Top 5 Decentralized Exchanges by Volume — April 2026
DEX volumes hit a fresh all-time high in April, and the top 5 by volume looks meaningfully different than the same list a year ago.
Top spot is still Uniswap, with $48B in April volume across all chains. The L2 deployment strategy paid off — Uniswap on Arbitrum and Base now produces about 40% of total Uniswap volume, up from under 20% twelve months ago.
Second is Hyperliquid at $32B, an explosive rise from outside the top 20 a year ago. The on-chain perpetuals model has resonated with traders looking for transparent settlement without sacrificing the order-book UX. Third is PancakeSwap at $19B, anchored by BNB Chain volume.
Fourth is Curve at $11B (down from $16B a year ago — the stablecoin-AMM erosion is real). Fifth is the new Solana-native Jupiter aggregator at $9B, which has consolidated most Solana DEX volume through aggregation rather than competing as a venue.
Uniswap still dominant but L2-driven. Hyperliquid is the breakout. Curve is the canary on traditional AMM relevance. Jupiter wins through aggregation.
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