Today, market analyst Phoenix Group listed the top DEXs by trading volume. The listing comes after a recent significant fall in decentralized exchange (DEX) trading volume, partly due to increased bear sentiments in the wider crypto market triggered by macroeconomic uncertainty, among other factors. According to metrics from DeFiLlama, decentralized exchange volume dropped to $397.78 billion in November from a high of $568.43 billion noted in October. DeFiLlama’s data identified the record noticed in November as the lowest monthly total for DEXs since June.
Phoenix Group further confirmed this market decline. Its latest data reported today pointed out that all DEXs combined experienced an overall $56.75 billion in trading volume in the last seven days, a decrease by 11.61% compared to the previous week. Also, according to the data, the DEX-to-CEX volume ratio dropped to 11.46% in December, down from 15.73% in November, showing a greater shift in market activity back towards CEXs (centralized exchanges).
Top DEXs By Trading Volume This Week
UniSwap
UniSwap, a DEX built on Ethereum, processed trading volume of $13.92 billion over the past seven days, making it the top of the list, according to the Phoenix Group data. UniSwap continues to solidify itself as a market leader in the decentralized exchange sector, consistently recording significant trading volumes and providing deep liquidity across several chains and trading platforms. Its recent business collaboration (strategic integration) with European financial app Revolut is part of the catalyst making Uniswap maintain its dominance. Yesterday, Uniswap integrated Revolut to allow users to directly buy crypto assets via Revolut through the Uniswap mobile wallet and Web application.
PancakeSwap
PancakeSwap, a DEX built on the BNB Chain, is the second-largest DEX platform by weekly trading volume, as per the data. It recorded a trading volume of $11.61 billion over the past week. As per Phoenix Group metrics, PancakeSwap processed $70.56 billion in volume last month, November 2025. Furthermore, the exchange registered $529 million in volume during Q2. This remarkable growth comes following the rollout of PancakeSwap Infinity, a significant network upgrade launched in April 2025. The update introduced advanced liquidity pools that enable users to run more effective trading strategies while maintaining on-chain transparency.
Raydium
Raydium has recaptured its top position as the largest Solana-based DEX platform. As reported in the data, Raydium processed a weekly trading volume of $3.60 billion in the last seven days, making it the third-largest DEX globally and the top decentralized exchange on the Solana blockchain. Last month, HumidiFi overtook Raydium and Meteora after the DEX processed monthly trading volume of $34 billion and eventually emerged as Solana’s No.1 DEX platform. The latest metrics show Raydium’s continued dominance on Solana.
Aerodrome
Fourth on the list is Aerodrome, a leading DEX on the Ethereum Layer-2 network Base. The hacking incident last week has not scared users from trading on Aerodrome, as indicated by the $2.91 billion trading volume processed on the DEX in the past seven days. Aerodrome experienced a front-end compromise on November 23, and as a result, advised its customers to use decentralized mirrors to access the platform. The trading volume showcases significant user trust in Aerodrome’s DEX.
Curve Finance
Curve Finance, a DEX protocol built on Ethereum, processed the fifth-largest trading volume with a figure of $2.79 billion in the past week. The record is part of Curve Finance’s significant revenue growth witnessed last month and in Q3.
Other Top Market Performers
Other DEXs with outstanding trading volume experienced in the past week include Meteora, Orca, Hyperliquid, and LFJ, as illustrated in the data.
