The DeFi crypto exchange has revolutionized the financial landscape with decentralized Automated Market Makers (AMMs) allowing trades to be possible without the need of a peer-to-peer swap.
DeFi Crypto exchanges allow traders to trade, lend, borrow, and earn interest on crypto directly from their digital wallets without any third-party involvement.
This page will take you through some of the best DeFi crypto exchanges in 2025 and how to best navigate them when it comes to trading and investing in DeFi.
Best DeFi Crypto Exchanges in 2025
Uniswap
Uniswap is a leading decentralized exchange that introduced the concept of an Automated Market Maker (AMM) to the world of cryptocurrency trading.
Powered by Ethereum, Uniswap allows users to trade ERC-20 tokens directly from their web3 wallets such as Metamask or Coinbase Wallet. The platform is powered by its governance token, UNI, that allows investors to take part in governance and the direction of the platform.
Instead of relying on order books, Uniswap uses liquidity pools where users can contribute their own tokens to facilitate swaps and receive a share of the exchange’s trading fees.
Hyperliquid
Hyperliquid is a decentralized exchange built on top of a layer 1 blockchain that enables traders to make fast transactions at super-low costs thanks to the network’s HyperBFT.
The Hyperliquid DEX is attached to a decentralized ecosystem home to memecoins, general tokens and vast yield opportunities that have attracted a lot of attention in recent months from the wider DeFi community.
The Hyperliquid DEX is able to facilitate fast transactions with near-instant settlements for a low cost. The network’s expansive DeFi ecosystem and exchange capabilities make it a unique addition to the list.
PancakeSwap DeFi Crypto exchange
PancakeSwap is a leading DeFi crypto exchange on the Binance BNB Smart Chain. The exchange offers low transaction fees and fast swaps compared to Ethereum.
Like Uniswap and SushiSwap, PancakeSwap utilizes automated market makers to enable token swaps and provide liquidity.
The platform’s native CAKE token can be used as a governance token or for yield farming rewards. Since late 2024, the BNB Chain has gained a resurgence in users as Binance’s new CEO has allocated more funding to developing DeFi on the network.
Pancake swap has become a go-to DEX on the BNB Chain, leading with 65% of market trading volume with PancakeSwap V3.
Curve Finance
Curve Finance on Ethereum specializes in stablecoins and caters to users looking to exchange cryptocurrencies like USDT, USDC, and DAI with minimal slippage. Curve is also home to some of the most attractive yields in DeFi.
Unlike traditional AMM models, Curve Finance utilizes special bonding curves that enhance liquidity pools and reduce price volatility.
Due to the platform’s dedication to stablecoins and supporting their ecosystems, Curve Finance is the place to go for traders who wish to swap stablecoins on a regular basis.
SushiSwap
SushiSwap is a fork of Uniswap with a focus on community governance and incentives. Like Uniswap, SushiSwap runs on the Ethereum blockchain and utilizes AMMs for token swaps.
The platform distinguishes itself from Uniswap with its focus on community engagement and features such as yield farming and staking, which incentivizes users to provide liquidity to the platform.
The SUSHI token is similar to UNI in that it’s main use case is as a governance token allowing investors to take part in proposals and the direction of the DEX.
Overtime, Sushiswap’s popularity has dwindled, but the protocol is still used by yield opportunists and for fast Ethereum-based swaps.
BullX
BullX is an advanced decentralized crypto exchange where users can trade across multiple blockchains, copy trade wallets, set limit orders and scan newly released memecoins in real time.
The app comes with its own automated trading bot, wallet manager, and ‘Pump Vision’, which allows users to make informed decisions about newly launched Pump Fun tokens on Solana.
Currently, BullX allows users to trade across multiple blockchains including Solana, Bitcoin, Blast, Binance Smart Chain and more.
With the BullX telegram trading bot, users are able to make trades on the go while desktop support provides enhanced features for experienced traders.
BullX gained popularity for its DeFi airdrop that allowed traders on the platform to earn points which would go towards the BullX airdrop, incentivising users to share referral codes and increase users on the platform.
Traders who share referral codes are able to earn a percentage of fees based on how many users they onboard. BullX’s incentives have had a lasting impact on the platform, giving it a “degen-only” userbase who are prone to only using the platform for memecoin trading on Solana.
What To Look Out For When Using a DeFi Crypto Exchange
When searching for the best DeFi crypto exchanges to use, it’s important to keep a few things in mind before making a few swaps and settling into the ecosystem:
- Security: You should examine the platform’s security and look out for any smart contract audits and the exchange’s history of resolving security-related issues. DeFi exchanges can be prone to hacks and exploits.
- Liquidity: Liquidity is important in DeFi. Be sure to use an exchange with enough liquidity pools to guarantee that your trades will always be successful and will not get stuck in your wallet or revert during tight situations when congestion is high.
- Fees: Keep track of the costs of using the exchange platform, including trading and withdrawal fees that can be racked up, especially when trading on Ethereum where fees can reach double or triple digits based on how congested the ETH blockchain is.
