Solana Spreads: The Black Hole Begins

Sam argues Solana execution has materially surpassed centralized exchanges for SOL-USDC, with $5K-$20K trades costing 1.22 bps on Jupiter versus 8.33 bps on Binance VIP 9. The edge stems from permissionless prop AMM competition and aggregator enforcement, with Jupiter's routing reducing quoted spreads by 27-46% versus single venues. As infrastructure like Jito's Maker Priority Plugin and Alpenglow cut latency, the execution advantage is spreading to BTC and lower-liquidity assets, potentially establishing Solana as a credible execution layer for global trading flow if price discovery eventually moves onchain.