CryptoSlate
A study of six major Solana proprietary market-making pools found wider realized round-trip spreads for non-aggregator trades in five. In matched comparisons, the non-aggregator premium was positive at five venues and negative at ZeroFi, with wider spreads in 68% to 83% of matched cells at the first five.
Why it matters
The findings suggest that reaching the same pool does not necessarily mean receiving comparable trading terms. Aggregators such as Jupiter search across liquidity venues, while a proprietary automated market maker can control its quotes and update them directly. The route into a pool may therefore be relevant to the price a trader receives.
The researchers matched trades by pool, day and size bucket, pairing opposite-side fills within 25 slots and excluding cases with an intervening operator quote update. That narrows some differences between the groups, but it is an observational comparison, not a test of the same trader switching interfaces. The paired fills also need not represent one customer's round trip.
Market impact
The paper reports a matched premium of +3.59 basis points at GoonFi and +1.58 at SolFi V2, while ZeroFi's was -0.05. These are realized round-trip price gaps, not individual swap fees. The study also says its results do not establish current savings from changing interfaces.
Wallet charges, network costs and quote-to-fill slippage are separate measurements. The researchers lacked historical Solana quote data to verify a comparable quote-to-fill gap, and their example of caller-dependent fee mechanisms concerned a Tessera implementation on Base, not proof of the same rules across Solana pools. For traders, the useful comparison is the completed swap: its route, charges and delivered amount under comparable conditions.
Frequently asked questions
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At how many Solana pools were non-aggregator spreads wider?
The study found wider non-aggregator spreads in matched comparisons at five of the six measured pools. ZeroFi had a small negative matched premium.
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How did the researchers compare aggregator and non-aggregator trades?
They paired opposite-side fills within the same pool, day and trade-size bucket, subject to timing and quote-update criteria.
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Does the study prove traders can save by switching interfaces?
No. It is an observational comparison of historical trades, not a test of the same trader changing interfaces, and it does not establish current savings.
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Are the reported spreads the same as swap fees?
No. The study measured realized round-trip price gaps. Wallet charges, network costs and quote-to-fill slippage are separate costs or measurements.
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What should traders compare when assessing execution quality?
The study points to the completed trade: the route and venue used, relevant charges, and the amount delivered under comparable conditions.
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