Study Finds Jupiter Ultra Users Are Sandwich-Attacked Less Often
A three-year academic study examined sandwich attacks across Ethereum, Solana, Tron, Base, Arbitrum, and Monad. Solana recorded 28 million such attacks, but Jupiter Ultra users had an excess ratio of 0.7 overall, meaning they were sandwiched less than statistically expected. The findings suggest application-level design can significantly reduce exploitation risk in protected order flow.
The paper, posted to arXiv on Sept. 23, 2026, came from researchers at Category Labs, ETH Zurich, Flashbots, and the University of Lisbon. It examined attack patterns across Ethereum, Solana, Tron, Base, Arbitrum, and Monad, recording 28 million Solana sandwich attacks over three years.
Jupiter Ultra’s 0.7 excess ratio indicates less sandwiching than expected; its single-victim ratio was 2.0. Rival Solana terminals were far higher: Axiom 18.9, Photon 11.1, and BullX and GMGN above 10. Ultra V3, launched Oct. 17, 2025, added private routing, dynamic slippage, Iris meta-aggregation, and Ultra Signaling.
Traders on Solana and other chains may benefit if more venues adopt privacy-focused routing and dynamic slippage, reducing losses to bots. This could shift competition among exchanges and wallets toward execution quality, potentially affecting retail users, market makers, and validators. If protections remain uneven, less-informed users could still bear hidden costs. The study may encourage scrutiny of order-flow practices, though it does not show attacks eliminated.