DEX comparison — decentralized exchanges side by side
Henry presses the same Swap button but pays 25 times the fee, because the token is brand new. A DEX is an exchange machine, an aggregator finds the best rate for you, and a high fee is the exchange itself signalling risk. Solana (Jupiter, Orca, Meteora) vs Ethereum (1inch, Uniswap).
This is an affiliate link. It costs you nothing extra, but the platform pays a commission. That helps keep the school free.
In the previous lesson we met Jupiterad. In this lesson we'll cover all the major decentralized exchanges (DEXsDEXDecentralized Exchange — a decentralized exchange (e.g. Jupiter, Orca, Uniswap). No KYC required.Read the lesson →) on the SolanaSolanaA fast blockchain (under 1s, gas under $0.01). Home to the Kamino, Orca and Meteora ecosystem.Read the lesson → and EthereumEthereumA blockchain with smart contracts. We use Aave (lending) and Uniswap (LP) on it.Read the lesson → networks.
DEX (decentralized exchange) — a cryptocurrency exchange with no middleman. It works like a vending machine — you put in one currency, you get another. No staff, no sign-up.
Solana ecosystem DEXs
SOLJupiter (Aggregator) Jupiter
| Feature | Value |
|---|---|
| Type | Price-comparison tool |
| Fee | 0.02% on the SOLSOLSolana's native token. Used to pay gas and as collateral.Read the lesson →↔USDCUSDCA USD stablecoin issued by Circle. Regulated, audited monthly. Our primary stablecoin and loan asset in the Kamino/Aave strategies.Read the lesson → pair; 0.1% on most other tokens; 0.5% on brand-new tokens (less than a day old); 0% in Manual mode — plus the network fee, ~$0.001 |
| Extra features | Limit OrdersLimit OrderAn order that only executes once the price reaches the level you specified.Read the lesson →, DCADCADollar Cost Averaging — buying a fixed amount at regular intervals, smoothing out the average purchase price.Read the lesson →, Perpetuals (leveraged contracts — we do NOT use them in this course; see 2-6 The danger of futures) |
| Best for | Any token swap on the SolanaSolanaA fast blockchain (under 1s, gas under $0.01). Home to the Kamino, Orca and Meteora ecosystem.Read the lesson → network |
When to use it: Always, whenever you need to swap tokens on SolanaSolanaA fast blockchain (under 1s, gas under $0.01). Home to the Kamino, Orca and Meteora ecosystem.Read the lesson →. Jupiterad finds the best price automatically.
Jupiter is not 0%. A normal SOLSOLSolana's native token. Used to pay gas and as collateral.Read the lesson →↔USDCUSDCA USD stablecoin issued by Circle. Regulated, audited monthly. Our primary stablecoin and loan asset in the Kamino/Aave strategies.Read the lesson → swap costs about 0.02%, while buying a brand-new token (less than 24 hours old) costs 0.5% — 25 times more. That is the exchange pricing risk: the younger the token, the higher the fee.
LeverageLeverageBorrowed funds that proportionally magnify both gains and losses.Read the lesson → (Perpetuals) in 2026 is offered not only by Jupiter but by the PhantomPhantomA Solana wallet. Connects to Kamino, Orca and Jupiter.Read the lesson → wallet itself — up to 40x, and reachable in one tap for EU users. That is why the lesson 2-6 The danger of futures is worth reading sooner rather than later.
Fees are as of 2026-09 and change — check jup.ag before you swap.
