Orca has processed roughly $8 billion in decentralized exchange volume over the past 30 days, placing it among Solana’s largest trading venues as activity expands across both crypto-native and tokenized assets. According to DeFiLlama’s Orca dashboard, the DEX currently shows about $8.0 billion in 30-day volume, more than $2 billion over seven days and roughly $320 million in total value locked. Orca has also crossed $500 billion in cumulative Solana trading volume.
Its recent weekly activity has temporarily moved ahead of Raydium, which is tracking about $1.5 billion over the same seven-day window. Orca is not currently Solana’s largest DEX overall, however, with PumpSwap recording higher weekly and monthly turnover. The data point therefore signals a shift in Solana’s venue mix rather than Orca taking permanent control of network trading. Rolling DEX rankings can change rapidly as liquidity, launches and automated flow move between protocols.
Tokenized Stocks Add a New Source of Volume
Tokenized equities have become an increasingly visible component of Orca’s activity. Token Terminal data shows that Solana has generated approximately $12.4 billion in tokenized-stock DEX volume during 2026, with Orca accounting for about $1.2 billion of that total. Raydium remains the category leader at $6.1 billion, followed by Meteora at $2.3 billion.
September alone produced more than $4.4 billion in Solana tokenized-stock turnover, the highest monthly reading reported for the segment. That record demonstrates substantial secondary-market activity but not an equivalent amount of new investment in tokenized equities, since the same liquidity can rotate repeatedly through DEX pools. Raydium and Orca were among the venues handling that flow.
The distinction is especially important when considering Orca’s economics. DeFiLlama currently records approximately $10.7 million in total protocol fees and $1.4 million in protocol revenue over 30 days. Those figures cover Orca as a whole and cannot be attributed solely to its $1.2 billion in tokenized-stock volume. The exchange is simultaneously processing SOL, stablecoins, wrapped assets and other crypto markets.
Orca has been deliberately expanding the infrastructure available for real-world assets. Its permissioned pool framework lets issuers impose eligibility requirements around particular markets, while products such as tokenized SpaceX exposure and other RWA instruments have already received dedicated liquidity. That trend complements the wider growth of tokenized-equity trading across decentralized exchanges. Orca is becoming one of Solana’s execution venues for tokenized traditional assets, but it remains substantially behind Raydium in that category.
Orca Expands Liquidity Tools as Volume Rises
The protocol has also been adding tools aimed at making concentrated liquidity easier to manage. Orca recently introduced an auto-compounding feature for liquidity providers that automatically harvests accumulated fees and redeploys them into eligible positions. Orca’s live interface now exposes the option directly alongside its liquidity-management tools. The feature reduces the operational work required to reinvest fees, although it does not eliminate impermanent loss, range risk or other LP exposure.
The expansion is taking place against a Solana market that currently generates more than $70 billion in monthly DEX turnover. Orca’s roughly $8 billion represents a meaningful slice of that activity, alongside PumpSwap, Raydium, Meteora and newer venues. Previous network snapshots have similarly shown how quickly Solana DEX leadership can rotate as daily volume moves between protocols. Orca’s current weekly lead over Raydium should therefore be treated as a rolling market snapshot, not a structural ranking.
ORCA itself has experienced elevated trading turnover during the same period, but token volume cannot establish whether buyers are adding net capital or whether activity reflects speculation, arbitrage or event-driven repositioning. The more defensible signal is at the protocol level: Orca has crossed $500 billion in cumulative DEX volume while tokenized stocks are adding a measurable, but still minority, source of trading activity. Whether that segment becomes structurally important will depend on recurring liquidity, spreads and trading after the current growth phase rather than on token price action alone.
Emma Lawson writes about the pressure points where crypto meets the outside world: regulation, exchanges, macro policy, tokenized assets and geopolitical risk. From the US, she follows the decisions and events that can change how capital moves, how platforms operate and how digital assets are treated by institutions.
Her work is direct and evidence-led. Emma is less interested in legal theatre than in practical consequences: what changed, who is affected, which risks are real and where the market may be overreacting. She brings a steady voice to complex stories, especially when regulation, infrastructure and global markets start pulling in the same direction.