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ClearTrace
DEX Weekly
October 22, 2026 · Attribution: Ethereum, Base, Arbitrum, Optimism
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1 · Lead finding
Half of Arbitrum's measured flow is one Wintermute-linked contract, and it carried three quarters of the week's increase
In the attribution window written 2026-10-19, Arbitrum's measured volume was $1.01B across 690 contracts. One contract, 0x93c30e6e09f698cfea99b09b5166ed90cfaedd17, carried $516.8M of that, 51.3% of the chain. Our own labeling calls it Market Maker (Wintermute-linked), which is a hand-written override in our label file rather than a resolution from a registry. The name ran there with no evidence recorded from 2026-06-19 until the evidence and the per-chain scoping landed on 2026-08-05.
The move is this week's. In the previous window, written 2026-10-12, the same contract carried $317.4M of $748.8M, 42.4% of the chain. Arbitrum's measured volume then rose $258.7M, and $199.5M of that increase, 77.1%, came from this one address. The number of contracts carrying any volume fell from 750 to 690 across the same step, so the volume arrived without the set carrying it widening. Dune's venue-side table, which decodes the same chain through a different model and counts one notional per transaction, has Arbitrum's DEX category at $998.1M for the seven days to 2026-10-21 against $887.5M for the seven days to 2026-10-14, both read from this week's seed. So the chain did grow, by 12.5% on that table against 34.5% on ours. Both are Dune decodes rather than independent measurements, and the two are not differenced here; what the gap leaves open is whether some of the $199.5M is newly captured rows rather than new trading, which this issue cannot settle. One subtraction narrows it: the rest of Arbitrum, every contract except this one, rose from $431.5M to $490.7M, up 13.7%, within a point of the venue-side table's 12.5%. The excess is this row. The shrinking contract count does not explain the share either: contracts under $1M carried $38.4M in the previous window and $35.9M in this one, so the tail that left took $2.4M out of a denominator that rose $258.7M.
All $516.8M of it is booked as proxy volume, which in our attribution means the transaction's destination was not a recognised venue router or aggregator entrypoint. We do not recognise this contract as either, which is a statement about our own registry and not proof that it is neither. Its row in the previous window was proxy in full as well. Arbitrum as a whole is 88.1% proxy volume in this window, against 96.5% on Base, 88.4% on Optimism and 70.8% on Ethereum, though this one row is 58% of Arbitrum's proxy bucket, so that chain figure is largely this contract restated. Section 2 carries the rest of the Arbitrum list: an unnamed automated trading contract at $105.1M and a Safe-controlled vault router at $71.5M sit above the first venue-labeled row, kyber's MetaAggregationRouterV2, which is fourth at $31.5M.
51.3% is the highest reading we hold. Across the sixteen distinct attribution windows in our committed seed history, back to 2026-06-19, this contract's share of Arbitrum has run between 18.5% and 49.7%, and the previous maximum was 49.7% on $379.2M in the window written 2026-08-03, which is the window the label's own Arbitrum evidence cites. So a market maker holding something close to half of this chain's measured flow is a standing condition rather than news; crossing half is this week's step, after the two previous windows at 42.1% and 42.4%. The step sits inside the series' range rather than outside it: the median window-over-window move across those sixteen windows is 2.9 points, this one is 8.9, and the largest were the 29.3 and 24.6 points of three consecutive August windows that ran 47.8%, 18.5% and 43.1%. Arbitrum is also the smallest of the four chains we attribute, about a seventh of Base at $6.71B.
Two things this is not. It is not a venue share: these trades settle in the pools that section 5's venue table counts, so this flow sits inside the Arbitrum numbers of the venues named there rather than beside them. And it is not a claim about Wintermute the firm. The label reads Wintermute-linked because the evidence is association, not identification: the same deployer address on both chains the contract runs on, and on Arbitrum a transfer history whose only counterparties are 0x51c72848…502a7f, which Arkham labels Wintermute at high confidence, and the zero address for WETH wrap and unwrap. That forensic check was run on 2026-08-05, over 1,000 transfers sampled in each direction, 100% WETH, and it has not been re-run against this week's flow, so what the contract traded for the extra $199.5M is not something we have measured. Arkham does not label this contract itself, and neither do we.
