This article ranks the top 10 decentralized exchanges (DEXs) globally by trading volume, categorized into spot trading and derivatives trading platforms.
Decentralized exchanges are crypto trading platforms that operate without centralized management or traditional market makers. Instead, they use smart contracts and liquidity pools to manage orders. Users can connect their crypto wallets directly for instant, private trading.
Due to their decentralized nature, liquidity is critical for DEXs, often measured by trading volume or Total Value Locked (TVL).
👉 Explore the best DEXs for your crypto trading needs
Top 10 Decentralized Exchanges for Spot Trading
Below are the top 10 DEXs ranked by 24-hour trading volume. Larger platforms generally offer higher security and tested smart contracts.
| Rank | DEX (Spot) | 24h Volume (USD) | TVL (USD) | Launched | Languages Supported |
|------|--------------------|------------------|---------------|--------------|---------------------|
| 1 | Raydium | $4.81B | $3.13B | Feb 2021 | CN, TW |
| 2 | PancakeSwap | $4.36B | $1.62B | Sep 2020 | CN, TW |
| 3 | Uniswap | $3.26B | $3.44B | Nov 2018 | CN, TW |
| 4 | Meteora | $1.0B | $1.15B | 2021 | None |
| 5 | Orca | $770M | $318M | Feb 2021 | CN |
Data as of February 2025. Source: CoinMarketCap, official DEX websites.
Top 5 Decentralized Exchanges for Derivatives Trading
Derivatives trading (e.g., perpetual contracts, options) is less common on DEXs but dominated by a few specialized platforms.
| Rank | DEX (Derivatives) | 24h Volume (USD) | Open Interest | Maker Fee | Taker Fee | Launched |
|------|-------------------|------------------|---------------|-----------|-----------|--------------|
| 1 | Hyperliquid | $4.8B | $3.1B | 0.010% | 0.035% | 2022 |
| 2 | SynFutures | $360M | $65M | 0.02% | 0.03% | Jun 2021 |
Data as of February 2025. Source: CoinMarketCap, official DEX websites.
Key DEX Profiles
1. Raydium: #1 Spot DEX on Solana
- Uses Automated Market Maker (AMM) for pricing.
- Rewards liquidity providers with RAY tokens.
👉 Trade on Raydium with low fees
2. PancakeSwap: Leading BSC DEX
- Supports Ethereum, Polygon, and Arbitrum.
- Governance via veCAKE tokens.
3. Uniswap: Ethereum’s Top AMM
- Pioneered AMM model in 2018.
- Governed by UNI token holders.
How to Choose a DEX
- High Trading Volume/TVL: Indicates reliability and liquidity.
- Supported Tokens/Chains: Ensure the DEX lists your desired assets.
- Low Fees: Compare costs across platforms.
FAQ
Q: Are DEXs safer than centralized exchanges?
A: DEXs reduce custody risks but may have lower liquidity for niche tokens.
Q: Can I trade derivatives on all DEXs?
A: No, derivatives are limited to specialized platforms like Hyperliquid.
Q: Do DEXs require KYC?
A: No—just a crypto wallet connection.
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Disclaimer: This content is for informational purposes only. Cryptocurrencies are high-risk assets; always conduct independent research.
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