DEX volumes drop to lowest since Aug 2024; perpetuals gain

Decentralized exchange activity declined in April. Total DEX volumes reached $166.78 billion, the lowest level since August 2024, according to DeFi Llama. April volumes were about 59% below the October 2025 peak. DEX trading accounted for roughly 14.57% of centralized exchange volume.

Trading shifted from token swaps on automated market makers to perpetual futures and prediction markets. Traders increased positions in perpetual contracts tied to stocks, gold and oil on Hyperliquid and HIP-3. Some speculative flows moved to Polymarket. The reallocation reduced swap volume on Uniswap and PancakeSwap.

Token issuance and listings slowed in April. Fewer meme token launches and token sales reduced the number of new pools on DEXs. Liquidity providers pulled funds from many pairs citing risks of rug pulls, token crashes and flawed smart contracts.

April saw a record number of DeFi hacks. Artemis data show notable outflows from the BNB Chain and Ethereum. Liquidity pools on EVM-compatible networks and on Ethereum recorded withdrawals after several exploit events.

Solana activity diverged from the broader trend. Meteora overtook Raydium and PumpSwap as the leading Solana exchange after aggressive USDC minting boosted liquidity in Meteora pairs. Solana did not report major exploits during the month.

Stablecoin supply stayed near peak levels, but much of that liquidity did not flow into DEX pools and appears to have been used in centralized venues or as collateral in perpetual markets. DEXs continued to handle swaps for the most liquid crypto assets and stablecoin conversions. Only specific assets saw targeted rallies, often supported by market makers and deliberate liquidity providers.

April’s contraction followed stronger volumes earlier in 2025 and brought DEX activity below comparable months in 2025 and 2024. Liquidity during the month shifted toward perpetual platforms and prediction markets.