PropAMM Weekly · Ethereum
Edition 4 · POL Finance · week of 2026-10-03 to 2026-10-09.
We track the on-chain PropAMM landscape on Ethereum week by week. Unless noted, every figure comes from the router's own indexed data. This edition covers 6.9 days, from 2026-10-03 00:00 UTC to Friday 2026-10-09 21:00 UTC, and compares them with the 7 days before.
Short version: the router settled $40.0M across 2,726 swaps in 6.9 days; per day, volume was up 9% and swaps down 15% against the previous week. FermiSwap took 87% of the week's volume, up from 74%, and Metric settled no swaps on the router. CoW Protocol was again the largest source of flow at $22.7M, 57% of the week's volume. The Uniswap V3 fallback fired on 7.8% of swaps, down from 8.2%. Titan built 56% of the volume, with BuilderNet up to 35%.
1. The week on the router
| metric | this week (6.9 days) | previous week (7.0 days) | all-time to 2026-10-09 |
|---|---|---|---|
| window length | 6.9 days | 7.0 days | since 2026-06-01 |
| USD volume (window total) | $40.0M | $37.3M | $657.9M |
| USD volume per day | $5.8M | $5.3M | n/a |
| swaps (window total) | 2,726 | 3,267 | 59,388 |
| swaps per day | 397 | 467 | n/a |
| new accounts | +58 | +65 | 1,667 total |
| direct swaps | 2 (0.1%) | 0 (0.0%) | 516 (0.9%) |
| Uniswap V3 fallback rate (by swap count) | 7.8% | 8.2% | 18.4% |
| fees collected | $0.00 | $0.00 | $0.29 (47 charges) |
| maker state-update transactions | 5,307 | 6,782 | n/a |
Volume rose and swap count fell. The two windows differ in length, so we compare per day.
- Per day, volume rose 9% and swaps fell 15%. The window totals moved +7% and -17%.
- Across all Ethereum propAMMs, volume per day rose 15% ($44.8M to $51.4M, pamm.wtf), or 26% excluding Metric.
- The fallback rate dropped again: a maker met the required output on 92.2% of orders.
- Daily volume was $1.8M and $1.4M on 10-03 and 10-04, then between $5.6M and $10.1M a day from 10-05.
- There were 2 direct swaps, both on 2026-10-09 and each about $1. They are the first direct swaps since edition 2's window. The data counts gas only on direct swaps, so the week's gas total, 0.00042 ETH, is the gas of these two.
- Makers posted 772 state-update transactions a day on-chain, down 20% from 969. They wrote 2.0 updates per swap, against 3.0.
Where the change came from
FermiSwap added more router volume than the router gained; Metric and Tempest account for most of the offset.
| cause | router volume change per day |
|---|---|
| FermiSwap's total volume rose 28%; the router's share of it held (11.4%, then 11.2%) | +$1,097k |
| Metric settled no swaps on the router (last router fill 2026-09-28 19:53 UTC) | -$531k |
| Tempest settled no swaps from 2026-09-30 12:23 UTC to 2026-10-09 08:13 UTC | -$213k |
| Stelaxis | +$89k |
| Uniswap V3 fallback | +$60k |
| Other makers (Bebop, Kipseli, TaurusFi, elzorro) | -$11k |
How we split it: router volume per day rose $491k. Each row is that maker's router volume per day this week minus the previous week. FermiSwap's total volume (all callers) is from pamm.wtf over full days; the router's share uses the router's FermiSwap volume over the same days.
2. Who is winning the flow
Ranked by USD volume settled this week.
| maker | USD volume | swaps | week share | previous week share |
|---|---|---|---|---|
| FermiSwap | $34.6M | 1,250 | 87% | 74% |
| Uniswap V3 (fallback) | $2.5M | 213 | 6% | 6% |
| Kipseli | $0.99M | 133 | 2% | 3% |
| Stelaxis | $0.64M | 259 | 2% | <1% |
| elzorro | $0.62M | 701 | 2% | 2% |
| Bebop | $0.45M | 117 | 1% | <1% |
| Tempest | $0.20M | 17 | <1% | 5% |
| TaurusFi | $0.01M | 36 | <1% | 0% |
| Metric | $0.00M | 0 | 0% | 10% |
FermiSwap's share rose on its own growth and on Metric's absence: its router volume rose 26% ($27.6M to $34.6M) on the same swap count, against 7% for the router.
