flâneur

PFOF on Solana

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This is adapted from an unrecorded talk I gave at MEV Day before Breakpoint in 2025. All data in this article is from the week of December 1–8, 2025. It was collected by querying historical data from Allium and manually categorizing tip and fee addresses. Application developers who own the user hold a privileged role in financial markets. They get to decide where trades are routed and how they are filled. While much is known about how this works in traditional markets, there has been nearly nothing written publicly about how orderflow is routed and monetized on Solana, the largest decentralized spot market in the world. This report is an attempt to pull back the curtain on how apps monetize user orders and provide some data on what the landscape looks like today. In traditional finance, users place market or limit orders that are sold to trading firms for execution. Regulation ensures these orders receive reasonable execution relative to current market prices. Trading firms are willing

Payment for Order Flow on Solana | Benedict Brady ← Back Payment for Order Flow on Solana December 29, 2025 This is adapted from an unrecorded talk I gave at MEV Day before Breakpoint in 2025. All data in this article is from the week of December 1–8, 2025. It was collected by querying historical data from Allium and manually categorizing tip and fee addresses. Introduction Application developers who own the user hold a privileged role in financial markets. They get to decide where trades are routed and how they are filled. While much is known about how this works in traditional markets, there

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