PropAMM Weekly · Ethereum
Edition 6 · POL Finance · Oct 16 20:41 to Oct 30 20:41 UTC, 2026.
POL tracks on-chain PropAMM activity every week. No edition was published for Oct 23, so this one covers the last two weeks.
Short version: router volume per day rose 21% against edition 5, Metric went from 2.5% to 26.0% of it, and on Oct 29 7 PropAMMs sold 1,437 WETH between 20:30 and 20:36 UTC at Binance's price.
- Event: the Uniswap V3 pool premium over Binance then reached 22.8% (21:09 UTC) while the PropAMMs had no WETH. The router recorded no PropAMM WETH fill for 3.4 hours.
- Router: it handled $96.5M on 7,738 swaps in 14.0 days. The Uniswap V3 fallback filled 25.5% of swaps (was 14.6%).
- Makers: Kipseli leads at +$147 per $1M at t0. 1 of 9 makers is negative at t0 and 2 are negative at t60.
Terms: a PropAMM is an on-chain maker whose quotes follow a centralized exchange's price and are refreshed by its own update transactions. The router is the contract that routes each order to the best maker, with Uniswap V3 as fallback. The fallback fills orders where no maker met the required output. The premium is how far the Uniswap V3 pool price is above Binance's price. "Was" gives the value in edition 5. Counts: the maker table has 9 makers. The event data has 7 PropAMMs, because one venue's inventory address held no WETH and one request-for-quote venue has none, so neither is in the 1,437 WETH.
1. On Oct 29 the PropAMMs sold their WETH at Binance's price in the first minutes, then quoted mostly bids for up to 12 hours
Quotes that follow Binance filled at Binance's price in the first minutes of the move.
Their inventories held 1,539 WETH (about $3.5M) in total. In other words, they sold at the Binance price until the WETH ran out. While the pool was more than 10% above Binance, they had no WETH to offer.
The trigger was the drain of a Binance hot wallet. We explain what happened in detail in our thread.
| Oct 29, UTC | What happened |
|---|---|
| about 20:24 | A Binance hot wallet is drained |
| 20:30:23 to 20:36:11 | 7 PropAMMs sell 1,437 WETH (411 + 929 + 97). Until 20:34:11 the pool is within 0.2% of Binance ($2,299 at 20:33:59) |
| 20:34:23 | One pool swap moves the pool to 6.7% above Binance. In the same block, after that swap, PropAMMs sell 929 WETH |
| by 20:36:11 | All 7 PropAMMs hold 5% or less of their 20:30 WETH (1,539 WETH in total at 20:30) |
| 20:36:11 | Pool first more than 9% above Binance. It is above 10% until 21:23 |
| 21:00 to 22:00 | Router records 0 swaps (same hour, prior 7 days: 23 a day) |
| 21:09:47 | Pool peak $2,777.62 vs Binance $2,261.35 (+22.8%) |
| 21:37:11 | Pool returns within 1% of Binance |
| 23:30 | 6 venues return a $1k WETH bid, 1 returns a $1k ask |
| Oct 30 08:16 | An 8th venue returns a WETH ask |
- The sale: 7 PropAMMs sold 1,437 WETH for $3.30M between 20:30:23 and 20:36, at +3.3 bp vs the Binance ETH/USDC 1 s close (volume-weighted, 1 bp = 0.01%). Only 0.06 WETH was sold after 20:36:11, when the pool first went more than 9% above Binance.
- The makers after: at 23:30, 5 of the 6 venues quoting a WETH bid quoted no ask. 8 venues quoted asks again 3 to 12 hours after 20:34. Inventories rose above 5 WETH again 4.3 to 11.6 hours after the sale.
- The router: it recorded no PropAMM WETH fill from 20:30:23 to 23:54:59 (3.4 hours).
2. Router volume per day rose 21% while FermiSwap fell from 72% to 48% and Metric rose from 2.5% to 26%
The router handled $96.5M on 7,738 swaps in 14.0 days, which is $6.90M and 553 swaps a day (+21% and +43% vs edition 5).
