How DEX Rankings Are Built

Trading data is sourced directly from each exchange's public API endpoints and on-chain smart contract events. For spot DEXes, we aggregate swap events from the underlying blockchain (Ethereum, Solana, Arbitrum, Base, BSC, and others). For derivatives DEXes, we pull open interest and funding rate data from the exchange's own reporting endpoints.

We do not rely on self-reported figures from exchanges. All volume numbers are cross-referenced against on-chain transaction data where available. Exchanges that cannot be independently verified are marked with a lower confidence indicator.

24H Volume 24h Volume is the total USD-equivalent value of all trades executed on the exchange in the rolling 24-hour window ending at the time of the last data refresh. Token prices are converted to USD using real-time mid-market rates.

7D Volume 7d Volume is the sum of daily volumes over the previous 7 calendar days. It is a more stable indicator than 24h volume and is used as the default sort column to reduce the impact of short-term anomalies.

Wash trading filter: We apply an adjusted volume metric that discounts trading patterns consistent with wash trading — circular trades between related wallets, abnormally high trade frequency with zero price impact, and self-matched orders. Exchanges with a high wash-trading ratio are ranked lower regardless of raw volume.

Market share is calculated as each exchange's 7-day adjusted volume divided by the total 7-day adjusted volume of all tracked DEXes, expressed as a percentage. The denominator includes only exchanges with verified on-chain data — it does not include CEX volume.

The market share bar shown in the table is normalised to the highest-ranked exchange (Hyperliquid at the time of writing), so the bar length is relative — not absolute — to allow visual comparison across orders of magnitude.

All rankings are refreshed every 5 minutes. The "Refreshed every 5 min" indicator in the top-right corner of the rankings page confirms the last successful data pull. If a data source is temporarily unavailable, the previous cached values are shown with a staleness warning.

DEX Ranking currently tracks 189 decentralized exchanges across 9 blockchain networks. To be included, an exchange must:

• 1Operate non-custodially — users retain control of their private keys at all times
• 2Execute trades via smart contracts or on-chain order books (no centralised matching engine)
• 3Have publicly accessible trading data (on-chain events or a public API)
• 4Have recorded at least one trade in the past 90 days

Centralised exchanges (CEXes) — even those with on-chain settlement layers — are excluded from all rankings. Hybrid models are evaluated case-by-case; if custody is centralised at any point in the trade lifecycle, the exchange is classified as a CEX.