Volume snapshot
According to Artemis data, Jupiter routed 64% of spot transactions in November 2025, peaking at $2.9B in a single day. Orca handled 18%, Raydium 12%, and the rest were split between order books and niche perps.
Execution quality
- Jupiter's v4 intents batch multiple pools, producing 30-60 bps better pricing on long-tail assets versus single AMMs.
- Orca still wins for LPs that want concentrated exposure, but its router cannot tap external liquidity without leaving the app.
- Raydium's integration with OpenBook is powerful, yet market makers still prefer Jupiter as the front door for retail flow.
Perpetuals and incentives
The new Jupiter Perps module shares margin between perp and spot accounts, enabling takers to reuse collateral across both. Orca and Raydium rely on external partners for perps, so the experience feels fragmented. Meanwhile, JUP token emissions reward routing quality, not mercenary TVL, keeping incentives aligned with traders.
The takeaway
For most traders, Jupiter is the best Solana DEX touchpoint: faster intent fulfillment, lower slippage, and constant UI iteration. Power LPs should still pair it with Orca Whirlpools, and algo desks should monitor OpenBook depth—but Jupiter remains the anchor tab for anyone swapping on Solana.