# Non-Aggregator Trades Had Wider Spreads at Five Solana PropAMMs

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/47461
Published: 2026-11-03T07:44:39.000Z
Updated: 2026-11-03T07:44:39.000Z
Section: Investing

> The SOL/USDC comparison covered trades from Sept. 1, 2025, through Aug. 31, 2026. It compares matched historical trades, not the cost of routing the same swap each way.

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. ZeroFi was the exception, with a median difference of minus 0.05 basis points. One basis point equals one-hundredth of a percentage point.

The overall median spreads for aggregator and non-aggregator trades, respectively, were 0.78 and 4.39 basis points at GoonFi, and 3.88 and 4.90 basis points at SolFi V2. HumidiFi recorded 0.09 and 0.86 basis points; BisonFi, 0.71 and 1.01; Tessera, 0.90 and 0.93; and ZeroFi, 1.52 and 1.50. The within-group premiums compare matched observations and are not simple differences between each venue’s overall median spreads.

Non-aggregator spreads were wider in 68% to 83% of matched groups at the five venues with positive median premiums. At ZeroFi, they were wider in 41% of groups. These percentages count matched groups, not individual trades or trading volume.

Each round trip paired consecutive trades in opposite directions at the same venue. The fills had to occur within 25 Solana slots, be within a factor of two in size and belong to the same routing class; there could be no intervening quote update from the venue operator. A proprietary automated market maker uses a single operator to supply inventory and update prices without a trade.

The historical comparison does not establish what the same trader would have paid for a swap using another route. It describes matched trades in the sample period, rather than current costs for a particular trade.