[Analysis: At least 40% of Jupiter's trading volume consists purely of atomic arbitrage activities] Analyst Eekeyguy posted an analysis on the X platform, stating that arbitrage trading on Solana can be divided into atomic arbitrage (Atomic arbs) and bundled arbitrage (Bundled arbs). Many arbitrage bots do not run custom programs but instead trade through aggregators like Jupiter and DFlow. Among them, at least 40% of Jupiter's trading volume consists purely of atomic arbitrage activities. Aggregators handle approximately 60% of all DEX trading volume on Solana, with Jupiter accounting for about 90% of the market share in this field. Therefore, approximately 22% of Solana's total DEX trading volume is purely atomic arbitrage conducted through Jupiter. Additionally, when bundled arbitrage data is included, the proportion of arbitrage trading on Jupiter jumps from 40% to 50%, making arbitrage trading account for about 27% of the total DEX trading volume. Including DFlow and other aggregators, it is estimated that arbitrage trading tracked solely through aggregators accounts for approximately 30% of all DEX trading volume on Solana. A conservative estimate suggests that, on average, at least 50% of Solana DEX trading volume consists of arbitrage trading, and on certain days, this proportion may approach 60% to 70%. Note: The above analysis does not capture other types of arbitrage strategies. Atomic arbitrage refers to completing a transaction within a single trade—for example, buying low on one DEX and selling high on another DEX to earn the price difference in one go. Bundled arbitrage, on the other hand, achieves the same result through multiple transactions within the same block.