| Venue | Volume | Share | Swaps | Average fill | Change in share vs edition 5 (pp) |
|---|---|---|---|---|---|
| FermiSwap | $46.15M | 47.8% | 1,412 | $32.7k | -24.6 |
| Metric | $25.14M | 26.0% | 1,005 | $25.0k | +23.5 |
| Uniswap V3 (fallback) | $8.24M | 8.5% | 1,970 | $4.2k | -0.5 |
| Tempest | $4.70M | 4.9% | 693 | $6.8k | -3.5 |
| TaurusFi | $3.94M | 4.1% | 615 | $6.4k | +4.0 |
| Goliath | $3.29M | 3.4% | 839 | $3.9k | +2.4 |
| Kipseli | $2.70M | 2.8% | 220 | $12.3k | 0.0 |
| Stelaxis | $2.17M | 2.2% | 792 | $2.7k | +0.1 |
| Bebop | $0.16M | 0.2% | 51 | $3.1k | -0.9 |
| ElZorro | $0.07M | 0.1% | 141 | $0.5k | -0.4 |
| Total | $96.55M | 100% | 7,738 | $12.5k |
The dashed lines mark the average fill size. FermiSwap and Metric are above $25k a fill, Kipseli is at $12.3k and ElZorro at $0.5k.
- Shares: Metric's share of router volume went from 2.5% to 26.0% (1,005 swaps, average fill $25.0k against $14.9k) while FermiSwap's went from 72.4% to 47.8%. We did not measure why.
- Concentration: FermiSwap and Metric hold 73.8% of volume (was 81.5%). HHI is the sum of squared percentage shares on a 0 to 10,000 scale, and higher means more concentrated. It is 3,100 (was 5,421). In other words, volume is less concentrated than before.
- Fallback: it filled 25.5% of swaps (1,970, 8.5% of volume), against 14.6% before. By day it ran 21% to 34% from Oct 17 through Oct 29.
3. Kipseli leads PnL per $1M at t0 and t60, and 1 of 9 makers is negative at t0 and 2 at t60
Kipseli leads on PnL per $1M at t0 (+$147) and at t60 (+$120).
The gap from first to last is $158 per $1M at t0 and $137 at t60. Stelaxis is below zero at t0, and Tempest and ElZorro are below zero at t60.
The table covers the 7 days to Nov 2, because the pamm.wtf leaderboard cannot be set to an earlier date.
PnL per $1M is what a maker kept (or lost) on $1M of fills, after marking each fill to the market price at the fill (t0) and 60 seconds later (t60). "Median edge per fill" is the price of the typical fill against the market price at that moment, in bp (1 bp = 0.01%). This number being positive means the fill was priced in the maker's favor.
| Maker | PnL per $1M, t0 | Rank t0 (edition 5) | PnL per $1M, t60 | Median edge per fill, t0 (bp) | Volume 7 d |
|---|---|---|---|---|---|
| Kipseli | +$147 | 1 (1) | +$120 | +0.43 | $16.9M |
| Bebop (bopAMM) | +$74 | 2 (3) | +$67 | +0.62 | $8.9M |
| ElZorro | +$47 | 3 (9) | -$17 | +0.38 | $2.3M |
| Metric | +$37 | 4 (7) | +$31 | +0.14 | $351.9M |
| FermiSwap | +$34 | 5 (5) | +$24 | +0.34 | $559.7M |
| Tempest | +$28 | 6 (2) | -$16 | +0.26 | $30.2M |
| Goliath | +$24 | 7 (8) | +$103 | +0.07 | $19.8M |
| TaurusFi | +$10 | 8 (4) | +$15 | +0.16 | $54.8M |
| Stelaxis | -$11 | 9 (6) | +$26 | -0.04 | $21.1M |
- Rank changes since edition 5 (t0): ElZorro 9 to 3, Metric 7 to 4, Tempest 2 to 6, TaurusFi 4 to 8, Stelaxis 6 to 9. At the same time, Kipseli and FermiSwap didn't change.
- ElZorro: it went from rank 9 to rank 3 at t0, and its PnL per $1M at t60 is -$17. In other words, its fills were priced in its favor at the fill and lost value within 60 seconds.
- Scale: the 9 PropAMMs filled $1.07B over the last 7 days, 6.2% of Ethereum DEX volume ($17.26B, Oct 26 to Nov 1). The router handled $48.3M from Oct 23 to Oct 29, 0.37% of Ethereum DEX volume ($13.12B, $6.24B of it on Oct 29).
Also this period
- Two halves: in the week to Oct 23 20:41 UTC the router handled $46.6M on 3,240 swaps ($6.66M a day). From Oct 23 20:41 to Oct 30 20:41 (7.0 days) it handled $50.0M on 4,498 swaps ($7.14M a day).
- Average fill: FermiSwap $32.7k (was $30.1k) and the fallback $4.2k (was $9.1k).
