Solana study finds wider spreads outside aggregators at five of six sampled pools
A study of Solana trades from September 2025 to August 2026 found that non-aggregator flow had wider realized round-trip spreads than aggregator flow in five of six major proprietary AMMs. The researchers matched trades by pool, day and size, and found wider non-aggregator spreads in 68%–83% of matched cells at those five venues; the sixth showed a small premium in the opposite direction. The findings show an association, not proof that changing interfaces would give the same trader better execution. The study also describes caller-dependent fees and quote timing in a Base AMM, but says those mechanisms are not confirmed for Solana. Wallet fees, swap spreads, price impact and slippage are distinct costs, so the study’s historical spread results cannot be combined with current wallet fees to estimate savings. Actual route, charges and delivered amount matter.
