Solana DEX Volume Surpasses Bybit in Major Trading Shift

• Solana-based decentralized exchanges have surpassed Bybit in year-to-date trading volume.
• Aggregate Solana DEX volume now ranks behind only Binance globally.
• The data highlights a continued migration of liquidity toward on-chain markets.

Lead

Trading activity on decentralized exchanges built on Solana has overtaken the year-to-date volume of centralized exchange Bybit, marking a notable shift in where crypto market liquidity is being executed. The development underscores the growing role of on-chain venues in price discovery and trade execution, particularly within high-throughput blockchain ecosystems.

Context: Solana’s Expanding On-Chain Markets

Solana has emerged as one of the most active smart contract networks for decentralized finance, driven by fast transaction finality and comparatively low fees. Over the past year, its ecosystem of decentralized exchanges primarily automated market makers and routing aggregators has seen sustained growth in both user activity and transaction size.

Unlike centralized exchanges, where trades are matched internally, Solana DEX volumes reflect on-chain settlement across multiple protocols. This structure has increasingly attracted traders seeking direct custody, composability with other DeFi applications, and transparent execution.

How Solana Overtook Bybit

Cumulative trading data compiled across Solana-based DEXs shows total volume exceeding that reported by Bybit on a year-to-date basis. This milestone places Solana’s on-chain trading activity ahead of one of the largest global centralized exchanges and positions it second overall, trailing only Binance among all crypto trading venues.

The increase has been gradual rather than driven by a single event, reflecting consistent daily activity rather than short-term spikes. Trading has been concentrated in SOL pairs, stablecoins, and ecosystem-native tokens, with aggregators routing large orders across multiple liquidity pools.

Market Structure Implications

The shift has implications for how liquidity is sourced and how prices are formed in crypto markets. For assets closely associated with the Solana ecosystem, decentralized venues increasingly function as the primary market, with centralized exchanges reacting rather than leading on price.

While centralized platforms continue to dominate derivatives and fiat on-ramps, the Solana data suggests that spot trading particularly for crypto-native participants is increasingly occurring on-chain. This trend aligns with broader industry movement toward self-custody and decentralized execution.

Centralized Exchanges Under Pressure

Bybit remains a major player in both spot and derivatives trading, with a global user base and a strong presence in perpetual futures. However, the comparison highlights growing competitive pressure from decentralized infrastructure, especially on high-performance blockchains.

Some centralized exchanges have responded by experimenting with hybrid models, integrating decentralized trading tools, or incubating on-chain products. These efforts reflect an acknowledgment that a portion of trading demand is structurally shifting away from traditional order-book venues.

What Comes Next

Whether Solana DEXs can sustain or expand their lead will depend on several factors, including network stability, continued application development, and broader market conditions. Competition from other Layer-1 and Layer-2 networks may also influence where on-chain liquidity concentrates.

For centralized exchanges, the challenge will be adapting to a market where significant volume no longer requires intermediated custody or centralized matching engines.