Orca Orca
| Feature | Value |
|---|---|
| Type | Liquidity exchange (Concentrated LiquidityConcentrated LiquidityProviding liquidity within a specific price range instead of from 0 to infinity. Uses capital more efficiently.Read the lesson →) |
| Fee | 0.01–1% (depends on the pool) |
| Best for | LPLPLiquidity Provider — deposits tokens into a pool and earns a share of trading fees.Read the lesson → positions (our strategies) |
Orca in our strategies:
OrcaOrcaA Solana DEX with concentrated liquidity (Whirlpool). The basis of our LP strategy on the Solana network.Read the lesson → is the main exchange where we'll put our money to work:
- Strategy A: USDCUSDCA USD stablecoin issued by Circle. Regulated, audited monthly. Our primary stablecoin and loan asset in the Kamino/Aave strategies.Read the lesson → liquidity provision
- Strategy B: USDCUSDCA USD stablecoin issued by Circle. Regulated, audited monthly. Our primary stablecoin and loan asset in the Kamino/Aave strategies.Read the lesson → liquidity provision
- Earnings: depend on pool and market activity (variable fee APRAPRAnnual Percentage Rate — the annual interest rate WITHOUT compounding. 10% APR = +10% per year.Read the lesson →)
OrcaOrcaA Solana DEX with concentrated liquidity (Whirlpool). The basis of our LP strategy on the Solana network.Read the lesson → uses a "Concentrated LiquidityConcentrated LiquidityProviding liquidity within a specific price range instead of from 0 to infinity. Uses capital more efficiently.Read the lesson →" model. That means you can choose the price range in which your money works. More on this in Module 4 (LPLPLiquidity Provider — deposits tokens into a pool and earns a share of trading fees.Read the lesson → positions).
When to use it: When building LPLPLiquidity Provider — deposits tokens into a pool and earns a share of trading fees.Read the lesson → positions in our strategies with Orca. For a simple swap, use Jupiter.
Raydium
| Feature | Value |
|---|---|
| Type | AMMAMMAutomated Market Maker — an algorithm that lets tokens be swapped without an order book. Prices are set by a formula.Read the lesson → (automated market maker) + Concentrated LiquidityConcentrated LiquidityProviding liquidity within a specific price range instead of from 0 to infinity. Uses capital more efficiently.Read the lesson → |
| Fee | 0.25%+ |
| Best for | Meme tokens, new projects |
Raydium vs Orca:
| Feature | Orca | Raydium |
|---|---|---|
| Design | Simpler | More complex |
| Meme tokens | Fewer | More |
| For our strategies | Primary | Alternative |
When to use it: As an alternative to OrcaOrcaA Solana DEX with concentrated liquidity (Whirlpool). The basis of our LP strategy on the Solana network.Read the lesson →, or when you need less common tokens.
Meteora Meteora
| Feature | Value |
|---|---|
| Type | DLMMDLMMDynamic Liquidity Market Maker — Meteora's bin-based model with dynamic fees.Read the lesson → (Dynamic Liquidity Market Maker) |
| Fee | Variable (adjusts automatically) |
| Best for | Dynamic LPLPLiquidity Provider — deposits tokens into a pool and earns a share of trading fees.Read the lesson → positions |
MeteoraMeteoraA Solana DLMM (bin-based) liquidity protocol. An alternative to Orca, with dynamic fees.Read the lesson → is growing fast. Its fees adjust automatically to the market — when the market gets choppy, fees go up (and so do your earnings). We'll compare OrcaOrcaA Solana DEX with concentrated liquidity (Whirlpool). The basis of our LP strategy on the Solana network.Read the lesson → and MeteoraMeteoraA Solana DLMM (bin-based) liquidity protocol. An alternative to Orca, with dynamic fees.Read the lesson → in more detail in Module 4.
When to use it: As an alternative to OrcaOrcaA Solana DEX with concentrated liquidity (Whirlpool). The basis of our LP strategy on the Solana network.Read the lesson →, especially when Meteora offers better terms.
