Trading terminal fill quality 2026: what a swap costs on Axiom, GMGN, FOMO, Photon, Trojan, measured on-chain

The token side of a swap has no price of its own; it has to be valued at something. This bench values it at the pool's mid price just before the swap: exactly, from the pool's own pre-trade balances in the transaction, on PumpSwap (with the virtual quote reserve its migrated pools store), Raydium, Launchpad, Meteora DLMM, four.meme and the EVM pools; and, where the pool's formula is not known or the route crosses several pools, at the effective price of the previous trade on the same pool, at most 60 seconds earlier and usually under one. That is the arrival price a TCA desk would use. Valuing at the price after the swap would hide the trade's own impact. When neither is available the swap keeps its exact cost split but no loss figure; no off-chain token price is used for the token side; on the EVM rows the gas-coin leg is valued at the route's own stable-to-gas hop pre-trade mid (the executed rate as fallback), and origin gas at Coinbase spot.

Because the fee is one of five costs. On a pump.fun curve or PumpSwap trade the protocol and creator fees add roughly 1 to 1.4 %, the pool keeps its LP fee and the price impact of the trade, the app attaches a priority fee and often an inclusion tip, and the pool's price may already have moved between the arrival trade and ours. The split is published per terminal so the terminal-attributable part is visible on its own.

The explicit components (terminal, network) are exact and terminal-attributable. The pool component depends on what users trade and how much, which differs per app (Photon's and FOMO's median swaps are about $20), so read the total loss together with the trade size column and the size buckets. A terminal is marked ranked from 100 priced swaps; read the 95 % interval next to each median, adjacent ranks often overlap; single swaps are not comparable.

Screened, not ranked. A sandwich's two legs both touch the pool, so they are the user's neighbours in the pool's own transaction sequence: another signer trading the same direction just before, and back just after, in the same slot or the next. Every hit is in the JSON with the attacker and both signatures. It is not a column because the share of swaps that can be screened depends on how busy the pool is, which differs per terminal. The victim's extra cost is not a separate line either: the front-run precedes the user's swap, so the arrival price already carries it inside the pool component.

By the fee it pays: every terminal transfers its fee to known wallets in the same transaction, and those wallet lists are the ones DeFiLlama's adapters use for volume, so attribution matches benches 201 and 267. Where the fee wallet is not enough: pump.fun's app and Banana Gun by their programs, Phantom by its fee token account, FOMO by the vanity account every FOMO transaction carries (its gas sponsor signs and is excluded as user), the EVM rows by the router the transaction was sent to (Binance Wallet from blocks read in full), the cross-chain rows by Relay's referrer or fee recipient (FOMO 0x9fc4…, pump.fun app 0xdab3…, verified by the Solana users behind them).