Introduction
Decentralized exchanges (DEXs) empower traders with full control over their assets, lower fees, and unrestricted market access. Whether swapping tokens, trading with leverage, or providing liquidity for passive income, DEXs offer flexibility unmatched by centralized platforms.
Here are the top DEXs of 2025 for spot trading, perpetuals, stablecoins, and cross-chain swaps across Ethereum, Solana, BNB Chain, Base, and more:
Top 7 Decentralized Exchanges
| DEX | Supported Chains | Trading Fees | Total Volume | Key Features |
|---|---|---|---|---|
| Uniswap | Ethereum, L2s (Arbitrum, Base) | 0.1%–0.3% | $1.49T | Largest liquidity, AMM innovation, V4 hooks |
| Hyperliquid | Hyperliquid L1 | 0.01%–0.035% | $1.11T | Perpetuals with 50x leverage, on-chain orderbook, HyperEVM |
| Raydium | Solana | 0.25% | $200B | Memecoin trading hub, Serum integration |
| PancakeSwap | BNB Chain, Base, Ethereum | 0.25% | $1.12T | Low fees, MEV protection, IFOs |
| Curve Finance | Ethereum, L2s | 0.04% | $240B | Stablecoin swaps, LlamaLend |
| Rango Exchange | 70+ chains | ~0.15% | $37.4B | Cross-chain aggregator |
| Aerodrome | Base | ~0.3% | $1.59T | Base’s leading DEX, vote-locked governance |
👉 Explore Uniswap V4’s modular hooks
Detailed Reviews
1. Uniswap
Best for: Ethereum/L2 spot trading
- Chains: Ethereum, Arbitrum, Base, etc.
- Volume: $1.49T+
- Innovations: V4 reduces pool creation costs by 99.99% and introduces gas-efficient multi-hop swaps.
2. Hyperliquid
Best for: Perpetual contracts
- Leverage: Up to 50x
- Unique Feature: HyperEVM enables DeFi smart contracts on its L1.
3. Raydium
Best for: Solana memecoins
- Integration: Serum orderbook for faster execution.
FAQs
Q: Are DEXs safer than centralized exchanges?
A: Yes—self-custody reduces counterparty risk, but smart contract vulnerabilities exist.
Q: How do I avoid impermanent loss?
A: Provide liquidity in stablecoin pairs or use concentrated liquidity pools.
Q: Which DEX has the lowest fees?
A: Curve Finance (0.04%) for stablecoins; Rango for cross-chain swaps.
Risks of DEXs
- Smart contract hacks
- Rug pulls
- Bridge failures
Conclusion
Uniswap leads for liquidity, while Hyperliquid dominates perpetuals. Always verify tokens and use hardware wallets for large trades.