Why is market volume higher than mint volume?

When looking at /loot responses, you might notice that the sum of total_volume_usd across all markets is higher than the mint's volume_usd. This is expected behavior!

How Volume is Calculated

Mint volume counts each transaction once - it's the unique arbitrage volume for that token.

Market volume counts volume that flowed through each specific pool - and since arbitrages typically use multiple pools, the same transaction gets counted in each pool it touches.

Example

Imagine two arbitrage transactions:

Transaction 1: SOL → Pool A → TOKEN → Pool B → SOL ($100 volume)

• Mint gets: +$100

• Pool A gets: +$100

• Pool B gets: +$100

Transaction 2: SOL → Pool C → TOKEN → Pool A → SOL ($50 volume)

• Mint gets: +$50

• Pool C gets: +$50

• Pool A gets: +$50

Result:

Mint total	$150
Pool A	$150
Pool B	$100
Pool C	$50
Sum of pools	$300

The sum of pool volumes ($300) is double the mint volume ($150) because each 2-leg arbitrage counts the full amount in both pools.

Why This is Useful

Market volume tells you "how much value flowed through this specific pool" - which is useful for:

• Identifying the most active pools for a token

• Understanding which pools are frequently used in arbitrage routes

• Ranking pools by trading activity