Non-Aggregator Trades Had Wider Spreads at Five Solana PropAMMs

Non-aggregator trades between Solana (SOL) and USDC had wider median round-trip spreads than aggregator-routed trades at five of six Solana proprietary automated market makers. The size of the difference varied by venue in a comparison covering trades from Sept. 1, 2025, through Aug. 31, 2026. Among matched groups of venue, day and trade size, the median premium for non-aggregator trades was 3.59 basis points at GoonFi and 1.58 basis points at SolFi V2. The premium was 0.40 basis points at HumidiFi and 0.10 basis points each at BisonFi and Tessera.