Solana DEX Trades Beat NYSE for First Time, Close In on Nasdaq

Solana’s decentralized exchanges recorded more spot trades than the New York Stock Exchange for the first time in the week ending Sept. 13, according to figures shared by The Kobeissi Letter.

The network processed about 208 million individual token swaps during the week, compared with roughly 190 million trades on the NYSE. Solana also came within approximately 47 million trades of Nasdaq, its narrowest reported gap yet.

The milestone shows the scale of activity on Solana. It does not mean its exchanges handled more money than the NYSE, or that a token swap carries the same economic weight as a stock trade.

The comparison measures the number of executions, and that distinction matters.

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Solana’s Weekly Trade Count Overtakes the NYSE

The 208 million swaps put Solana roughly 18 million trades ahead of the NYSE for the week. Based on the same figures, the network recorded about 30 million swaps a day on average.

The Kobeissi Letter said Solana’s weekly spot DEX activity has risen 185% from its July low.

If sustained, that increase would suggest the latest result reflects a broader rebound in trading rather than a single unusually busy day. The Sept. 13 week alone, however, cannot establish how long the pace will last.

BREAKING: The number of weekly spot DEX trades on Solana has officially surpassed the NYSE for the first time in history.

This metric includes the number of individual onchain token swaps executed on decentralized exchanges built on Solana.

In the week ending September 13th,… pic.twitter.com/kTbpO17gZj

— The Kobeissi Letter (@KobeissiLetter) September 22, 2026

In this comparison, a DEX trade is an onchain token swap executed on a decentralized exchange on Solana. It is a narrower measure than the total volume of transactions on the blockchain, which also includes transfers and other activity unrelated to spot trading.

The reported Nasdaq gap implies roughly 255 million trades for that exchange in the same week. That leaves Solana behind Nasdaq on the metric, even after passing the NYSE.

It also makes the next comparison clear: Solana would need another substantial rise in weekly swaps or a decline in Nasdaq trading to close the remaining 47 million-trade gap.

The figures should be read with care. An equity trade and a token swap involve different assets, participants, and order execution methods. The raw count does not reveal the typical trade size, the total value changing hands or how many distinct people placed the trades.

Jupiter Helps Drive the Surge

Jupiter has been a major contributor to the rise. The Solana trading platform processed more than 80 million trades so far this month, up 38% month over month.

Jupiter lets users swap tokens while routing orders across multiple liquidity sources. Its documentation says that its default Ultra trading mode searches Solana’s leading automated market makers and other liquidity providers to find trade routes.

That helps explain why activity through a single interface can span much of the network’s trading ecosystem.

Solana Dapps with the Highest User Growth in the Last 24H 📊

▫️Jupiter Lend (@JupiterExchange): 254.0%
▫️@vanishTrade : 101.9%
▫️@hylo_so : 66.7%
▫️@MeteoraAG : 56.0%
▫️@DivvyBet : 50.0%
▫️@kamino : 48.6%
▫️@omnipair : 46.5%
▫️@Raydium : 44.0%
▫️@grass : 42.0%
▫️@metaplex :… pic.twitter.com/mpQmY7Eg6L

— Solana Daily (@solana_daily) September 18, 2026

The month-to-date Jupiter figure and Solana’s weekly total cover different periods, so they cannot be divided to calculate Jupiter’s precise share of the Sept. 13 week. Still, the platform’s growth points to one source of the network-wide acceleration.

Trading conditions also affect how readily users can place small swaps. Solana’s fee guide describes a low base transaction fee, while Jupiter offers features such as automated routing and, for eligible trades, execution without requiring users to hold SOL to pay the network fee directly.

Those features can make frequent trading practical, though the reported counts alone do not show what prompted each trade.

Trade Counts Tell Only Part of the Story

The NYSE comparison is striking precisely because stock exchanges remain central to markets with vastly different assets and trading conventions. Yet a higher count does not, by itself, demonstrate greater liquidity or economic activity.

NYSE’s own market-data specification records trade count, share volume and dollar value as separate measures. A market can lead on one and trail on another. The same principle applies when comparing a network of crypto exchanges with a stock exchange.

Counting methods warrant attention too. NYSE trades executed on its venue differ from trades in NYSE-listed shares across all US venues. Nasdaq’s daily market summary, for example, says it covers Nasdaq-listed securities traded across all venues.

Nasdaq daily market summary — Daily market summary represents volume from all trading venues on which Nasdaq Issues are traded. | Credit: Nasdaq

The figures establish the reported comparison, but readers need the underlying datasets and matching definitions to assess it fully.

For Solana, the next test is whether activity remains high after the current trading burst. Continued strength in both trade count and dollar volume would provide firmer evidence of lasting DEX demand. A retreat in swaps would make the NYSE crossover look more like a peak week.

Either way, 208 million swaps represent a notable level of onchain use. Solana has passed the NYSE in reported weekly trade count and narrowed its gap with Nasdaq. What that means for the relative size of those markets requires more than counting trades.

Solana Just Beat the NYSE in Weekly Trades — and Is Closing In on Nasdaq

Solana’s Weekly Trade Count Overtakes the NYSE

Jupiter Helps Drive the Surge

Trade Counts Tell Only Part of the Story

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