Weekly DEX Trading Volume Dips 31.87% Amid Market Shifts
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The decentralized exchange (DEX) market has encountered a notable downturn, with the latest figures indicating a total trading volume of $59.51 billion for the week ending February 20, 2026. Despite this substantial figure, the DEX sector experienced a significant decline in weekly activity, dropping by 31.87%. This trend suggests a broader cooling effect within the cryptocurrency market.
The dominance of decentralized exchanges compared to centralized exchanges (CEX) stands at 14.63%, emphasizing that CEX platforms still command a larger share of overall trading. However, DEXs remain a critical element for DeFi users and the liquidity of token ecosystems.
Among the DEX platforms, Uniswap continues to assert its leading position. The exchange posted a striking $12.49 billion in trading volume over the past week and $2.10 billion in just 24 hours. The liquidity pools and extensive multi-chain support offered by Uniswap are particularly attractive to traders, even amidst a slowing market.
PancakeSwap ranks second in the DEX hierarchy, reporting a weekly volume of $4.66 billion and $582.36 million in daily trading. The platform maintains solid activity levels within the BNB Chain and other supported networks, ensuring its ongoing relevance in both retail and ecosystem-based trading.
In third place, Raydium registered $2.27 billion in weekly volume alongside $413.10 million in 24-hour trading activity. Serving as a primary liquidity source within the Solana ecosystem, Raydium is poised to play a vital role in upcoming token launches and on-chain exchanges as Solana’s activity stabilizes.
Aerodrome, Orca, and Balancer are among the mid-tier contenders in the decentralized exchange arena. Aerodrome achieved $1.93 billion in weekly trading and $250.78 million in daily volume, as it enhances liquidity in developing Layer-2 ecosystems. Orca, another Solana-native DEX, reported a weekly volume of $1.63 billion, indicating its solid footing in decentralized trading.
Balancer recorded a total of $1.08 billion for the week, alongside daily trades amounting to $211.88 million. Its customizable liquidity pools and flexible token models contribute to stable interest from institutional and DeFi participants.
As the market shifts, Meteora and Curve also recorded substantial weekly trading figures. Meteora noted a weekly trading volume of $1.01 billion, with $134.71 million traded in the last 24 hours. Meanwhile, Curve experienced $935 million in weekly trades, primarily focused on stablecoin transactions and correlated assets.
Completing the list of notable platforms, Hyperliquid reported a weekly volume of $828 million and daily activity of $90.70 million. The platform is carving out a niche in decentralized perpetuals and advanced trading infrastructure.
Despite the overall decline in DEX trading, the impressive volume of over $59 billion indicates the sector’s resilience. The relatively low DEX market share compared to centralized counterparts highlights the ongoing struggle for dominance. Yet, DEX platforms continue to play a vital role in maintaining liquidity levels during both bullish and bearish market trends.
As volatility re-emerges in the digital asset landscape, liquidity remains concentrated among established platforms such as Uniswap, PancakeSwap, and Raydium, suggesting that traders are likely to gravitate toward more reliable infrastructures during periods of uncertainty. The coming weeks will be crucial in determining if trading volumes will stabilize or continue their downward trajectory.
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Raj Patel
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