Orca DEX trading volume jumps 57% to rank third among Solana DEXs

Orca DEX trading volume jumped 57% in the latest 24-hour reading, lifting Orca DEX ($ORCA) to third place among decentralized exchanges on Solana ($SOL). DefiLlama counted $244.5 million in trades in the 24 hours to 5:47 p.m. ET on Monday, up from $155.5 million in the 24 hours before.

Orca’s own data points the same way. Its public protocol API showed $248.1 million in rolling 24-hour volume at 5:47 p.m. ET. The two windows are not identical, so the figures differ by about 1.5%.

What happened

The jump came while the wider Solana DEX market barely moved. DefiLlama put total Solana DEX volume at $1.45 billion over the latest 24 hours, up 1.8% from $1.42 billion in the 24 hours before.

That gives Orca about 17% of all Solana DEX trading in the window. Only PumpSwap, at $310.9 million, and Manifest Trade, at $267.6 million, handled more. Raydium ($RAY) AMM came in fifth at $146.4 million, behind BisonFi at $184.8 million.

The busy day stands out against Orca’s recent pace. DefiLlama counted $1.49 billion in Orca DEX volume over seven days, or about $212 million a day on average. Over 30 days, the total was $7.75 billion.

Why it moved

Neither DefiLlama nor Orca’s API shows who traded or why. A bigger trading day often follows a sharp price swing, but the main Solana pairs were calm. $SOL traded at $100.61 at 5:41 p.m. ET, down 0.7% in 24 hours, per CoinGecko.

The fee data helps size the activity. Orca’s API showed $211,462 in trading fees over 24 hours, with $27,490 of that counted as protocol revenue. Fees came to about 0.09% of the volume on average.

Orca DEX liquidity holds steady

Orca’s locked value barely changed through the busy stretch. DefiLlama showed $301.0 million in total value locked in its latest reading, against $298.4 million on Oct. 20 and $300.7 million on Sept. 27.

Orca’s API reported a lower $280.7 million. The two services count deposits in different ways, so we show both. Either way, the pool base stayed close to $300 million or a little under it.

Other large Solana DeFi apps lost ground over the week. DefiLlama shows Raydium AMM’s value locked down 2.4% in seven days to $1.14 billion. Total value locked across Solana DeFi stood at $5.71 billion.

A steady deposit base with rising volume means each dollar of liquidity worked harder. In the latest 24 hours, Orca DEX traded an amount equal to about 81% of its locked value, by DefiLlama’s figures.

Who’s buying and selling

Activity in the $ORCA token itself was mixed. In its largest pool on DexScreener, the ORCA/SOL pair on Orca, buys outnumbered sells 1,717 to 1,112 over 24 hours. That pool held about $771,201 in liquidity.

The token still slipped. $ORCA traded at $1.68 at 5:41 p.m. ET, down 2.1% in 24 hours and 4.0% in seven days, per CoinGecko. Jupiter’s price matched it within 0.3%. The exchange’s busy day did not carry over to its token.

What to watch next

• Whether Orca DEX holds third place among Solana DEXs in DefiLlama’s next 24-hour reading.
• Its share of Solana DEX volume, now near 17%, and whether PumpSwap’s lead narrows.
• Locked value near $300 million on DefiLlama; a drop would mean thinner pools for the same trades.
• Fees and protocol revenue in Orca’s API, which show whether the extra volume pays.

Bottom line: Orca DEX had a much busier trading day than the rest of Solana, while its deposits and its token stayed flat.

Sources

• Orca protocol API: 24-hour volume, fees, revenue and TVL (read 21:47 UTC, Oct. 26)
• DefiLlama, Orca DEX: TVL history and DEX volume (read 21:47 UTC)
• DefiLlama, Solana DEX volume: chain total and DEX ranking (read 21:47 UTC)
• CoinGecko, Orca: $ORCA price and changes (21:40 UTC)
• DexScreener, ORCA/SOL pool: buys, sells and liquidity (21:41 UTC)
• DefiLlama, Raydium AMM: TVL and 7-day change (21:41 UTC)

Price data: CoinGecko, checked against Jupiter.

Not financial advice.