A September study compared realized round-trip spreads across six SOL/USDC pools on Solana, distinguishing trades routed through aggregators from those routed outside them. In five pools, non-aggregator trades had wider matched median spreads, with premiums ranging from 0.1 to 3.59 basis points and wider spreads in 68% to 83% of matched cells; ZeroFi was the exception, with a median premium of -0.05 basis point. The findings represent a historical association between routing class and pricing terms, rather than proof that the same trader would receive a better price by switching interfaces today. The study also notes that wallet fees, price impact, quote-to-fill slippage and venue-specific pricing mechanisms are separate costs and cannot simply be added to estimate the savings available through an aggregator.
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