Ethereum's private market makers (PMM) recorded a trading volume of $13.6 billion in September, according to Bater data. Unlike Solana's prop AMM, Ethereum PMM operates entirely off-chain, executing only pre-signed quotes on-chain, which significantly reduces gas fees. Users can access PMM exclusively through aggregators, with Wintermute, Symbolic Capital, Native, and 0xbee…000 accounting for 95% of the trading volume. Wintermute leads the market, while Native is the only entity utilizing external liquidity providers. Notably, PMM transactions are dominated by large trades of $100,000, with average trade sizes three times larger than those of AMM.