The decentralized finance (DeFi) landscape continues to evolve, introducing hundreds of decentralized exchanges (DEXs) to the crypto ecosystem. However, not every platform offers the same level of performance, security, or usability. As we step into 2025, advancements in layer-2 scaling, multichain interoperability, and innovative protocols make selecting the right DEX more important than ever.
Whether you're a high-frequency trader prioritizing low fees and deep liquidity or a yield farmer searching for optimal annual percentage rates (APRs), this guide provides a detailed comparison of leading decentralized exchanges. We evaluate each platform based on critical metrics like supported networks, trading volume, fees, unique features, and potential limitations.
What Are Decentralized Exchanges?
Decentralized exchanges, or DEXs, are peer-to-peer marketplaces that allow users to trade cryptocurrencies directly without intermediaries. By leveraging smart contracts, these platforms enable secure, transparent, and permissionless trading while users maintain control of their funds.
Key advantages of DEXs include enhanced privacy, reduced counterparty risk, and global accessibility. However, users should also be aware of challenges such as network congestion, smart contract vulnerabilities, and impermanent loss in liquidity pools.
Leading Decentralized Exchanges by Trading Volume
PancakeSwap
- Chains Supported: 9
- Total Value Locked (TVL): $1.76 billion
- 24-Hour Volume: $26.13 million
- Monthly Volume: $10.8 billion
Originally launched on BNB Chain, PancakeSwap has expanded to support multiple blockchains. It offers a comprehensive trading experience, gamified yield farming, lottery features, and more.
- Fees: Approximately 0.25% per trade
- Pros: Low fees, high transaction speeds, user-friendly interface
- Cons: Lower liquidity on non-BNB chains, impermanent loss risks in some pools
Uniswap
- Chains Supported: 39
- TVL: $4.89 billion
- 24-Hour Volume: $2.89 million
- Monthly Volume: $2.75 billion
Uniswap remains the most influential DEX in the market. It utilizes an automated market maker (AMM) model and offers deep liquidity across numerous blockchain networks.
- Fees: Around 0.3% per trade (varies by pool)
- Pros: Largest liquidity pool, extensive chain support, high security
- Cons: Slightly higher fees, can be complex for beginners
Raydium AMM
- Chain Supported: Solana
- TVL: $1.7 billion
- 24-Hour Volume: $25.08 million
- Monthly Volume: $446.31 million
Built on Solana, Raydium combines an order book with an AMM model, enabling fast and cost-effective trades.
- Fees: Approximately 0.22% per trade
- Pros: Ultra-fast transactions, deep Solana ecosystem integration
- Cons: Limited to one blockchain, occasional network congestion
Aerodrome
- Chain Supported: Base
- TVL: $1.009 billion
- 24-Hour Volume: $525,663
- Monthly Volume: $525.9 million
Aerodrome is a rising DEX on the Base layer-2 chain, optimized for low-slippage trading and liquidity incentives.
- Fees: Around 0.2% per trade
- Pros: Ideal for L2 Ethereum users, low slippage
- Cons: Lower liquidity than established DEXs, still evolving
Orca
- Chains Supported: Solana, Aptos
- TVL: $344.81 million
- 24-Hour Volume: $282,189
- Monthly Volume: $409.66 million
Orca emphasizes user experience and ethical trading practices, offering a clean interface and efficient swapping.
- Fees: Approximately 0.3%
- Pros: Beginner-friendly, fast trades on Solana
- Cons: Lower trading volume, limited token selection
Hyperliquid Spot Orderbook
- Chain Supported: Custom chain
- TVL: $131.47 million
- 24-Hour Volume: $18.31 million
- Monthly Volume: $420.61 million
Hyperliquid offers an on-chain order book experience reminiscent of centralized exchanges, with no gas fees and high execution speed.
- Fees: 0% for makers, 0.1% for takers
- Pros: Fully on-chain, gas-free, low latency
- Cons: Limited chain support, emerging ecosystem
Meteora
- Chain Supported: Solana
- TVL: $644.93 million
- 24-Hour Volume: $4.09 million
- Monthly Volume: $337.45 million
Meteora is a yield-optimized DEX on Solana that combines liquidity provisioning with intelligent strategies.
