#2
HY
Hyperliquid
Spot + Perps
The on-chain orderbook that beat the CEXs at their own game — deepest perp liquidity in DeFi with CEX-grade latency.
24h vol
$9.40B
Taker
0.045%
Overall
89.9
RUECAT REVIEWS
TOP DEX 2026
Every serious decentralized exchange, ranked on the numbers that decide where you should trade: perpetuals and spot volume, open interest, pool depth, taker and maker fees, security track record and how decentralized the venue really is.
24h volume ranked
$32.05B
The RUECAT composite: volume, liquidity, fees, security, experience and decentralization in one score.
#1
JU
Jupiter
Spot + Perps · $JUP
Solana's front door: best-price routing across every Solana AMM, plus perps, limit orders and DCA in one app.
24h vol
$3.20B
Taker
0.06%
Overall
90.0
#3
AE
Aerodrome
Spot · $AERO
Base's liquidity flywheel — ve(3,3) emissions route almost every Base pair through Aerodrome pools.
24h vol
$1.10B
Taker
0.05%
Overall
88.5
| # | Share | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | JU Spot + Perps · Solana · 2021 | $3.20B | $2.40B | $780.0M | 0.06% | 0.02% | 38,000 | 92 | 92 | 89 | 90.0 | |
| 2 | $9.40B | $3.10B | $4.60B | 0.045% | 0.015% | 210 | 95 | 95 | 84 | 89.9 | ||
| 3 | AE Spot · Base · 2023 | $1.10B | $1.30B | — | 0.05% | 0.05% | 1,400 | — | 89 | 88 | 88.5 | |
| 4 | UN Spot · Ethereum, Base, Arbitrum · 2018 | $3.60B | $5.20B | — | 0.3% | 0.3% | 42,000 | — | 87 | 97 | 88.3 | |
| 5 | CU Spot · Ethereum, Arbitrum, Polygon · 2020 | $420.0M | $2.20B | — | 0.04% | 0.04% | 1,600 | — | 87 | 92 | 87.8 | |
| 6 | DY Perps · dYdX Chain (Cosmos) · 2021 | $520.0M | $320.0M | $340.0M | 0.05% | 0.005% | 190 | 87 | — | 90 | 87.1 | |
| 7 | 1I Spot · Ethereum, BNB Chain, Arbitrum · 2019 | $520.0M | $90.0M | — | Free | Free | 25,000 | — | 86 | 90 | 86.9 | |
| 8 | LI Perps · Lighter zk-rollup (Ethereum) · 2024 | $1.90B | $620.0M | $900.0M | Free | Free | 90 | 91 | — | 80 | 86.6 | |
| 9 | GM Perps · Arbitrum, Avalanche, Botanix · 2021 | $310.0M | $480.0M | $260.0M | 0.06% | 0.06% | 70 | 85 | — | 88 | 85.8 | |
| 10 | DR Spot + Perps · Solana · 2021 | $640.0M | $850.0M | $430.0M | 0.1% | -0.02% | 120 | 86 | 87 | 84 | 85.4 | |
| 11 | PA Spot + Perps · BNB Chain, Base, Arbitrum · 2020 | $2.90B | $1.90B | $210.0M | 0.25% | 0.25% | 21,000 | 83 | 86 | 90 | 85.2 | |
| 12 | $210.0M | $290.0M | — | 0.05% | 0.05% | 900 | — | 84 | 86 | 85.0 | ||
| 13 | OR Spot · Solana, Eclipse · 2021 | $780.0M | $640.0M | — | 0.16% | 0.16% | 6,800 | — | 85 | 88 | 84.9 | |
| 14 | PE Spot · Ethereum, Arbitrum, BNB Chain · 2021 | $120.0M | $3.40B | — | 0.1% | 0.1% | 260 | — | 84 | 90 | 84.9 | |
| 15 | BA Spot · Ethereum, Arbitrum, Base · 2020 | $130.0M | $720.0M | — | 0.1% | 0.1% | 1,900 | — | 83 | 90 | 84.1 | |
| 16 | ME Spot · Solana · 2023 | $1.40B | $720.0M | — | 0.15% | 0.15% | 18,000 | — | 86 | 82 | 83.7 | |
| 17 | RA Spot · Solana · 2021 | $1.60B | $1.60B | — | 0.25% | 0.25% | 32,000 | — | 84 | 86 | 83.2 | |