In the chart, the diagonals mark constant average fill.
3. Best and worst maker, and why
FermiSwap is the best maker this week. Among makers that filled, Tempest shows the largest decline; Metric filled nothing on the router.
- FermiSwap leads on dollars and swaps, with an average fill near $27.7k, up from $22.1k.
- Metric settled no swaps on the router. pamm.wtf lists Metric at $4.2M a day this week across all callers, against $7.4M the week before.
- Tempest settled 17 swaps ($0.20M), all on 2026-10-09 from 08:13 UTC. Its swaps fell 97% and its volume 88%.
- Stelaxis rose from 27 to 259 swaps and from $26.4k to $0.64M.
- TaurusFi settled swaps again: 36 swaps, $13.0k, from 2026-10-07. Its previous swap on the router was on 2026-09-15.
- Bebop rose from 71 to 117 swaps.
- GoliathAMM appears on pamm.wtf from 2026-10-06 and has no swaps on the router.
4. Execution cost by trade size
Small trades pay mostly gas; large trades pay mostly price.
Cost is the swap's price against the Binance mid at the same second, plus gas, in bp of trade size. Positive means worse than the mid. We cover USDC/USDT (the only stable pair this week) and WETH against USDC or USDT.
Stable/stable (USDC/USDT)
| trade size | n | median price cost (bp) | median gas (bp) | median all-in (bp) | p25-p75 all-in (bp) |
|---|---|---|---|---|---|
| $1k-10k | 48 | 0.21 | 9.57 | 9.77 | 4.48 to 16.76 |
| $10k-50k | 12 | 0.24 | 0.70 | 0.98 | 0.73 to 2.01 |
| $50k-250k | 20 | 0.21 | 0.24 | 0.50 | 0.34 to 0.78 |
| $250k-1M | 11 | 0.19 | 0.08 | 0.29 | 0.24 to 0.36 |
USDC/USDT at $1M and above: 4 swaps this week, too few to report a cost.
ETH/stable (WETH/USDC, WETH/USDT)
| trade size | n | median price cost (bp) | median gas (bp) | median all-in (bp) | p25-p75 all-in (bp) |
|---|---|---|---|---|---|
| $1k-10k | 898 | 0.64 | 4.42 | 6.06 | 2.66 to 12.32 |
| $10k-50k | 304 | 1.20 | 0.74 | 2.13 | 1.39 to 3.99 |
| $50k-250k | 103 | 1.67 | 0.28 | 2.00 | 1.28 to 3.61 |
| $250k-1M | 8 | 3.16 | 0.27 | 3.51 | 1.79 to 4.82 |
ETH/stable at $1M and above: none this week.
Each column is a separate median across swaps, so price and gas medians do not add up to the all-in median.
What the tables show:
- Under $10k, gas is most of the cost on both classes.
- From $50k up, median gas is at or below 0.28 bp. Price is the larger part from $10k up on ETH/stable and from $250k up on USDC/USDT.
- USDC/USDT all-in is 0.50 bp at $50k-250k and 0.29 bp at $250k-1M (11 swaps).
- ETH/stable at $250k-1M costs 3.51 bp all-in, 3.16 bp of it price. The bucket holds only 8 swaps.
Coverage: we measure 1,408 of the week's 2,726 swaps. Excluded:
- 1,229 swaps under $1k (1,144 ETH/stable, 29 stable/stable, 56 other).
- 89 swaps of $1k or more in WBTC and cbBTC pairs (80 and 9).
- Every swap this week had a USD price.
5. What is trading
Stablecoins carried the dollars and ETH carried the count. USDC moved back ahead of USDT on both.
- USDC: about $14.5M traded across 1,659 swaps.
- USDT: about $12.5M across 1,191 swaps.
- WETH: the most-traded token by count at 2,457 swaps.
- WBTC present but thin at 136 swaps; cbBTC marginal at 9.
