Market Share of Decentralized Crypto Exchanges, by Trading Volume

What Is the Largest Decentralized Exchange?

Uniswap was the largest decentralized exchange (DEX), with its market share at 35.9% in August 2025. Its trading volume stood at $111.8 billion in August, an increase of +28.3% from July. It recorded $87.2 billion in July 2025. 

The second largest DEX was PancakeSwap, which recorded a 29.5% market share and trading volume of $92.0 billion in August 2025. This represents a -44.7% drop, having recorded $166.2 billion in July. 

Meanwhile, Aerodrome emerged as the third-largest DEX, with a 7.4% market share and $22.9 billion of trading volume. The Base-based exchange grew +28.0% Month-on-Month (MoM). The remaining top 10 competitors held a combined dominance of 27.3% in August, with the majority of DEX trading volume routed through the top 3. 

Uniswap Retakes The Top Spot

Uniswap was the market leader amongst the decentralized exchanges with a 35.9% share of total trading volume in August 2025. It had $111.8 billion in trading volume, an increase of +28.3% MoM. This represents the second month this year in which Uniswap broke the $100 billion trading volume mark. 

Its market share dropped to a low of 19.4% in June, having lost out to PancakeSwap. However, with its increase in trading volume, it has since clawed back the top spot. 

PancakeSwap Retraces Back To Second

In August 2025, PancakeSwap was the second-largest decentralized exchange. Its volume was $92.0 billion, and its market share was 29.5%. This marked a decrease of -44.7% from July, when it had $166.2 billion in volume. 

Previously, PancakeSwap was the market leader, having seen a surge in volume since May 2025. The increase can be attributed to the launch of Binance Alpha 2.0, which awards points to participants who actively trade. With trades being routed through PancakeSwap, the DEX has seen its average daily volumes surge to ~$5 billion. 

At its peak in June, PancakeSwap had $254.8 billion in volume and would’ve been the second-largest centralized exchange if it were one, just behind Binance. During the same period, it accounted for 64.5% of market share, ahead of Uniswap’s 19.4%. 

Hyperliquid Challenges The Status Quo

Newcomer Hyperliquid has seen a meteoric rise in market share, with a 6.9% dominance in August 2025. It had $21.4 billion in trading volume throughout the month, a +129.3% increase from July, making it the fastest-growing DEX in the top 10. 

Hyperliquid is now the fourth-largest DEX, having leapfrogged from seventh in July, overtaking the three main Solana DEXes. This marks the first time its market share has been above 3%. 

Top 10 Decentralized Exchanges’ Market Share (August 2025)

The top 10 decentralized crypto exchanges by market share, are as follows: 

Methodology

The study examined the top 10 decentralized exchanges by trading volume, using CoinGecko data from January 1, 2025, to August 31, 2025. The top 10 decentralized exchanges are: Uniswap, PancakeSwap, Aerodrome, Hyperliquid, Orca, Raydium, Meteora, Curve, Sunswap, and Maverick. Market share was based on total monthly trading volume.

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Curious to find out more about our previous research studies & statistics? Check out this one we did on Bitcoin Dominance.