The decentralized exchange sector (DEX) had a total weekly trading volume of $59.51 billion, which is the last market snapshot provided by Phoenix Group on February 20, 2026. The market had experienced a very steep weekly activity drop of 31.87% despite the high total number, an indicator of a more extensive cooldown in the crypto markets.
TOP #DECENTRALIZED EXCHANGES BY WEEKLY TRADING VOLUME
#Uniswap #PancakeSwap #Raydium #Aerodrome #Orca #Balancer #Meteora #Curve #Hyperliquid pic.twitter.com/hXrGqlhddm– PHOENIX – Crypto News & Analysis (@pnxgrp) February 20, 2026
Meanwhile, the supremacy of DEX and CEX stood at 14.63%, meaning that centralized exchanges still take control of most of the trading activities. Nevertheless, decentralized platforms remain one of the most essential pillars of on-chain liquidity, especially for DeFi native users and token ecosystems.
Uniswap maintains clear lead over DEX platforms
Uniswap was again named the largest decentralized volume exchange. The platform also achieved a trading volume of $12.49 billion in seven days and $2.10 billion in 24-hour trading, which is much higher than that of its rivals.
The protocol’s deep liquidity pools and broad multi-chain coverage still remain attractive to traders even as the market slows down. The weekly performance contributed a significant portion to the overall DEX activity, proving its dominance in the decentralized finance space.
PancakeSwap and Raydium strengthen competition between multiple chains
PancakeSwap came in second with a weekly volume of $4.66 billion and a 24-hour volume of $582.36 million. The exchange continues to see high activity in BNB Chain and other supported networks, keeping it relevant in both retail and ecosystem-driven trading flows.
Raydium came in third with an initial balance of $2.27 billion in weekly volume and $413.10 million in daily volume. Since Raydium is one of the main liquidity destinations in the Solana ecosystem, it will likely continue to act as one of the hubs of token launches and on-chain swaps, especially as Solana-based activity stabilizes after a recent downturn.
Aerodrome, Orca and Balancer occupy middle positions
Aerodrome closed with $1.93 billion in weekly trading volume and $250.78 million in 24-hour activity. The platform is still building its presence as a liquidity engine in the development of Layer-2 ecosystems.
Another DEX originating from Solana, the Orca, had a weekly volume of $1.63 billion and last day volume $230.44 million. The stable performance reflects the guaranteed popularity of Solana-based decentralized trading pairs.
Balancer recorded weekly volume of $1.08 billion, supported by daily transactions of $211.88 million. With a reputation for customizable liquidity pools and weighted token models, Balancer continues to have a stable institutional and DeFi native business even in weaker markets.
Meteora and curve reflect the changing liquidity dynamics
Meteora created a 7-day trading volume of $1.01 billion and a 24-hour volume of $134.71 million. This protocol has been popularized through dynamic liquidity solutions and targeted liquidity solutions that are capital efficient.
Curve earned $935 million in weekly transactions and $199.02 in daily transactions. The seven-day total kept it below the $1 billion mark, but the daily value shows it was used in stablecoin and correlated asset swaps. Curve is still a backbone of DeFi liquidity, especially in stable trading pairs.
Hyperliquid rounds out the top DEX rankings
Hyperliquid also ranked in the top rankings with a trading volume of 828 million per week and 90.70 million 24-hour activity. The platform has built its niche in decentralized perpetuals and advanced trading infrastructure.
Despite an overall DEX market contraction of 31.87% per week, total activity of over $59 billion indicates the sector’s strength. The dominance figure of 14.63% DEX over CEX indicates that centralized exchanges hold a dominant position in terms of overall market share, but the decentralized platforms still amass significant liquidity during the bullish and correction cycles.
As volatility returns to digital asset markets, liquidity appears to be concentrated on the top platforms including Uniswap, PancakeSwap and Raydium, implying that traders will find comfort in the established infrastructure when uncertain. The coming weeks will show whether trading volumes will stabilize or decline further.