Solana DEX summary
| DEX | Type | Fee | Best for | In our strategies | Risk note |
|---|---|---|---|---|---|
| Jupiter | Aggregator | 0.02–0.1%; new tokens 0.5% | Token swaps | Daily | An aggregator — it never holds your funds; new tokens cost 25x more to swap |
| Orca | Liquidity | 0.01–1% | LPLPLiquidity Provider — deposits tokens into a pool and earns a share of trading fees.Read the lesson → positions | Primary | No protocol-level exploit; in 2026-04 its front end was affected by the Vercel incident — front-end risk is not the same as contract risk |
| RaydiumRaydiumA Solana DEX with liquidity pools — one of the largest by volume.Read the lesson → | AMMAMMAutomated Market Maker — an algorithm that lets tokens be swapped without an order book. Prices are set by a formula.Read the lesson → | 0.25%+ | Meme tokens | Alternative | Meme-token flow means more exposure to rug pulls |
| Meteora | DLMMDLMMDynamic Liquidity Market Maker — Meteora's bin-based model with dynamic fees.Read the lesson → | Variable | Dynamic LPLPLiquidity Provider — deposits tokens into a pool and earns a share of trading fees.Read the lesson → | Alternative | No protocol exploit, but a US class action was filed against a co-founder over ~$57M |
Before buying an unfamiliar SolanaSolanaA fast blockchain (under 1s, gas under $0.01). Home to the Kamino, Orca and Meteora ecosystem.Read the lesson → token, check it on RugCheck or look for a Jupiter warning. The Token-2022 "permanent delegate" extension lets the token issuer move or burn tokens out of your wallet WITHOUT your signature — your wallet will not show you that action.
Concentrated-liquidity protocols are not unbreakable either: Cetus (SolanaSolanaA fast blockchain (under 1s, gas under $0.01). Home to the Kamino, Orca and Meteora ecosystem.Read the lesson →) lost ~$223M in 2025, the largest CLMM-type exploit to date.
Ethereum ecosystem DEXs
ETHUniswap V3/V4
V3 — still holds the largest TVLTVLTotal Value Locked — the total value deposited in a DeFi protocol. An indicator of how popular a protocol is. (2026-09: ~$1.51B) and keeps running unchanged. V4 — live since January 2025, and by 2026 it has overtaken V3 on volume (24h: ~$2.12B vs ~$805M) and generates almost 2x the LPLPLiquidity Provider — deposits tokens into a pool and earns a share of trading fees.Read the lesson → fees. For a new LPLPLiquidity Provider — deposits tokens into a pool and earns a share of trading fees.Read the lesson → position the default choice today is V4; V3 remains fine if your position is already there. Note: moving from V3 to V4 is not automatic — you have to close the position, and that realizes impermanent loss. Figures as of 2026-09 (DefiLlama) and they change; the detailed comparison is in Module 4.
1inch (Aggregator)
| Feature | Value |
|---|---|
| Type | Price-comparison tool (like Jupiter, but EthereumEthereumA blockchain with smart contracts. We use Aave (lending) and Uniswap (LP) on it.Read the lesson →) |
| Fee | 0% (only the network fee) |
| Networks | EthereumEthereumA blockchain with smart contracts. We use Aave (lending) and Uniswap (LP) on it.Read the lesson →, ArbitrumArbitrumAn Ethereum Layer 2 network. Cheaper and faster transactions than Ethereum mainnet.Read the lesson →, Polygon, and others |
| Best for | Best prices on the EthereumEthereumA blockchain with smart contracts. We use Aave (lending) and Uniswap (LP) on it.Read the lesson → network |
When to use it: When swapping tokens on the EthereumEthereumA blockchain with smart contracts. We use Aave (lending) and Uniswap (LP) on it.Read the lesson → network. 1inch is the EthereumEthereumA blockchain with smart contracts. We use Aave (lending) and Uniswap (LP) on it.Read the lesson → equivalent of Jupiter.
Curve Finance
When to use it: When swapping stablecoins between each other (USDCUSDCA USD stablecoin issued by Circle. Regulated, audited monthly. Our primary stablecoin and loan asset in the Kamino/Aave strategies.Read the lesson → → USDTUSDTTether USD stablecoin. An alternative to USDC. Liquidity on Solana has historically been smaller — most Solana DeFi liquidity is still in USDC.Read the lesson →). Curve has the lowest fees for these swaps.
