The decentralized finance (DeFi) revolution has brought hundreds of decentralized exchanges (DEXs) into the crypto landscape—but not all DEXs are created equal. In 2025, with layer-2 scaling, multichain interoperability, and a wave of new protocols, choosing the right DEX is crucial for both performance and security.

Whether you’re a high-frequency trader looking for low fees and deep liquidity, or a yield farmer seeking the best APRs, this guide will help you navigate the ever-expanding world of decentralized exchanges. We compare 13 of the top DEXs, analyzing their fees, supported blockchains, trading volumes, unique features, and potential drawbacks.

Let’s break down the data and help you find the DEX that aligns with your trading strategy.

Leading Decentralized Exchanges by 7-Day Trading Volume

Source: Defillama

1. PancakeSwap

Chains Supported: 9

TVL: $1.76 billion

24h Volume: $26.13 million

Weekly Volume: $275.17 million

Monthly Volume: $10.8 billion

Description: Originally built on BNB Chain, PancakeSwap has grown to support multiple chains. It offers a robust trading experience, gamified yield farming, and lottery features.

Fees: ~0.25% per trade

Pros:

• Lower fees
• High transaction speed
• User-friendly interface

Cons:

• Lower liquidity on non-BNB chains
• Some pools have impermanent loss risks

2. Uniswap

Chains Supported: 39

TVL (Total Value Locked): $4.89 billion

24h Volume: $2.89 million

Weekly Volume: $91.18 million

Monthly Volume: $2.75 billion

Description: Uniswap remains the largest and most influential DEX in 2025, offering automated market making (AMM) with deep liquidity across multiple chains. The platform is known for its intuitive interface and advanced smart order routing.

Fees: ~0.3% per trade (varies by pool)

Pros:

• Largest liquidity pool
• Most chain integrations
• Highly secure and audited

Cons:

• Slightly higher fees than newer DEXs
• Complex for beginners

3. Raydium AMM

Chain Supported: Solana

TVL: $1.7 billion

24h Volume: $25.08 million

Monthly Volume: $446.31 million

Description: Raydium leverages Solana’s high throughput for fast and cheap trades. It combines order book and AMM models for flexible trading.

Fees: ~0.22% per trade

Pros:

• Ultra-fast transactions
• Deep integration with Solana ecosystem

Cons:

• Limited to one chain
• Occasional Solana network congestion

4. Aerodrome

Chain Supported: Base

TVL: $1.009 billion

24h Volume: $525,663

Monthly Volume: $525.9 million

Description: A rising DEX on the Base L2 chain, Aerodrome offers optimized liquidity incentives and low-slippage trades.

Fees: ~0.2% per trade

Pros:

• Great for L2 Ethereum users
• Low slippage

Cons:

• Lower liquidity than giants like Uniswap
• Newer platform with evolving features

5. Orca

Chains Supported: 2 (Solana, Aptos)

TVL: $344.81 million

24h Volume: $282,189

Monthly Volume: $409.66 million

Description: Orca focuses on user experience and ethical trading. It provides clear UI and streamlined swaps.

Fees: ~0.3%

Pros:

• Very beginner-friendly
• Quick trades on Solana

Cons:

• Low volume compared to larger DEXs
• Limited token selection

6. Hyperliquid Spot Orderbook

Chain Supported: 1 (custom chain)

TVL: $131.47 million

24h Volume: $18.31 million

Monthly Volume: $420.61 million

Orderbook Liquidity: $17.03 million

Description: Hyperliquid brings a centralized-style order book trading experience to the decentralized world, with no gas fees and high-speed execution. It’s gaining favor among pro traders for its focus on speed and precision.

Fees: 0% maker / 0.1% taker

Pros:

• Fully on-chain order book
• No gas fees
• Low latency

Cons:

• Limited chain integration
• Still building ecosystem

7. Meteora

Chain Supported: Solana

TVL: $644.93 million

24h Volume: $4.09 million

Monthly Volume: $337.45 million

Description: Meteora is a yield-optimized DEX on Solana, combining liquidity provisioning with smart strategies.

Fees: ~0.25%

Pros:

• Optimized for passive income
• Fast Solana trades

Cons:

• Risk of strategy underperformance
• Network limits scalability

8. PumpSwap

Chain Supported: 1

TVL: $134.07 million

24h Volume: $1.27 million

Monthly Volume: $424.74 million

Description: A high-risk, high-reward platform known for trending meme coins and speculative assets.

Fees: ~0.4%

Pros:

• Fast growth
• New coin launches

Cons:

• High volatility
• Less security and auditing

9. Fluid DEX

Chains Supported: 4

TVL: $527,338

Monthly Volume: $250.69 million

Description: A cross-chain aggregator aiming to streamline liquidity across less popular chains.

Fees: ~0.2–0.3%

Pros:

• Multi-chain flexibility
• Good for arbitrage

Cons:

• Low adoption
• Experimental tech

10. Curve DEX

Chains Supported: 24

TVL: $1.91 billion

24h Volume: $48,658

Monthly Volume: $177.7 million

Description: Curve is optimized for stablecoin and low-volatility asset swaps, offering minimal slippage and high efficiency.

Fees: ~0.04%

Pros:

• Best-in-class for stablecoin trading
• Low slippage and fees

Cons:

• Not ideal for volatile assets
• UI can be outdated for new users

11. SUN

Chain Supported: 1

TVL: $963.7 million

24h Volume: $416,270

Monthly Volume: $88.49 million

Description: SUN is the main DEX on the TRON network, optimized for low-cost stablecoin and token swaps.

Fees: ~0.3%

• Pros:
• Native to TRON
• Reliable for basic swaps

Cons:

• Limited token variety
• Minimal cross-chain support

12. Cetus AMM

Chains Supported: 2

TVL: $79.46 million

24h Volume: $48,364

Monthly Volume: $163.72 million

Description: Cetus is a concentrated liquidity AMM for Move-based chains (e.g., Sui, Aptos).

Fees: ~0.25%

Pros:

• Supports newer chains
• Good liquidity efficiency

Cons:

• High volatility in volumes
• Limited ecosystem

13. Hyperion

Description: Hyperion is an emerging DEX with a focus on scalability and novel liquidity incentives. Data and metrics for 2025 are still under development.

Fees: TBD

Pros:

• Promising innovation
• Focus on future-proofing DEX models

Cons:

• Early-stage project
• Limited adoption and analytics

✅ Conclusion: Which DEX Is Right for You?

There is no one-size-fits-all answer when it comes to choosing a DEX in 2025. Each platform has carved out its niche based on different trader needs:

• Best All-Rounder: PancakeSwap – for its multi-chain support, low fees, and user-friendly experience.
• Best Liquidity & Coverage: Uniswap – ideal for experienced traders who value depth and chain versatility.
• Best for Solana Ecosystem: Raydium or Orca – ultra-fast trades and ecosystem-native tools.
• Best for Pro Traders: Hyperliquid – on-chain order book with zero gas and precision.
• Best for Stablecoins: Curve – unmatched for low-slippage stable asset swaps.
• Best Emerging Platform: Hyperion – one to watch as its ecosystem matures.

When choosing a DEX, consider your priorities: Are you yield farming, swapping memecoins, or trading stablecoins? Do you care about gas fees, trading tools, or integrations with your wallet? This comparison equips you to make an informed decision.

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