According to Coingecko data, in August 2025, Uniswap returned to the top of the centralized exchange (DEX) market share with a monthly trading volume of US$111.8 billion, accounting for 35.9% of the market share, an increase of +28.3% from July.

PancakeSwap fell to second place, with a trading volume of $92 billion in August and a market share of 29.5%, a sharp drop of -44.7% month-over-month. The platform previously benefited from Binance Alpha 2.0 incentives, reaching a peak of $254.8 billion in June, briefly surpassing Uniswap.

Aerodrome on the Base chain ranked third with $22.9 billion and a 7.4% market share, an increase of +28%.

Hyperliquid became the biggest dark horse, with a trading volume of US$21.4 billion in August, a surge of +129.3% month-on-month. Its market share rose to 6.9%, making it the fourth largest DEX and surpassing platforms such as Orca and Raydium on Solana for the first time.