Photon Benchmark

Terminal	Median swap	Value lost, median	Lost / swap, median	App fee	Network	Pool	Protocol	Failed	p90	Swaps
1FOMO · Mobulaappby chain	$15.0	209 bps 2.09 %207 to 211	$0.31	—	15	107 +71 relay	0	0.0%	455 bps	11547
2Trojanbot	$17.5	416 bps 4.16 %391 to 431	$0.73	98	77	63	115	3.8%	794 bps	648
·Pump Bridgeappby chainprovisional	$12.3	202 bps 2.02 %198 to 205	$0.25	70	15	90	0	—	380 bps	3293
·Phantomappby chainprovisional	$15.0	249 bps 2.49 %241 to 260	$0.37	85	9	110	3	1.4%	584 bps	591
·pump.fun appprovisional	$10.00	254 bps 2.54 %238 to 279	$0.25	44	1	65	123	6.5%	653 bps	588
·Binance Walletappby chainprovisional	$10.0	298 bps 2.98 %298 to 299	$0.30	49	21	219	0	1.4%	425 bps	3807
·BasedBotprovisional	$40.3	329 bps 3.29 %321 to 338	$1.33	55	1	170	71	1.2%	602 bps	785
·FOMOappby chainprovisional	$15.0	347 bps 3.47 %342 to 350	$0.52	180	15	111	3	1.1%	642 bps	1675
·Photonappprovisional	$21.2	394 bps 3.94 %371 to 413	$0.84	99	40	123	79	5.0%	891 bps	538

Every figure here is a median, not an average: losses have a long right tail, so averaging the sampled rows returns a larger number (pump.fun, 250 bps median against a 360 bps mean). Split columns are medians of each cost in basis points of the trade (100 bps = 1 %), each chain's median weighted by its flow on a multi-chain product; they do not sum to the median loss, the per-swap sums do (audit table).Terminal feeNetwork (tx fee + tips, origin gas)Relay (bridge fees + spread)Protocol fees (launchpad, curve, referrals)Pool (LP fee + impact, hops)

Audit the sampled swaps · the 3000 most recent transactions (25 on Photon), one per row with its Solscan link, loss and cost split, on the bench page

Real user swaps read on-chain (Solana: each terminal's fee-wallet and program feed; EVM: the terminals' routers and blocks read in full; 150 drawn at random per terminal per day, Solana and EVM alike, every attempt counted for the fail rate), valued at the pool's state before the trade (exact where the pool's formula is known: PumpSwap, Raydium, Launchpad, DLMM, four.meme, the EVM pools; the previous trade on the same pool within 60 s elsewhere; swaps without one keep their cost split but no loss figure). Loss = 1 − value received / value given, in basis points of the trade; terminal, network and other are exact from balance deltas, the tx fee and inclusion tips included. Published from 50 priced swaps pooled (a chain row or a single-chain product from 25), ranked from 100. This figure covers about 24.0 h, not the 24 h the page states, so it is published and not ranked until the window fills. Bench 268, rolling 24 h, as of Fri, 13 Nov 2026 20:30:28 UTC.