- Fees: Around 0.25%
- Pros: Excellent for passive income, fast transactions
- Cons: Strategy-related risks, network scalability issues
PumpSwap
- Chain Supported: 1
- TVL: $134.07 million
- 24-Hour Volume: $1.27 million
- Monthly Volume: $424.74 million
PumpSwap is known for high-risk, high-reward trading, particularly for meme coins and speculative assets.
- Fees: Approximately 0.4%
- Pros: Rapid growth, new token launches
- Cons: High volatility, less auditing and security
Fluid DEX
- Chains Supported: 4
- TVL: $527,338
- Monthly Volume: $250.69 million
Fluid DEX is a cross-chain aggregator designed to streamline liquidity across less popular blockchain networks.
- Fees: Between 0.2% and 0.3%
- Pros: Multi-chain support, good for arbitrage
- Cons: Low adoption, experimental technology
Curve DEX
- Chains Supported: 24
- TVL: $1.91 billion
- 24-Hour Volume: $48,658
- Monthly Volume: $177.7 million
Curve is specialized for stablecoin and low-volatility asset swaps, offering minimal slippage and high efficiency.
- Fees: Approximately 0.04%
- Pros: Best for stablecoin trading, low fees and slippage
- Cons: Not suitable for volatile assets, outdated user interface
SUN
- Chain Supported: TRON
- TVL: $963.7 million
- 24-Hour Volume: $416,270
- Monthly Volume: $88.49 million
SUN is the primary DEX on the TRON network, optimized for low-cost stablecoin and token swaps.
- Fees: Around 0.3%
- Pros: Native to TRON, reliable for basic swaps
- Cons: Limited token variety, minimal cross-chain support
Cetus AMM
- Chains Supported: 2 (Sui, Aptos)
- TVL: $79.46 million
- 24-Hour Volume: $48,364
- Monthly Volume: $163.72 million
Cetus is a concentrated liquidity AMM supporting Move-based chains like Sui and Aptos.
- Fees: Approximately 0.25%
- Pros: Supports newer ecosystems, efficient liquidity use
- Cons: Volume volatility, limited ecosystem development
Hyperion
Hyperion is an emerging DEX focused on scalability and innovative liquidity incentives. Metrics and full data for 2025 are still developing.
- Fees: To be determined
- Pros: Promising innovations, future-proof design
- Cons: Early-stage project, limited adoption
How to Choose the Right Decentralized Exchange
Selecting the best DEX depends on your individual trading goals and preferences. Here’s a quick guide:
- For an all-around experience: PancakeSwap offers multi-chain support, low fees, and a user-friendly interface.
- For maximum liquidity and coverage: Uniswap is ideal for experienced traders who need depth and versatility.
- For Solana users: Raydium and Orca provide ultra-fast transactions and native ecosystem tools.
- For professional traders: Hyperliquid offers an on-chain order book with no gas fees and high precision.
- For stablecoin trading: Curve is unmatched for low-slippage swaps involving stable assets.
- For emerging platforms: Hyperion is one to watch as its ecosystem matures.
Consider what matters most to you—yield farming, meme coin swapping, stablecoin trading, gas fees, or advanced tools—and choose a platform that aligns with those priorities. 👉 Explore more strategies for optimizing your trading experience
Frequently Asked Questions
What is a decentralized exchange?
A decentralized exchange (DEX) is a peer-to-peer platform where users can trade cryptocurrencies directly via smart contracts, without intermediaries. This ensures greater privacy, security, and control over assets.
Are decentralized exchanges safe?
Many established DEXs like Uniswap and Curve are audited and considered secure. However, users should always verify audit reports, be cautious of fake tokens, and use reputable wallets with hardware support for added security.
What is the difference between AMM and order book models?
Automated market makers (AMMs) use liquidity pools and algorithms to facilitate trades, as seen in Uniswap and PancakeSwap. Order book models, like that of Hyperliquid, allow users to place buy and sell orders similar to traditional exchanges.
Why do fees vary across DEXs?
Fee structures depend on protocol design, network gas costs, and liquidity provider incentives. For example, Curve offers very low fees for stablecoins, while newer DEXs may charge slightly higher fees to attract liquidity.
Which DEX is best for beginners?
PancakeSwap and Orca are often recommended for beginners due to their intuitive interfaces and straightforward onboarding processes.
Can I use more than one DEX at a time?
Yes, many traders use multiple DEXs to access the best prices, liquidity, or yield farming opportunities. Cross-chain aggregators can help automate trade routing for optimal results.