Top 12 DEXs in December 2025

The crypto market has always been built on the idea of autonomy, i.e., the belief that users should have full control over their own assets. It’s an ethos that runs through every layer of the ecosystem. Yet, despite all the innovation blockchain promised, many early trading platforms ended up mirroring the very systems crypto was meant to challenge: centralized exchanges.

Centralized exchanges (CEXs) operate much like traditional financial institutions, where they act as intermediaries, hold user funds, and often decide who gets access. They’re fast, user-friendly, and liquid, but that convenience comes at a cost: limited transparency, custodial risk, and reliance on a central authority.

Decentralized exchanges (DEXs), on the other hand, flip that model on its head. Powered by smart contracts and blockchain protocols, they enable direct peer-to-peer trading without intermediaries. Users stay in full control of their assets, enjoy greater transparency, and avoid the single points of failure that centralized systems struggle with.

As the ecosystem matures, DEXs have come a long way from their early, clunky beginnings. Today, they rival centralized platforms in both performance and usability, offering advanced features, deeper liquidity, and community-driven innovation built on trustless infrastructure. Here is a list of the top 12 decentralized exchanges to look out for in December 2025:

1. dYdX

dYdX has carved a strong position in the decentralized trading space by focusing on derivatives, a segment that has long been dominated by centralized platforms. It allows users to trade perpetual contracts, use margin, and access advanced order types, all while keeping full control of their assets.

Built around a professional-grade order book system, dYdX delivers fast execution, low fees, and minimal slippage. The platform offers up to 20x leverage and deep liquidity across major markets, making it a go-to choice for experienced traders who want the functionality of a traditional exchange without giving up decentralization.

2. Balancer

Balancer takes a slightly different approach to decentralized trading. Instead of focusing purely on token swaps, it acts as an automated portfolio manager, allowing users to create or join liquidity pools with multiple tokens and custom weight distributions. These pools automatically rebalance, helping users maintain their target allocations without needing to constantly adjust their holdings.

This makes Balancer especially appealing for those managing diverse portfolios within DeFi. Traders can gain exposure to several tokens through a single position, while liquidity providers earn fees as others interact with their pools. The protocol also supports batch swaps, enabling multiple token trades in one transaction. Though its flexibility comes with a learning curve, Balancer is a knockout platform for users who want more control over how they structure and manage their assets.

3. Uniswap

Uniswap is often the first decentralized exchange many users come across, and it’s easy to see why. As the largest DEX by trading volume, it offers access to a vast range of Ethereum-based tokens through a clean, permissionless interface. Traders can swap any ERC-20 token quickly and without intermediaries, while the platform’s deep liquidity ensures smooth execution for both small and large trades.

Over time, Uniswap has expanded beyond Ethereum to networks like Polygon and Binance Smart Chain, bringing its familiar experience to more ecosystems. Integrations like MoonPay even make it possible to buy crypto directly with a credit or debit card, though such options can come with higher fees. There’s still a bit of a learning curve for first-time users, especially around wallets and gas settings, but once set up, Uniswap remains one of the most reliable and trusted names in decentralized trading.

4. SushiSwap

Originally launched as a fork of Uniswap, SushiSwap has since grown into a fully developed ecosystem with its own identity and community-driven ethos. It retains the core swap functionality of major DEXs while distinguishing itself through yield farming and its multi-chain expansion.

Liquidity providers play a central role in SushiSwap’s design, earning trading fees along with rewards in additional tokens. The platform now spans multiple blockchains, offering farming opportunities across networks without limiting users to a single ecosystem. While its 0.3% swap fee can be slightly higher than competitors, SushiSwap balances that with strong community governance through its $SUSHI token and higher yield potential for participants.

5. StackSwap

StackSwap represents the next evolution of DeFi on Bitcoin. Built on the Stacks blockchain, it brings decentralized trading, yield farming, and token launches to an ecosystem traditionally outside the DeFi landscape, all while leveraging Bitcoin’s security layer.

Unlike Ethereum-based DEXs, StackSwap doesn’t facilitate direct BTC trading. Instead, it operates within a smart contract-enabled layer secured by Bitcoin, enabling users to engage with DeFi tools and assets tied to Bitcoin’s base network. With its focus on low fees and AI-powered performance optimizations, StackSwap provides an early but promising look at decentralized trading built around Bitcoin’s principles.

6. Poocoin

Poocoin is one of the more recognizable decentralized analytics platforms on the Binance Smart Chain, combining real-time token tracking with a built-in trading interface. Its all-in-one design lets users chart BEP-20 tokens, monitor performance, and execute swaps without ever leaving the dashboard, a level of convenience that’s made it a go-to tool for BSC traders.