Camelot (Arbitrum)
Ethereum DEX summary
Solana vs Ethereum DEX — overall comparison
| Feature | Solana DEX | Ethereum DEX |
|---|---|---|
| Transaction fee | ~$0.001 | 2026-09: a mainnet swap costs ~$0.04 (gas ~0.05 gwei); much more during spikes |
| Speed | ~0.4 seconds | 2–15 seconds |
| Aggregator | Jupiter | 1inch |
| Primary LPLPLiquidity Provider — deposits tokens into a pool and earns a share of trading fees.Read the lesson → | OrcaOrcaA Solana DEX with concentrated liquidity (Whirlpool). The basis of our LP strategy on the Solana network.Read the lesson → / MeteoraMeteoraA Solana DLMM (bin-based) liquidity protocol. An alternative to Orca, with dynamic fees.Read the lesson → | UniswapUniswapAn Ethereum concentrated-liquidity protocol (V3/V4). Its Solana counterpart is Orca.Read the lesson → V4 (V3 still running) |
| Experience needed | Less | More |
SOL strategy: Jupiter (swap) + OrcaOrcaA Solana DEX with concentrated liquidity (Whirlpool). The basis of our LP strategy on the Solana network.Read the lesson →/MeteoraMeteoraA Solana DLMM (bin-based) liquidity protocol. An alternative to Orca, with dynamic fees.Read the lesson → (LPLPLiquidity Provider — deposits tokens into a pool and earns a share of trading fees.Read the lesson →) — cheap and fast.
ETH strategy: 1inch (swap) + UniswapUniswapAn Ethereum concentrated-liquidity protocol (V3/V4). Its Solana counterpart is Orca.Read the lesson → (LPLPLiquidity Provider — deposits tokens into a pool and earns a share of trading fees.Read the lesson →) + AaveAaveEthereum lending protocol (v3). In our strategy: ETH collateral to a USDC loan.Read the lesson → (lending). In 2026 EthereumEthereumA blockchain with smart contracts. We use Aave (lending) and Uniswap (LP) on it.Read the lesson → L1 fees dropped to cents (a swap costs ~$0.04), so you pick an L2 for where the liquidity is, not because it is cheaper. If you do go to an L2, Base today has 4x the DeFiDeFiDecentralized Finance — financial services without intermediaries, operating through smart contracts.Read the lesson → TVLTVLTotal Value Locked — the total value deposited in a DeFi protocol. An indicator of how popular a protocol is. of ArbitrumArbitrumAn Ethereum Layer 2 network. Cheaper and faster transactions than Ethereum mainnet.Read the lesson → ($5.6B vs ~$1.4B, 2026-09), and every move to an L2 adds bridge risk on top.
For beginners, we recommend SolanaSolanaA fast blockchain (under 1s, gas under $0.01). Home to the Kamino, Orca and Meteora ecosystem.Read the lesson → — it's cheaper and simpler.
How to choose a DEX?
Next step
Now you know which DEXDEXDecentralized Exchange — a decentralized exchange (e.g. Jupiter, Orca, Uniswap). No KYC required.Read the lesson → to use for what. Next lesson — the most important topic in this module: how to send crypto between wallets and exchanges so your funds always arrive where they should.
Check the lesson's claim for yourself: does the aggregator really give the best price? This exploration task takes about 10 minutes — nothing to buy or confirm.
This is only a price comparison — no transaction needs to be confirmed. If your wallet suddenly asks you to sign something you don't understand, reject it.
This is learning, not investing — use only small amounts you treat as tuition.
You just reviewed the whole DEX landscape and checked the aggregator's price — now you'll pick the right exchange for any swap or LP position yourself.