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2 · Who carried the flow The contracts behind this week's volume, named where we can name themAttribution volume by the contract that carried the trade, per chain, for the attribution window written on the date shown (the refresh is weekly, usually a Monday, and a missed one is forced on the next sync). A name is printed only when our labeling has one; the rest is in the totals and in the count below each table. Ethereum, window written 2026-10-19: $5.91B across 3,136 contracts. | Contract | Volume | % of chain |
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| Wintermute (CEX-DEX Searcher) (0x51c728…502a7f) | $571.4M | 9.7% | | MEV Searcher (Atomic Arb) (0x000000…0f594e) | $513.4M | 8.7% | | Automated Trading Contract (0xbdb3ba…df47b6) | $336.5M | 5.7% | | kyber: MetaAggregationRouterV2 | $213.8M | 3.6% | | Market Maker (Wintermute-linked) (0x93c30e…aedd17) | $193.2M | 3.3% |
19 unnamed contracts over $5M carried $746.5M (12.6% of the chain); 26 contracts carrying $293.3M are withheld under a publication freeze and included in the total. Base, window written 2026-10-19: $6.71B across 4,533 contracts. | Contract | Volume | % of chain |
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| Wintermute-linked Market Maker (Bot) (0x83d55a…7490d5) | $1.47B | 21.9% | | Wintermute (CEX-DEX Searcher) (0x51c728…502a7f) | $667.5M | 9.9% | | uniswap: UniversalRouter | $617.1M | 9.2% | | Automated Bot Fleet (disposable EOAs) (0x08fb33…d9fc35) | $548.5M | 8.2% | | Anonymous Vault Router (Safe 0xe296…5658) (0x278d85…6ef8d2) | $420.2M | 6.3% |
31 unnamed contracts over $5M carried $527.2M (7.9% of the chain); 3 contracts carrying $55.9M are withheld under a publication freeze and included in the total. Arbitrum, window written 2026-10-19: $1.01B across 690 contracts. | Contract | Volume | % of chain |
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| Market Maker (Wintermute-linked) (0x93c30e…aedd17) | $516.8M | 51.3% | | Automated Trading Contract (0x96daa0…caab73) | $105.1M | 10.4% | | Anonymous Vault Router (Safe 0xe296…5658) (0x278d85…6ef8d2) | $71.5M | 7.1% | | kyber: MetaAggregationRouterV2 | $31.5M | 3.1% | | Automated Trading Contract (operator 0xd2be...ee4) (0x0b62f5…94fee4) | $28.4M | 2.8% |
2 unnamed contracts over $5M carried $14.1M (1.4% of the chain); 3 contracts carrying $33.3M are withheld under a publication freeze and included in the total. Optimism, window written 2026-10-19: $148.6M across 230 contracts. | Contract | Volume | % of chain |
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| Velodrome Slipstream LP Rebalancer (Bot) (0x5e6adb…9937b9) | $31.6M | 21.3% | | gnosis_safe: SafeL2_v1_3_0 | $16.8M | 11.3% | | Wintermute-linked Market Maker (Bot) (0x1ef354…d539e9) | $16.5M | 11.1% | | Automated Trading Contract (0xae629b…b40b3f) | $12.2M | 8.2% | | Arbitrage Bot (0x983744…dd4c69) | $9.5M | 6.4% |
1 unnamed contract over $5M carried $7.5M (5.0% of the chain); 3 contracts carrying $3.3M are withheld under a publication freeze and included in the total. Percentages are of the chain's attribution total in the window; the five rows are the largest named carriers, not the whole. Entrants that persisted. A contract over $5M this window that was also in the previous attribution window and not in the one before. A contract seen in one window only is churn and is not listed. | Chain | Contract | This window | Previous |
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| Ethereum | sstone.eth (0xc2fdb7…b5e18b) | $6.2M | $1.8M in the window of 2026-10-12 | | Base | 7702 Delegated EOA (0x76de…74da) (0xb88bb6…f43654) | $48.1M | $20.5M in the window of 2026-10-12 | | Base | 7702 Delegated EOA (0x8d16…0d4d) (0x2ff103…960c7c) | $9.6M | $0.0M in the window of 2026-10-12 |