| 18 | ED Perps · edgeX L2 (Ethereum) · 2024 | $850.0M | $210.0M | $380.0M | 0.038% | 0.015% | 110 | 87 | — | 78 | 83.2 | |
| 19 | HE Spot + Perps · Injective · 2022 | $240.0M | $110.0M | $130.0M | 0.075% | -0.005% | 150 | 83 | 83 | 82 | 83.1 | |
| 20 | $210.0M | $95.0M | $110.0M | 0.02% | Free | 90 | 84 | 83 | 80 | 81.6 | ||
| 21 | $220.0M | $140.0M | $150.0M | 0.03% | -0.005% | 120 | 84 | — | 80 | 81.5 | ||
| 22 | $180.0M | $60.0M | $70.0M | 0.08% | 0.08% | 250 | 81 | — | 82 | 81.4 | ||
| 23 | $180.0M | $120.0M | $120.0M | 0.05% | 0.003% | 130 | 84 | — | 82 | 81.0 | ||
| 24 | OS Spot · Cosmos / IBC · 2021 | $95.0M | $180.0M | — | 0.2% | 0.2% | 1,500 | — | 78 | 86 | 80.9 | |
| 25 | $160.0M | $130.0M | $60.0M | 0.08% | 0.02% | 1,100 | 81 | 81 | 78 | 80.9 | ||
| 26 | $260.0M | $70.0M | $90.0M | 0.05% | 0.02% | 60 | 83 | — | 80 | 80.7 | ||
| 27 | $140.0M | $80.0M | $60.0M | 0.06% | 0.06% | 80 | 81 | — | 78 | 80.2 | ||
| 28 | $42.0M | $26.0M | — | 0.1% | 0.1% | 1,800 | — | 77 | 82 | 79.8 | ||
| 29 | $130.0M | $150.0M | — | 0.2% | 0.2% | 2,100 | — | 78 | 84 | 79.7 | ||
| 30 | $60.0M | $70.0M | — | 0.05% | 0.05% | 700 | — | 79 | 78 | 79.0 | ||
| 31 | $110.0M | $65.0M | — | 0.12% | 0.12% | 5,200 | — | 78 | 80 | 78.5 | ||
| 32 | SU Spot · Ethereum, Arbitrum, Base · 2020 | $145.0M | $260.0M | — | 0.3% | 0.3% | 9,800 | — | 76 | 84 | 77.7 | |
| 33 | CE Spot · Sui · 2023 | $190.0M | $210.0M | — | 0.2% | 0.2% | 2,400 | — | 78 | 74 | 77.0 | |
| 34 | $85.0M | $95.0M | $40.0M | 0.25% | 0.25% | 3,200 | 74 | 75 | 82 | 76.5 |
How the RUECAT DEX score works
Every venue carries raw market data — 24h and 30-day notional traded, total value locked, perp open interest, the real taker and maker schedule, number of live markets — plus editorial ratings for security, user experience and decentralization. Scores come out of those numbers with a fixed formula:
- · Volume — 70% last 24h, 30% trailing 30-day average, log-scaled.
- · Liquidity — 70% TVL, 30% perp open interest.
- · Fees — 70% taker, 30% maker; rebates score full marks.
- · Perpetuals — volume 40%, open interest 25%, fees 15%, security 12%, UX 8%.
- · Spot — volume 40%, liquidity 30%, fees 12%, security 10%, UX 8%.
- · Overall — volume 25%, liquidity 20%, security 20%, decentralization 15%, fees 10%, UX 10%.
Frequently asked
What is the best perpetual DEX right now?
Hyperliquid tops the Perpetuals tab — The on-chain orderbook that beat the CEXs at their own game — deepest perp liquidity in DeFi with CEX-grade latency.
Which spot DEX should I use?
Hyperliquid leads on combined volume and pool depth across all its chains.
Where are the cheapest trades?
1inch has the lowest combined taker and maker fees in the ranking.
How often is this ranking updated?
The RUECAT team refreshes every metric weekly with AI research, and scores recalculate instantly from the new data.