Solana PropAMMs Better Than CEX in 99.3% of Retail Swaps

Solana’s prop AMM phenomenon is reinventing market structure, eclipsing the industry-standards set by centralized exchanges. 

Jump Crypto argues that Prop AMMs like BisonFi significantly outperform their centralized counterparts, giving retail users better execution in 99.3% of trades.

While the prop AMM vs CLOB debate rages on, Jump Crypto’s BisonFi continues to assert its dominance in Solana DEX volume rankings.

Median Prop AMM Swap 10x More Efficient Than Retail CEX Trade

Jump Crypto, the celebrated HFT firm best known for its development of Solana’s Firedancer client, has published a comprehensive research paper outlining the unparalleled efficiency and execution of prop AMMs in DeFi spot markets.

Analyzing over 20 million fills throughout March 2026, Jump Crypto’s research claims that prop AMMs like BisonFi consistently outperform centralized exchanges by a considerable margin. 

Comparing the median fill execution among leading prop AMMs against the best mid price across CEXes like Binance, Jump Crypto concluded that prop AMMs offered superior execution to entry level CEX fee tiers in 99.3% of trades.

While the median prop AMM fill landed at 0.72 basis points (bps), retail tiers on centralized exchanges can execute trades at a cost of 10.57 bps. Even at the highest VIP tiers among CEX traders, median prop AMM fills were objectively 1.85 bps cheaper than their centralized counterparts.

As a direct result, Solana DeFi has inevitably become the most efficient venue for $SOL trading. Throughout the month of March, prop AMMs witnessed higher spot trading volume in SOL/USD pairs than all leading centralized exchanges combined.

Prop AMMs vs CLOBs?

While much of the Solana ecosystem has embraced prop AMMs and lauded their efficiency and execution, they aren’t without their critics. Detractors argue that prop AMM execution isn’t as effective as what they supposedly quote. 

Pipe Network CEO David Rhodus claims that prop AMMs are yet to fully close the ‘quote-to-execution’ gap, which leaves room for swap outcomes to go stale and give users worse pricing.

Other network contributors contend that the CLOB (Central Limit Orderbook) remains the most powerful foundation for market structure, pointing to their ongoing use by the world’s most prolific HFTs as evidence for its superiority.

Prop AMMs have undeniably dominated spot trading since early 2025. However, the structure is still unproven in Solana’s perpetual trading sector. Though battle-tested teams like Ellipsis Labs have developed a perps venue, Phoenix Trade, using the prop AMM design, it is still unclear if the model will be competitive at scale.

Jump Crypto’s BisonFi Dominates Solana DEX Volume

Reinforcing Jump’s research, the firm’s prop AMM is steadily asserting its dominance across Solana’s DeFi landscape. After launching quietly in Q4 2025, BisonFi consistently leads DEX volumes, constituting 17% of weekly market share.

Looking toward the future, Jump Crypto anticipates that the prop AMM market design can be applied to any onchain asset class, meaning that we may see operators begin supporting RWAs like tokenized stocks and credit markets in the future.

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