Unnamed entrants, by chain: Ethereum: 3 unnamed, $256.5M; Base: 10 unnamed, $148.4M. Their addresses are in the issue manifest and the labeling queue. Named this week. Labels dated inside the seven days to 2026-10-22, on contracts carrying at least $1M in the current window, that were not already in the seed of the previous ATTRIBUTION window. A label the labeler merely revisited is not new and is not listed. | Chain | Contract named | Volume | How, when |
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| Ethereum | SupervisedLoanPositionManagerSwapBorrowHolderPstOwnable2StepWithShortcut (0xcaf6a1…6d097a) | $10.0M | Sourcify, 2026-10-19 | | Base | SafeProxy (0x378190…e57388) | $1.7M | Sourcify, 2026-10-19 | | Ethereum | MetricOmmSimpleRouter (0x02201e…229ab7) | $1.0M | Sourcify, 2026-10-21 |
A further 2 contracts carrying $5.2M received a role label (proxy shape, delegated EOA, bot, bucket) rather than a name; they count as attributed in coverage and are not listed as names. | 3 · Execution scoreboard Realized fill against the Uniswap default, and who revertsEach venue's realized output against the same trade routed through the Uniswap default, on Ethereum, matched on pair, size cohort and 30-minute window. This is the realized comparison, not the quote gap: a quote gap measures a venue against its own quote and carries no price level. Median basis points of realized output against the Uniswap default route. Positive means the taker receives more than the default route delivers, negative less. A cell is printed only when rated: at least 30 matched windows spanning at least 7 days and not stale; n/a otherwise. 988 to 3,697 matched windows per printed cell. Sample captured 2026-06-23 to 2026-10-22, 88,285 successful Ethereum captures. Venues under a publication freeze or wound down are not shown. Router revert rates, Ethereum, 7 days. Every router we measure that we may name, best first. RFQ and intent venues are not routers (the user does not submit the swap), and a venue whose execution model is unclassified is not compared either. 1 router with fewer than 10 reverted user transactions in the window is not listed: that few events is not a rate. User revert rate is the revert rate over senders whose own transactions to these routers succeeded at least 90% of the time over the window. It is a threshold on each sender's own outcomes, not a classification of who the sender is. Data written 2026-10-21. The highest rate across the full measured population on this chain, named here or not, is 1.11%. Largest sandwiched trades, 7 days. From Dune's curated sandwich table. Totals count victims of at least $1,000; the unfloored figure is printed beside each so the floor's effect is visible. | Chain | Attacks | Victim volume | Attacks, no floor | Volume, no floor |
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| Ethereum | 1,300 | $39.0M | 8,060 | $40.4M | | Base | 4,208 | $16.3M | 1,096,970 | $380.8M | | Arbitrum | 13 | $0.1M | 55 | $0.1M | | Optimism | 37 | $0.1M | 244 | $0.1M |
The largest victims in the window. | Chain | Venue | Pair | Victim size | Date |
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| Ethereum | Uniswap | PYUSD-USDS | $1.6M | 2026-10-15 | | Ethereum | Uniswap | PYUSD-USDS | $1.5M | 2026-10-21 | | Ethereum | Uniswap | USDC-USDG | $1.5M | 2026-10-21 | | Ethereum | Uniswap | PYUSD-USDS | $1.4M | 2026-10-16 | | Ethereum | Uniswap | PYUSD-USDS | $1.4M | 2026-10-16 | | Ethereum | Uniswap | PYUSD-USDS | $1.2M | 2026-10-16 |
