Decentralized Crypto Exchange List: Spot, Perp and Aggregators
Last Updated: September 16, 2026
This decentralized crypto exchange list ranks nine DEXs by activity as of September 15, 2026. Uniswap leads spot AMMs with $74.4 billion in 30-day volume, Hyperliquid leads perpetual DEXs with $14.18 billion in open interest, and Jupiter leads aggregators with $16.0 billion routed in 30 days, according to DefiLlama and CoinGecko.
A DEX is not one product. Spot AMMs such as Uniswap price swaps against pools, so the depth of each liquidity pool decides your price impact. Perpetual DEXs match leveraged long and short orders, and aggregators hold no liquidity at all: they split your order across other venues. What they share is that you connect a non-custodial wallet instead of opening an exchange account. Our list of decentralized crypto exchanges compares venues by total value locked; this page ranks them by trading activity inside each category, takes fees from each venue's documentation and names a documented drawback for every venue. For a shortlist of the best decentralized exchange options, or for how an order-book perp DEX differs from AMM swaps, see those guides.
Decentralized Crypto Exchange List by Category
| Exchange | Category and rank | Activity | Trading fees | Drawbacks |
|---|---|---|---|---|
| Uniswap | Spot AMM, #1 by 30-day volume | $74.4B 30-day volume; Robinhood Chain carried $29.0B of it and Ethereum $23.1B | v2 pools 0.30%; v3 tiers of 0.01%, 0.05%, 0.30% and 1%; v4 pools set their own static or dynamic fee | A v4 pool creator can set any fee from 0% to 100%, and LPs earn nothing while the price is outside their range |
| PancakeSwap | Spot AMM, #2 by 30-day volume | $30.0B 30-day volume, of which $25.0B, or 83%, was on BNB Chain | v2 pools 0.25%; v3 tiers of 0.01%, 0.05%, 0.25% and 1% | Activity is concentrated on BNB Chain, and pool creation is permissionless, so low-quality tokens get pools too |
| PumpSwap | Spot AMM, #3 by 30-day volume | $19.2B 30-day volume, all of it on Solana | 0.30% on pools created outside pump.fun; graduated pump.fun coins pay 0.30–1.25%, falling as market cap grows | Coins under 420 SOL market cap pay 1.25% per swap, and most listings are new meme coins with no vetting |
| Hyperliquid | Perpetual DEX, #1 by open interest | $14.18B open interest and $9.54B 24-hour volume across 404 perpetual pairs | 0.015% maker and 0.045% taker on perps at the base tier; 0.04% and 0.07% on spot | Withdrawals rely on Hyperliquid L1 validators signing to its bridge contract and carry a $1 fee |
| Aster | Perpetual DEX, #2 by open interest | $2.42B open interest and $2.78B 24-hour volume across 570 perpetual pairs | 0% maker and 0.04% taker on USDT perpetuals; 5% off when fees are paid in ASTER | Hidden orders keep price and size out of the public book until filled, and ADL can cut profitable positions in extreme markets |
| Variational Omni | Perpetual DEX, #3 by open interest | $1.55B open interest and $1.93B 24-hour volume across 567 perpetual pairs | No trading fee; the cost sits in the quoted spread, and 20% of spreads goes to the protocol treasury | Its liquidity provider, OLP, is the only maker and the counterparty to every trade, so all prices come from one quoter |
| Lighter | Perpetual DEX, #4 by open interest | $1.06B open interest and $1.97B 24-hour volume across 209 perpetual pairs | Standard accounts pay 0% maker and 0% taker; Premium accounts pay 0.004% and 0.028% before LIT staking discounts | Free Standard accounts add 300 ms latency to taker orders |
| Jupiter | DEX aggregator, #1 by 30-day routed volume | $16.0B routed in 30 days, all of it on Solana | 2 bps on SOL-stablecoin swaps, 10 bps on most pairs and 50 bps on tokens less than 24 hours old | Works only on Solana and holds no liquidity, so it cannot improve the price when every pool on the route is thin |
| KyberSwap | DEX aggregator, #4 by 30-day routed volume | $8.58B routed in 30 days across 24 chains | No platform fee on swaps made on KyberSwap.com; limit orders 0.01–1% and cross-chain swaps 0.05–0.25% | Its Elastic protocol had a security incident on November 22, 2023, and third-party links can add their own fees |
| EVEDEX | Hybrid perpetual futures exchange with off-chain matching and settlement on Arbitrum; not an AMM or aggregator | $678.6M open interest and $647.6M 24-hour volume across 52 perpetual pairs | 0.015% maker and 0.045% taker before cashback | No spot swaps or pools, only 52 pairs |
Data as of September 15, 2026. 30-day spot and aggregator volume: DefiLlama DEXs and DefiLlama aggregators. Open interest, 24-hour volume and pair counts: CoinGecko derivatives. Fees and drawbacks: Uniswap, PancakeSwap, PumpSwap, Hyperliquid, Aster, Variational, Lighter, Jupiter, KyberSwap and EVEDEX documentation, checked September 16, 2026.
