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PropAMMs cut Solana swap execution costs versus public AMMs

A Sept. 29 preprint comparing SOL/USDC execution over Sept. 1, 2025 to Aug. 31, 2026 found propAMMs at 0.26 bps versus public AMMs at 2.59 bps, with quieter flows also showing positive maker markouts.

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CryptoSlate reports a Sept. 29 preprint concludes that professional operator-run Solana pools, or propAMMs, can deliver cheaper SOL/USDC execution in quiet markets than public automated market makers, where depositor inventory is exposed to stale quotes.

According to the study, the reference-relative execution cost proxy for quiet-market SOL/USDC fills was 0.26 basis points for propAMMs versus 2.59 for public AMMs, based on fills from Sept. 1, 2025 through Aug. 31, 2026, with additional analysis using shorter Base and Monad samples.

The paper also says that in its Solana sample, two-second gross maker markouts were +0.37 basis points for propAMMs and −0.22 for public AMMs, using a markout framework that compares fills to later reference prices and weighting fills by notional.

CryptoSlate notes the study frames the difference as a tradeoff between the first participant seeking better swap prices and passive pool depositors who may require separate compensation for the risks their inventory carries.

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