Across the four chains: 5,558 attacks for $55.5M with the floor, 1,105,329 for $421.5M without it. The gap is almost entirely sub-$1,000 rows on Base that the detector books as sandwiches; whether those are one operator or many is not something this table can say. The floor makes the VOLUME describe MEV rather than that pattern; it does less for the count. 58% of the floored count is still one pair, USDC-XDP on Base (3,232 of 5,558), so read the count as that pair plus a market rather than as a market. Dune's detector is curated, not ours, and its false-positive rate is not bounded here. Written 2026-10-21. | 4 · Fees, declared and undeclared What we have reproduced, what DefiLlama reports, and what gas costsOnly a fee we have reproduced from our own quote sample is called a fee here. A flat shortfall we have not reproduced is a parameter we have not attributed, and section 3 labels it that way. Explicit fees we have reproduced. | Venue | Fee | Where it is taken | Verified |
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| Bebop | ~100 bps on self-execution PMMv3 routes, disclosed as protocolFeeUsd and already deducted from the quoted buy amount; JAMv2 routes carry none, and bebop_best_route picks JAM whenever it is offered | netted inside the quote before it is returned | 2026-08-06 | | CoW Swap | gas-cost fee taken from the sell token before routing, disclosed as quote.feeAmount; size-dependent in bps, not a fixed percentage | taken from the sell token before routing | 2026-09-08 | | LI.FI | flat 25 bps of the sell amount, a 'LIFI Fixed Fee' taken before routing under the default lifi-api integrator, on every same-chain swap | taken from the sell token before routing | 2026-09-03 | | OpenOcean | 1 bp on stables, 10 bps on volatile pairs, to a named collector address | taken from the output token, visible as a skim | 2026-07-31 | | ParaSwap | flat 1 bp on every major pair, to a named collector address | taken from the output token, visible as a skim | 2026-07-31 |
Protocol fees, 30 days, as DefiLlama reports them. | Protocol | Category | 30d fees | Take rate |
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| PumpSwap | DEX | $116.3M | 12.5% | | Uniswap V4 | DEX | $69.0M | 0.0% | | Meteora DLMM | DEX | $37.3M | 9.9% | | Uniswap V3 | DEX | $35.6M | 26.0% | | Raydium AMM | DEX | $19.3M | 15.2% | | Aerodrome Slipstream | DEX | $9.7M | 70.5% | | OKX Swap | Aggregator | $4.2M | 0.0% | | Jupiter Aggregator | Aggregator | $2.4M | 100.0% | | CoWSwap | Aggregator | $2.0M | 58.0% |
DefiLlama's figures and DefiLlama's categories, fetched 2026-10-21; take rate is the share of fees DefiLlama books as protocol revenue. Shown for context; nothing here is reproduced by us. Venues under a publication freeze or wound down are not shown. Gas as a fraction of a $10,000 trade. | Chain | Median gas | Scope | Rows |
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| Ethereum | 0.13 bps | full | 29,370 | | Arbitrum | 0.03 bps | execution only, excludes the L1 data fee | 8,259 | | Base | 0.01 bps | execution only, excludes the L1 data fee | 10,129 | | Optimism | <0.01 bps | execution only, excludes the L1 data fee | 8,433 |
Median of realized gas valued in USD over the trade notional, for successful captures at the $10k cohort with a valued gas price. On the L2s the figure is a lower bound: it covers execution gas and not the L1 data fee. | 5 · Market context Share of volume, inside one category at a timeSeven days to 2026-10-21, with the change in points against the seven days to 2026-09-23. Each table is one category of one chain: the DEX category reads pool-level fills and the Aggregator category reads aggregator-routed fills, and because an aggregator's fills also appear at the pool, the two overlap and are never summed. Total volume; no organic-versus-bot split is published. Share of DEX-category volume, Arbitrum, 7 days to 2026-10-21 ($998.1M) Share of DEX-category volume, Base, 7 days to 2026-10-21 ($6.28B) Share of DEX-category volume, BNB Chain, 7 days to 2026-10-21 ($9.68B) | Venue | Share | 4-week change |
