CRYPTO NEWS · DEFI
Top 5 DEXes 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. Third is PancakeSwap at $19B, anchored by BNB Chain volume. Fourth is Curve at $11B (down from $16B). Fifth is Solana-native Jupiter aggregator at $9B.
The Circuit Take
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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