Ethereum Decentralised Exchange: Top Ethereum DEXs Compared

May 1, 2026

7 minutes

Last Updated: November 3, 2026

An Ethereum decentralised exchange (DEX) lets you trade from your own wallet with no account. EVEDEX, a hybrid exchange that settles perpetual futures on Arbitrum, an Ethereum layer 2, ranks fifth among derivatives DEXs on CoinMarketCap. For token swaps on mainnet, Uniswap leads with about $26.7 billion over the 30 days to November 3, 2026, followed by Fluid DEX with about $4.1 billion.

Below are the top Ethereum DEXs by volume, how they work, when to use mainnet or a layer 2, and what to check before trading. For ETH exposure with leverage instead of token swaps, see the Ethereum DEX page. To compare venues across all networks, see the top DEX by volume ranking and our overview of the best decentralized exchanges.

Key takeaways

EVEDEX, a platform for multi asset trading, trades ETH and 48 other markets as perpetual futures on Arbitrum, an Ethereum layer 2: $914.5 million in 24-hour volume and $866.4 million in open interest on CoinMarketCap.
Uniswap handles most Ethereum DEX volume; Fluid DEX and Curve follow.
Ethereum carries about 20% of all spot DEX volume; Base and Arbitrum add more on layer 2.
Pool fees are similar across DEXs; gas on mainnet is usually the bigger cost.
Aggregators split large orders across pools to reduce price impact.

Top Ethereum decentralised exchanges

DEX	Type	Volume	Note
EVEDEX	Hybrid perpetual exchange on Arbitrum, an Ethereum layer 2	$914.5M in 24 hours; open interest $866.4M (CoinMarketCap)	ETH-USD and 48 other perpetual markets on CoinMarketCap
Uniswap V4	Spot AMM	$14.8B in 30 days on Ethereum	Hooks and dynamic fees
Uniswap V3	Spot AMM	$11.9B in 30 days on Ethereum	Concentrated liquidity, fee tiers
Fluid DEX	Spot AMM	$4.1B in 30 days on Ethereum	Combined with a lending protocol
Curve	Spot AMM for stablecoins and similar assets	$4.2B in 30 days across all chains	Low slippage on pegged pairs

Data as of November 3, 2026: DefiLlama Ethereum DEX volumes; EVEDEX: CoinMarketCap.

How an Ethereum DEX works

Most Ethereum DEXs are automated market makers. Liquidity providers deposit two tokens into a pool, and a formula sets the price from the balance between them. When you swap ETH for USDC, the contract takes ETH from your wallet, adjusts the pool and sends USDC back in one transaction. You pay the pool fee to liquidity providers and the network fee to Ethereum.

Aggregators sit on top: they check prices across many pools and split your order to get a better rate.

Ethereum decentralised exchange: how a swap works

Mainnet or layer 2

Network	Share of spot DEX volume, 30 days	Leading DEXs
Ethereum mainnet	20.0%	Uniswap V4, Uniswap V3, Fluid DEX
Base	14.0%	Aerodrome, Uniswap V3
Arbitrum	2.3%	Uniswap V3, Uniswap V4, Fluid DEX

Data as of November 3, 2026: DefiLlama chain dashboards.

Mainnet has the deepest pools and final settlement on Ethereum itself, but gas makes small swaps expensive. Layer 2 networks batch transactions and settle back to Ethereum, so the same swap usually costs cents. Keep larger, infrequent trades on mainnet and everyday trading on a layer 2.

How to choose an Ethereum DEX

Check liquidity for your pair, not the DEX total.
Compare the full cost: pool fee, gas and price impact.
Use an aggregator for large orders to split them across pools.
Verify token contracts from the project's official site.
Protect against MEV: use a wallet or route that offers private transaction submission when available.

Risks

Malicious approvals that let a contract drain your tokens.
Fake tokens with copied names and logos.
Front-running and sandwich attacks on public mempool transactions.
Smart contract bugs in new or unaudited pools.

Where EVEDEX fits

EVEDEX is not a spot DEX: instead of swapping tokens, you post USDT margin and go long or short on ETH, BTC and other markets.

ETH leverage: ETH-USD allows up to 200x for positions up to $50,000 notional.
How it works: orders are matched off-chain and settled on Arbitrum, an Ethereum layer 2.
Fees: no more than 0.015% maker and 0.045% taker before cashback.
Markets: crypto, gold, forex and stock perpetuals on one margin balance, which makes EVEDEX a platform for multi asset trading.
KYC: none in the classic sense; deposits pass an automated AML check.

Perpetual contracts carry a high risk of loss.

FAQ

An Ethereum decentralised exchange is a set of smart contracts on Ethereum that lets you swap tokens directly from your own wallet, with no account and no company holding your funds. Prices come from liquidity pools or on-chain order books, and every trade settles on the blockchain.

Uniswap. Over the 30 days to November 3, 2026, its V4 and V3 pools handled about $26.7 billion on Ethereum mainnet, according to DefiLlama, far ahead of Fluid DEX with about $4.1 billion. Uniswap also runs on Arbitrum, Base and dozens of other networks.

On EVEDEX, which settles on Arbitrum, fees are no more than 0.015% maker and 0.045% taker before cashback. On spot DEXs the pool fee is similar across major venues, from 0.01% for stablecoin pairs to 1% for volatile ones, and gas is the bigger cost on mainnet. A layer 2 such as Arbitrum or Base usually cuts network fees to cents.

Yes. Uniswap launched on Ethereum and is still the largest DEX there. Its later versions, V3 and V4, let liquidity providers concentrate liquidity in price ranges and set different fee tiers, which is why it holds the deepest pools for most Ethereum tokens.

On a DEX you keep custody and sign each trade from your wallet; nobody can freeze your balance, but nobody can reverse a mistake either. On a centralized exchange the company holds your funds, matches trades internally and usually requires KYC.

Yes. On EVEDEX, the ETH-USD perpetual allows leverage up to 200x for positions up to $50,000 notional, with settlement on Arbitrum, an Ethereum layer 2. Leverage needs a perpetual DEX rather than a spot DEX, and it magnifies losses as much as gains.

Large trades need deep liquidity in the exact pair. On Ethereum that usually means Uniswap's main pools or a DEX aggregator that splits the order across several venues to reduce price impact. Check the quoted price impact before you confirm.

The main protocols are heavily audited, but risks remain: malicious token approvals, fake tokens with copied names, front-running and other MEV on the public mempool, and smart contract bugs in newer pools. Use official links, check token contracts and review what you sign.