Question 1

What is a DEX (Decentralized Exchange)?

Accepted Answer

A decentralized exchange (DEX) is a cryptocurrency trading platform that operates without a central authority. Trades are executed directly on the blockchain using smart contracts, giving users full custody of their funds. Examples include Hyperliquid, Uniswap, and dYdX.

Question 2

How is DEX ranking calculated?

Accepted Answer

DEX Ranking ranks decentralized exchanges by their 24-hour and 7-day trading volume, open interest, market share, and number of active trading pairs. Data is sourced directly from exchanges and updated every 5 minutes.

Question 3

What is the largest DEX by volume?

Accepted Answer

As of 2025, Hyperliquid is the largest decentralized exchange by 24h trading volume, accounting for approximately 29% of total DEX market share. It is a derivatives DEX offering perpetual futures trading.

Question 4

What is the difference between Spot DEX and Derivatives DEX?

Accepted Answer

Spot DEXs (like Uniswap, Orca) allow direct token swaps at current market prices. Derivatives DEXs (like Hyperliquid, dYdX, Grvt) offer leveraged trading products such as perpetual futures and options, without requiring a centralized intermediary.

Question 5

How often is DEX ranking data updated?

Accepted Answer

DEX Ranking data is refreshed every 5 minutes, providing near real-time rankings based on the latest trading volume and market data.

Shadow Exchange v2

Volume Breakdown (24h)

About Shadow Exchange v2