Top pairs by USD volume:
- USDC/USDT: $14.0M on 124 swaps, near $113k a trade, against 352 swaps near $42k the week before.
- USDC/WETH: $13.0M on 1,440 swaps, back ahead of USDT/WETH.
- USDT/WETH: $10.4M on 1,017 swaps.
6. Who is sending the orders
The same two callers lead. CoW Protocol's share of volume and the integrator 0x9c2e's share of swaps both rose.
| caller | swaps | USD volume |
|---|---|---|
| 0x9008…ab41 (CoW Protocol) | 206 | $22.7M |
| 0x9c2e…c48c | 2,248 | $13.1M |
| 0x34d7…b793 | 13 | $1.3M |
| 0x3751…eb45 | 7 | $0.33M |
| 0x6f92…3777 | 7 | $0.30M |
- CoW Protocol settlement: 57% of the week's volume, up from about 49%.
- The integrator 0x9c2e: 82% of the week's swaps, up from about 80%, averaging near $5.8k.
- 72 distinct callers sent orders, against 75.
- In the concentration chart, the top builder holds 56% of swaps and the top maker 46%.
7. Where the blocks are built
| builder | swaps | USD volume | week share |
|---|---|---|---|
| Titan | 1,514 | $22.6M | 56% |
| BuilderNet | 661 | $14.0M | 35% |
| Quasar | 412 | $2.3M | 6% |
| Eureka | 70 | $0.73M | 2% |
| bombora.build | 49 | $0.21M | <1% |
Titan still builds most of the volume, and BuilderNet's share rose 11 points.
- Titan: 56%, from 61% the previous week.
- BuilderNet: 35%, from 24%, averaging near $21.2k a swap against $14.9k for Titan.
- Quasar fell from 8% to 6%; bombora.build from 5% to under 1%.
- Eureka's swaps are all fallback: 70 of 70.
- 11 builders built at least one router swap.
8. Sources and method
Data and windows
- The router's data API, read-only, for 2026-10-03 00:00 UTC to 2026-10-09 21:00 UTC (6.875 days; the week is cut at Friday 21:00 UTC). Last swap 20:59 UTC. No swap reverted.
- Previous week: the same API for 2026-09-26 00:00 to 2026-10-03 00:00 UTC (3,267 swaps, $37.3M). Every change in this edition is against it.
- Edition 3 published 3,325 swaps and $40.6M for a different window, 2026-09-25 13:04 to 2026-10-02 20:08 UTC: 117 swaps ($3.8M) before 09-26, and none of the 59 swaps ($0.60M) after 20:08 on 10-02. Those 59 swaps fall in neither edition's window.
- All-time: edition 3's database dump to 2026-10-02 20:08 UTC, plus the API after it.
- USD volume is priced on the stablecoin leg, a lower bound. Every swap this week had a priced leg.
- Token dollar figures give half of each swap's USD value to each token.
- Callers are the address that called the router. Only CoW Protocol is labeled. Previous-week caller shares come from the dump, 2026-09-26 00:00 to 2026-10-02 20:08 UTC (3,208 of the week's 3,267 swaps).
- The data's gas totals count direct swaps only. Section 4 uses each swap's transaction gas.
- Maker update counts: the router's update registry, indexed through the week.
Market figures and execution cost
- Market-wide and FermiSwap total figures: pamm.wtf public API, fetched 2026-10-09, full days only (09-26 to 10-02 and 10-03 to 10-08), with pamm.wtf's own USD pricing.
- pamm.wtf has revised its Metric series since edition 3's fetch: 09-26 to 10-01 now averages $41.6M a day for the whole market, against $39.5M then.
- Binance mid: from public aggTrades (USDCUSDT, ETHUSDC, ETHUSDT), the average of the last buyer- and seller-initiated trade from 60 seconds before the block to the end of its second (600 seconds for 36 of 1,408 swaps).
- This is a trade-based proxy, not the book mid. On USDCUSDT it resolves to about 0.05 bp.
- Gas: transaction gas cost times the ETHUSDT 1-second close, split pro-rata by USD value across router swaps in the same transaction. In-transaction builder payments are excluded.