Spot AMMs Lead the List by Swap Volume
Spot automated market makers still carry most decentralized swap volume. Uniswap's $74.4 billion over 30 days came mainly from its newer pools: v4 accounted for $39.1 billion and v3 for $33.8 billion. The chain mix has shifted as well. Robinhood Chain produced $29.0 billion of Uniswap volume, more than Ethereum's $23.1 billion, while PancakeSwap remains a BNB Chain venue with 83% of its $30.0 billion there. PumpSwap, the AMM where coins that complete pump.fun's bonding curve keep trading, ranks third with $19.2 billion. Aerodrome is fourth with $14.0 billion, all of it on Base and 98% of it through its Slipstream concentrated-liquidity pools.
On any AMM, the quoted fee is only part of the cost. A swap that is large relative to the pool also pays price impact, and on concentrated-liquidity pools the depth near the current price can change quickly as liquidity providers move their ranges. Liquidity providers earn fees only while the price stays inside their chosen range, so thin ranges can disappear exactly when volatility rises. Before a large swap, compare the price impact estimate with the pool fee: on a shallow pool, impact can cost more than the fee itself.
Perpetual DEXs Use Four Different Execution Models
Open interest, the value of positions that remain open, is a better size measure for perpetual DEXs than daily volume, because leveraged traders can turn over the same margin many times a day. By that measure, Hyperliquid's $14.18 billion is almost six times Aster's $2.42 billion. The four largest venues also execute trades in different ways:
- Hyperliquid runs fully on-chain perpetual and spot order books on its own layer 1 blockchain, where every order, cancel, trade and liquidation is recorded.
- Aster describes Aster Chain as its own layer 1 for perpetual trading, while its Pro Mode is available across BNB Chain, Ethereum, Solana and Arbitrum.
- Variational Omni has no open order book: a trader requests a quote, its liquidity provider OLP answers and takes the other side, and the cost is built into the spread.
- Lighter anchors its execution proofs and state to Ethereum. If its sequencer ignores priority withdrawal requests, an escape hatch lets users withdraw directly on Ethereum.
Fees in this category are not comparable line by line. A 0% maker fee, a free account tier or a zero-fee quote still has a cost in spread, latency or funding payments between longs and shorts. Compare the all-in price on the size you actually trade, and check the liquidation and auto-deleveraging rules before you open a leveraged position.
Aggregators Route Orders but Hold No Liquidity
A DEX aggregator searches pools on other venues and splits one order across them. Jupiter led DefiLlama's aggregator ranking with $16.0 billion routed on Solana in 30 days, followed by 0x at $9.47 billion, DFlow at $8.69 billion and KyberSwap at $8.58 billion across 24 chains. Because aggregators only route, their fee sits on top of the pool fees along the route: Jupiter adds 2 to 50 basis points depending on the pair, while KyberSwap charges no platform fee on swaps made directly on its site. 1inch, with $2.75 billion routed across 16 chains, also charges no swap fee in its app, but its help center says certain aggregator-routed swaps include infrastructure fees and does not state the rate. An aggregator improves the blended price only when enough liquidity exists somewhere; it cannot fix a token that trades in one thin pool.
How to Use This List Before You Connect a Wallet
Rankings change every week, so treat the table as a starting point and run these checks on the venue you pick.
- Match the category to the trade Use a spot AMM or an aggregator to own a token, and a perpetual DEX only if you want leveraged long or short exposure without holding the asset.
- Check the network first Jupiter and PumpSwap work only on Solana, Aerodrome only on Base, and Hyperliquid on its own chain. Moving funds across chains adds bridge risk and fees.
- Compare the all-in cost Add the pool fee, any aggregator fee, network gas and price impact for swaps. For perpetuals, add maker or taker fees, funding payments and the spread.
- Verify what you sign Confirm the token contract address on the project's official channels, and read the pool fee before you swap, since some pools set their own rate.
- Know the exit path Find out how withdrawals work: through a bridge signed by validators, a direct on-chain withdrawal or an escape hatch, and what each step costs.
- Check who may use the venue Several perpetual DEXs restrict some countries in their terms, so read the restricted-regions list before depositing.
Where EVEDEX Fits in This List
EVEDEX is not an AMM or an aggregator, and it does not route orders to any venue in the table. It is a hybrid perpetual futures exchange: the order book and matching run off-chain, and settlement happens on-chain on Arbitrum, so it sits next to the perpetual DEX group while working differently from each of them. On September 15, 2026, CoinGecko showed $678.6 million in open interest and $647.6 million in 24-hour volume across its 52 perpetual pairs, which include 39 crypto pairs plus US stocks, Tether Gold (XAUT), silver, WTI oil and EUR/USD. Fees are capped at 0.015% maker and 0.045% taker before cashback of up to 35%, and leverage reaches 200x only on BTC-USD, ETH-USD and SOL-USD for positions up to $50,000 notional. Margin is posted in USDT, all pairs trade 24/7, and there are no spot swaps, liquidity pools or options. If you need to swap tokens, use a spot AMM or an aggregator from the table; to trade price moves with leverage, read how the perp DEX works first. Perpetual futures carry a high risk of loss.