In addition to its charting and swap functions, Poocoin supports wallet integrations, such as MetaMask and Trust Wallet, making it easy to manage and trade assets directly from your account. The platform’s modular structure also appeals to developers and businesses looking to build their own DeFi analytics or trading tools, offering flexibility in branding and monetization models.

7. Vertex

Vertex is a cross-margined DEX built on Arbitrum that brings multi-chain trading to the forefront of decentralized finance. Users can trade a wide range of assets without relying on intermediaries, all within an order book system designed for efficiency and speed. Its infrastructure makes advanced trading accessible to both casual users and professionals.

The platform supports bridges across eight chains, allowing seamless cross-chain transactions. Traders also benefit from institutional-grade tools, including advanced risk management features and near-instant order execution. By combining high-speed performance with robust trading capabilities, Vertex stands out as a platform that caters to a broad spectrum of DeFi participants, from retail enthusiasts to experienced professionals.

8. Camelot

Camelot is a decentralized exchange built on the Arbitrum network, focusing on liquidity and supporting emerging crypto projects. Its platform offers a launchpad that helps new projects raise funds while providing unique incentives for long-term investors, making it a hub for innovation within the Arbitrum ecosystem.

The platform rewards liquidity providers through dual incentive structures, encouraging active participation and deeper pools. Designed for scalability, Camelot can handle high transaction volumes and traffic, ensuring smooth trading experiences. By combining DeFi innovation with robust technology, it has positioned itself as a strong option for users looking to engage with both new projects and established tokens on Arbitrum.

9. DeFiLlama Swap

DeFiLlama Swap isn’t a decentralized exchange in the traditional sense. Instead, the platform is built as an aggregator that helps users find the best trading routes across multiple DEXs. By scanning platforms like 1inch and others, it sources optimal prices and executes swaps through the most efficient paths, all without adding extra fees.

Supporting multiple blockchains, the platform prioritizes functionality over flash. Its minimal interface hides a powerful routing system that reduces slippage, cuts costs, and ensures traders get maximum value from every swap. For anyone active in DeFi, DeFiLlama Swap has become a practical and time-saving tool in the trading toolkit.

10. Osmosis

Built on the Cosmos network, Osmosis focuses on a challenge many DEXs still face: seamless cross-chain swaps. Rather than restricting users to one blockchain, it enables the exchange of assets across chains in a way that feels fluid and intuitive.

Its design emphasizes simplicity, with a clean interface and quick transactions even when bridging tokens from different ecosystems. Cosmos-native assets benefit from deep liquidity, and low fees come courtesy of Cosmos’ efficient architecture. While Osmosis remains primarily focused within the Cosmos ecosystem, it continues to lead in user experience for cross-chain trading, offering one of the smoothest and most accessible multi-chain DEX platforms today.

11. IDEX

IDEX occupies a unique space between centralized and decentralized exchanges. It uses a hybrid model that combines centralized speed with decentralized custody. Trades are matched off-chain for efficiency, but assets remain in users’ wallets until settlement. This approach allows for faster execution without sacrificing asset ownership.

By reducing common issues like transaction delays and on-chain failures, IDEX offers a smoother trading experience than many purely decentralized platforms. Still, the model comes with trade-offs: some users may question how decentralized it truly is, given its off-chain elements, and its token support remains limited to Ethereum and EVM-compatible assets. For traders who value faster transactions and fewer technical hurdles while maintaining custody of their funds, IDEX strikes a pragmatic balance.

12. KyberSwap

KyberSwap is a multi-chain DEX aggregator that makes trading simpler and more efficient. By continuously optimizing liquidity, the platform reduces slippage and ensures that swaps are executed smoothly, even when markets are busy. Traders benefit from a system that adapts to changing conditions, giving them confidence that their orders will get the most value.

Liquidity providers also see the advantage, thanks to elastic pools that make capital use more efficient and dynamic fees that adjust automatically based on market activity. Supporting over a dozen blockchains, including Ethereum, Avalanche, and BNB Chain, KyberSwap balances flexibility with performance, making it a practical choice for anyone looking to trade or contribute liquidity across multiple ecosystems.

Final thoughts

The decentralized exchanges have expanded past simple token swaps. From cross-chain interoperability to Bitcoin-powered DeFi, today’s platforms offer a diverse set of tools tailored to different kinds of traders. 

That said, no single platform suits everyone. Before committing to any exchange, it’s worth taking the time to explore how a platform aligns with your needs, technical comfort, and risk tolerance.

Disclaimer. Readers are encouraged to do their own research. Ambcrypto is not liable for any outcomes related to the use of information, products, or services mentioned. This content may include affiliate or partner links.