Loopscale. The two announced on Oct. 7 that the combined business will run as Formation, according to their press release. Loopscale reported more than $150 million in deposits.

Who’s buying and selling

Trading in the SOL/USDC pool was close to even. DexScreener counted 34,389 buys and 37,088 sells in 24 hours as of 12:42 UTC.

The $ORCA token itself is cooling after a strong run. It sits at $2.26 on CoinGecko as of 12:41 UTC, down 4.2% in a day but up 57% over 30 days. Its 24-hour range ran from $2.26 to $2.41.

Jupiter’s price for $ORCA was $2.27, within 0.4% of CoinGecko. In the token’s top pool, $ORCA against $SOL on Orca, sellers had a slight edge: 3,714 sells against 3,559 buys, per DexScreener.

Deposits on the exchange are steady. DefiLlama puts Orca DEX’s total value locked at $313.1 million, down 2.6% over seven days. Orca’s own figure is lower, at $286.4 million.

What to watch next

A single day of volume can fade fast. Over seven days, Orca handled $1.72 billion on DefiLlama, behind PumpSwap at $2.02 billion but ahead of BisonFi at $1.56 billion and Raydium AMM at $1.21 billion.

Solana’s total for the week was $13.5 billion. A lasting lead would show up as Orca holding first place on the weekly count, not just the daily one.

Fees are the other number to track. Orca earned about $254,000 in fees in 24 hours, and its protocol revenue was about $33,000, per its own data. Rising volume only matters to the token if more of it turns into revenue.

Bottom line: Orca DEX handled more trading than any other Solana exchange in the latest daily data, led by one busy SOL/USDC pool, while its token pulled back from a strong month.

## Sources – DefiLlama: Solana DEX volume by protocol (tier B+, read 12:42 UTC) – Orca protocol stats API (project data, read 12:45 UTC) – DefiLlama: Orca DEX (tier B+, read 12:42 UTC) – CoinGecko: Orca (tier B+, 12:41 UTC) – CoinGecko: Solana (tier B+, 12:41 UTC) – DexScreener: Orca SOL/USDC pool (12:42 UTC) – DexScreener: ORCA/SOL pool (12:42 UTC) – PR Newswire: Orca and Loopscale merge (tier A, Oct. 7, 23:00 UTC)

Price data: CoinGecko, cross-checked with Jupiter.

Not financial advice.