DEX volumes in February fell by over 37% against the previous month. Despite this, DEX activity for the past month is the highest since February 2025.
DEX activity showed some resilience in February, despite falling from the strong yearly start in January. February 2026 had the best DEX performance since 2020, breaking the record from February 2025.
DEX activity had its best February performance since 2020, breaking the 2025 record. | Source: Dune Analytics
For the past month, DEX volumes climbed to over $284B, breaking the 2025 record of $239B. The activity also broke above the 2021-2022 bull market, where DEXs were highly active, but still not a mature market.
January’s performance of over $402B was difficult to beat, as February was one of the most downbeat months in the crypto space. Despite this, DEXs showed that niche activity and local liquidity could still sustain significant volumes.
DEX volumes offset some of the trading slowdown, as even centralized volumes fell to five-month lows. DEXs also made moves to increase their attraction, launching new revenue-sharing programs.
DEX activity was also key to the health of major networks like Ethereum and Solana. On Ethereum, DeFi activity and DEX trading were key for increased staking and liquid staking. More demand for collaterals meant an incentive to stake more ETH, increasing network security and decreasing available tokens.
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As a result, robust DEX revenues are a proxy for the overall health of crypto ecosystems.
Which factors lifted DEX volumes in February?
DEX volumes showed they were adaptable to new crypto trends. In February, the final score was the result of meme trading as well as decentralized prediction markets.
Uniswap was the leading DEX, followed by PancakeSwap and PumpSwap. Kalshi and Polymarket were also included in the top 10 DEXs by volume. HumidiFi added to the activity with its dark liquidity pools.
Hyperliquid was another source of activity, though trading fell to a lower baseline. The perpetual futures DEX is ahead of other markets in terms of annualized revenues and users, based on Artemis data. Hyperliquid is one of the few decentralized apps to approach the volume of centralized perpetual futures.
The DEX landscape changed in recent months, as traders searched for liquidity, instead of rushing to provide liquidity for any new asset. As DEXs became more reliable and endured fewer hacks, they still served as venues for many trending tokens.
Top token gainers also depend on DEXs
DEXs were liquid enough to boost some of February’s trending tokens. $PIPPIN was the biggest gainer for the past month, rising by 129.4%.
$PIPPIN mostly depends on Raydium for its trading volumes, allowing whales to pump up the price. The token has gone through another of its expansion cycles, boosting Solana liquidity and DEX volumes.
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Other leading tokens rely on a mix of centralized and decentralized trading, reminding that niche markets often arise to defy the overall trend.