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| PancakeSwap | 82.8% | -5.9 pts | | Uniswap | 6.7% | -0.4 pts | | Metric | 6.5% | +4.2 pts | | Tessera V | 4.0% | +2.7 pts | | Other | 0.0% | |
Share of DEX-category volume, Ethereum, 7 days to 2026-10-21 ($6.23B) | Venue | Share | 4-week change |
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| Uniswap | 69.7% | -2.6 pts | | Fluid | 11.5% | +1.6 pts | | Curve | 5.8% | -1.6 pts | | Metric | 4.8% | +2.4 pts | | Other | 8.2% | |
Share of DEX-category volume, Solana, 7 days to 2026-10-21 ($13.04B) | Venue | Share | 4-week change |
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| Meteora | 20.2% | -3.0 pts | | BisonFi | 14.3% | +1.5 pts | | PumpSwap | 12.6% | +0.5 pts | | Orca Whirlpool | 11.5% | +1.5 pts | | Other | 41.4% | |
Share of Aggregator-category volume, Base, 7 days to 2026-10-21 ($328.7M) Share of Aggregator-category volume, BNB Chain, 7 days to 2026-10-21 ($303.8M) | Venue | Share | 4-week change |
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| KyberSwap | 41.9% | +22.5 pts | | Bebop | 21.9% | +9.4 pts | | 1inch | 6.3% | -2.8 pts | | CoW Swap | 4.0% | -1.8 pts | | Other | 25.9% | |
Share of Aggregator-category volume, Ethereum, 7 days to 2026-10-21 ($2.53B) Source: dune_global_market, written 2026-10-21, which reads dex.trades for the DEX category and dex_aggregator.trades for the Aggregator category, both collapsed to one notional per transaction. Venue-days under $1M are not in the source. Optimism is not in this source; its attribution appears in section 2. Below the $250.0M floor for tabulating a chain and category, and so not shown: Arbitrum Aggregator ($163.3M). A venue under a publication freeze is counted in Other and not named; removing it from the denominator would misstate every other row. The 2026-10-09 Lista SmartSwap backfill (Dune spellbook #9988) reaches Ethereum, adding $1.13B of history over 2026-06-14 to 2026-09-19. Only one of the two windows compared here covers it: the venue is 0.29% of this chain's DEX-category volume in the seven days to 2026-09-23 and nothing in the seven days to 2026-10-21, so part of the change column is that asymmetry rather than the market. The 2026-10-09 Lista SmartSwap backfill (Dune spellbook #9988) reaches BNB Chain, adding $1.66B of history over 2026-07-17 to 2026-09-19. Only one of the two windows compared here covers it: the venue is 0.27% of this chain's DEX-category volume in the seven days to 2026-09-23 and nothing in the seven days to 2026-10-21, so part of the change column is that asymmetry rather than the market. Other absorbs rounding, so each table sums to 100.0. |
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The dashboard carries the full attribution tables and the methodology notes set out the difference between the quote gap and the realized comparison, and what the user-only revert rate does and does not say.
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ClearTrace · Cross-chain DEX attribution. The issue manifest committed beside this issue lists each venue, contract, share and rate figure with its source table, filter and as-of date. It does not carry every number printed here: chain and category totals, contract counts, withheld-row counts and the sample-window counts are in the sections and not the manifest. Sections 2 to 5 are generated from the data; section 1 is written.
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