DEX comparison — decentralized exchanges side by side
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In the previous lesson we met Jupiter. 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.
What is a DEX?
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% (only 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 perpetual contracts) |
| 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 →. Jupiter finds the best price automatically.
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 →)
What are Orca Whirlpools?
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 |
Meteora — a growing alternative
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 |
|---|---|---|---|---|
| Jupiter | Aggregator | 0% | Token swaps | Daily |
| Orca | Liquidity | 0.01–1% | LPLPLiquidity Provider — deposits tokens into a pool and earns a share of trading fees.Read the lesson → positions | Primary |
| 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 |
| 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 |
Ethereum ecosystem DEXs
ETHUniswap V3/V4
Uniswap V3 vs V4
V3 — the long-standing standard, reliable and still the most widely used. V4 — live since early 2025, and by now a mature, widely adopted version. Both work well — this course's LPLPLiquidity Provider — deposits tokens into a pool and earns a share of trading fees.Read the lesson → examples are built on V3, and we cover V4 in more detail 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 | ~$0.03–0.30 (mainnet), cheaper on ArbitrumArbitrumAn Ethereum Layer 2 network. Cheaper and faster transactions than Ethereum mainnet.Read the lesson → |
| 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 → V3 |
| Experience needed | Less | More |
Our recommendation
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 → V3 (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. (lending) — on the ArbitrumArbitrumAn Ethereum Layer 2 network. Cheaper and faster transactions than Ethereum mainnet.Read the lesson → network for lower fees.
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.