- Accounts: 111 senders, 93 of them new (was 86 and 72). 14 direct swaps (0.18%), all under $15.
- Maker quote updates: 33,458 on-chain update transactions, 2,390 a day against 1,379 (+73%). 5.3 updates per swap (was 5.9).
- Senders and builders: orders from the CoW Protocol settlement contract were 52.9% of router volume ($51.1M, 971 swaps, was 45.7%), and one address made 52.8% of swaps (was 67.8%). Titan built 58.3% of the 6,373 blocks that carried a router swap (was 57.0% of 2,276) and 61.1% of router volume (was 65.4%).
- All-time to Oct 30: $793.8M on 69,818 swaps, with a fallback rate of 19.00% and 1,832 accounts.
- Execution cost: all-in is the price against the Binance mid at the same second plus gas. WETH against USDC or USDT cost a median 1.35 bp all-in at $50k to $250k (203 swaps) and 3.69 bp at $1k to $10k (2,017 swaps). USDC/USDT cost 0.21 bp at $50k to $250k (102) and 0.16 bp at $250k to $1M (28).
- New tokens: 13 tokens not seen before, $0.5M in total. Metric filled 10 of them (LINK, AAVE, PAXG, ENA, LIT, QNT, ONDO, MORPHO, PEPE and wstETH): 54 swaps, $0.29M on the 48 with a stablecoin leg. Tempest filled EURC against USDC: 13 swaps, $0.20M, from Oct 20. ElZorro filled NVDAon (Ondo tokenized NVIDIA) against USDC and ALIGN: 5 swaps, $14 in total. The first NVDAon router fill was Oct 27 22:43 UTC.
What we are watching next
Three items, checked again on Nov 6.
- Fallback rate below 20%? It was 12.9% on Oct 30 (11.3% from 06:00 to 20:41 UTC), and 25.5% over these two weeks.
- WETH inventories back to pre-event size? The 7 PropAMMs held 427 WETH at Oct 30 20:37 UTC, against 1,539 at 20:30 on Oct 29.
- Metric above 20% of router volume? It went from 24.4% to 27.6% of router volume from week 1 to week 2, and is 26.0% over these two weeks (was 2.5%).
Integrators: check what share of your orders between Oct 29 20:30 and Oct 30 08:00 UTC went to a fallback or failed, and compare it with the router's 3.4 hours without a PropAMM WETH fill. Makers: if the inventory address we read for your venue is wrong, send the right one.
Sources and method
- Router: the router's data API (summary, daily, venues, builders, tokens, pairs, accounts, registry, swaps) for Oct 16 20:40:59 to Oct 30 20:40:59 UTC, 2026. Edition 5 base is Oct 10 00:00 to Oct 16 20:40:59 UTC. Every swap row matches the router contract's public Swapped events (0x4ddf…75e1). The most active sender is 0x9c2e…c48c. Volume is the value of the USDC or USDT side of each swap, a lower bound (9 swaps unpriced). Sender is the address that called the router. Builder is read from each block's extra-data field. All-time is edition 5 all-time plus these two weeks.
- Makers: pamm.wtf protocol leaderboard, 7 days, fetched Nov 2 11:40 UTC (Oct 26 11:40 to Nov 2 11:40). Values there are taker-side. We flip the sign to the maker. PnL per $1M is maker PnL from fills marked to market at t0 and t60, divided by volume.
- Market: DefiLlama Ethereum DEX overview, fetched Nov 2 (Oct 23 to Nov 1).
- Oct 29: Binance drain explained in our thread, https://x.com/polfinance_/status/2116288322028916800. Data comes from Uniswap V3 WETH/USDC 0.05% pool swap logs, venue WETH balances and transfer logs from public archive RPC. Pool premium is against the Binance ETH/USDC 1 s close at the same second. Balances are read every 10 blocks from 20:20 to 20:50 UTC and every 50 blocks to 12:00 on Oct 30. Sale price is the USDC or USDT received in the same transaction as each WETH transfer out. We read quotes each block from 23:30 UTC with the common PropAMM quote function. An ask counts as back when it appears in at least half of the readings over an hour.
- Execution cost: Binance mid from the last buy and sell trade in the 60 s before each block (600 s for 14 of 3,480 swaps), plus gas split across router swaps in the same transaction. Swaps under $1k and BTC pairs are excluded.
- Not covered: one venue's inventory address held no WETH and one RFQ (request for quote) venue has none, so neither is in the 1,437 WETH.