Ekubo vs Orca

Volume & Liquidity

Orca leads on both of the primary liquidity health indicators provided: $150.6M in 24h volume and $248.4M in TVL, versus Ekubo’s $76.5M volume and $121.0M TVL. Higher TVL generally translates to deeper liquidity and lower price impact for comparable trade sizes, especially on long-tail assets.

The volume-to-TVL ratio is also slightly stronger for Orca (~0.61) than Ekubo (~0.63 for Ekubo is actually a touch higher), but Orca’s absolute liquidity base is materially larger. In practical terms, Orca is better positioned for larger swaps and more consistent execution across its core markets.

Ekubo’s liquidity is meaningful and its 24h volume is strong relative to TVL, but on the numbers provided, Orca offers the more robust liquidity environment overall.

Fee Structure & Costs

Using the provided 24h aggregates, Ekubo appears to deliver better fee value to traders. Ekubo shows $16K in fees on $76.5M volume (an implied fee take of ~0.021%), while Orca shows $76K fees on $150.6M volume (implied ~0.050%). All else equal, that suggests Ekubo users are paying a lower effective fee rate.

On network costs, both platforms can offer low-cost execution depending on the chain: Starknet is typically optimized for lower transaction costs than Ethereum L1, while Solana is also known for low fees and fast finality. However, because Ekubo spans Starknet and Ethereum, user costs can vary more by route and venue; Orca’s Solana-first environment tends to be more uniformly cheap at the network layer.

Even with that caveat, the data provided points to Ekubo extracting meaningfully fewer fees per dollar traded, making it the better choice for fee-sensitive flow when liquidity is sufficient.

Multi-chain & Ecosystem

Both DEXs are listed on two chains, but the nature of those chains differs. Ekubo operates on Starknet and Ethereum, giving it direct access to Ethereum’s asset and liquidity gravity while also tapping Starknet’s L2 execution environment.

Orca runs on Solana and Eclipse, which keeps it tightly aligned with the Solana ecosystem and its performance characteristics, plus an additional Solana-aligned environment via Eclipse. This is strong for Solana-native assets and users, but it is more concentrated around a single ecosystem family.

Based strictly on the chain coverage stated, Ekubo’s combination of Ethereum + L2 provides broader cross-environment reach than Orca’s Solana + Eclipse footprint.

User Recommendations

Choose Orca if you prioritize a smooth, retail-friendly trading experience, fast confirmations, and a Solana-native workflow. Orca’s design ethos has historically emphasized simplicity and speed, which tends to translate into an easier day-to-day experience for spot traders and liquidity providers who want straightforward positions and quick iteration.

Choose Ekubo if you’re specifically active in the Starknet/Ethereum orbit and value a broader set of markets (126 trading pairs, 40 supported coins) for discovery, rotation, and experimentation—especially if you’re comfortable navigating newer liquidity designs and L2-specific tooling.

For most users who want the least friction from wallet-to-swap-to-position management, Orca is typically the more accessible default, while Ekubo is compelling for users leaning into Starknet/Ethereum and broader pair selection.

Trends & Innovation

Ekubo is the newer venue (est. 2023) and is positioned in a part of the market where innovation can compound quickly: Starknet-native DeFi and advanced AMM design. Its combination of Ethereum adjacency and L2 execution can be a strong setup if Starknet liquidity and user activity continue to scale.

Orca, while highly credible and battle-tested, represents a more mature Solana DEX archetype (AMM/CLMM-style execution). Its outlook is closely tied to Solana’s continued growth and the competitiveness of Solana DEX liquidity, which is positive—but typically more incremental rather than structurally novel.

Given Ekubo’s relative newness and the pace of experimentation in L2 ecosystems, Ekubo has the more clearly “innovative trajectory” profile, even if Orca currently leads on scale.