Seven weeks after listing, the onchain SpaceX market issued by @Backpack is already delivering genuinely competitive execution for users on @solana, during the same hours the TradFi market trades.

Taken as trades actually happened, $5k to $20k $SPCX flow on Solana netted out roughly 1 bp ahead of the stock's TradFi quoted midpoint.

Buyers paid less, and sellers received more.

We compared every eligible Solana trade with roughly 35M US market prints, scoring each against the stock-market midpoint at the moment it traded, while combining buys and sells.

TradFi execution was better below $5k, and Solana didn't have enough volume above $20k for a clean comparison. But all-in, across everything we measured during market hours, Solana execution ran just ~1.3 bps behind rails that have been optimized for decades.

For a market that is seven weeks old, running a fraction of a percent of the volume, that is genuinely impressive.