Orca DEX tops Solana trading with $248 million in a day

Orca DEX tops Solana trading in the latest daily count. The exchange behind the $ORCA token handled $248.0 million in swaps over the 24 hours to 12:51 UTC (8:51 a.m. ET) on Thursday, according to DefiLlama. That is up 53% from $161.6 million in the 24 hours before.

The quick take

Price: $ORCA trades at $1.68, flat (0.0%) over 24 hours on Binance’s ORCA/USDT pair, as of 8:47 a.m. ET.
Trigger: Orca’s latest 24-hour volume reached $248.0 million on DefiLlama, up 53% and the most of any Solana exchange.
Watch: Whether the SOL/USDC pool, close to half of Orca’s trading, keeps up this pace.

What happened

Orca’s $248.0 million put it first on DefiLlama’s list of Solana exchanges by 24-hour volume at 12:47 UTC. BisonFi came second with $205.5 million. Manifest Trade followed with $159.7 million, then Tessera V and Raydium AMM near $148 million each.

All Solana exchanges together handled $1.73 billion in the same reading. That gives Orca about 14% of the chain’s DEX trading. Over seven days, DefiLlama counts $1.35 billion in Orca volume, and $7.49 billion over 30 days.

Orca’s own data gives a close figure. Its protocol API showed $243.4 million in 24-hour volume at 12:51 UTC. The two readings cover slightly different 24-hour windows, so they do not match to the dollar.

Why it moved

One pool carried much of the trading. Orca’s SOL/USDC pool handled $115.6 million in 24 hours, about 47% of the protocol’s own volume count, per Orca’s pool data at 12:52 UTC. The next-busiest pool traded $15.6 million.

That SOL/USDC pool holds $28.2 million in liquidity. So its trades turned over its deposits roughly four times in one day. The pool charges a 0.04% fee per swap, per Orca’s pool data.

Solana ($SOL) itself moved little. It traded at $100.56 on Binance’s SOL/USDT pair at 8:47 a.m. ET, down 1.0% in 24 hours. Orca’s blog and forum show no new announcement in the past day, so the cause of the jump is not confirmed.

Who’s buying and selling

Busier pools also lifted Orca’s take. The protocol API showed $209,079 in trading fees over 24 hours. Of that, $27,180 went to the protocol as revenue. That is about 13% of all fees; the rest goes to the liquidity providers.

The $ORCA token itself did not react to the busier day. Binance’s hourly closes ranged from $1.63 to $1.72 over the 24 hours, and the token ended flat at $1.68.

Trading in the ORCA token itself looked balanced. Its largest pool on DexScreener, ORCA/SOL on Orca, logged 1,303 buys and 1,274 sells in 24 hours, with $713,858 in liquidity. GeckoTerminal’s top ORCA pool showed 207 buys and 174 sells, with $848,118 in liquidity.

Deposits did not follow volume higher. Orca’s API put its total value locked at $282.8 million. DefiLlama showed $298.9 million, down 2.4% in seven days. The two figures come from different trackers.

What to watch next

The first thing to watch is whether Orca holds the top spot in the next daily readings. A single busy pool can lift an exchange’s ranking for a day, and the SOL/USDC pool carried close to half of this one.

The second is fees against deposits. If volume stays high while value locked keeps slipping, each dollar in Orca’s pools earns more in fees. If volume fades, the ranking among Solana exchanges may change again.

Readers can follow both numbers on DefiLlama’s Solana exchange page and in Orca’s own protocol data, which update through the day.

Bottom line: Orca DEX led Solana trading over the latest day with $248.0 million, with its SOL/USDC pool doing close to half of the work while deposits slipped.

Price data: Binance (ORCA/USDT, SOL/USDT), checked against Jupiter.