Uniswap has processed more than $70 billion in trading volume over the past month, putting it ahead of the combined volume of the next three decentralized exchanges in the ranking cited by the protocol.
Uniswap said on Sept. 13 that the figure came from DeFiLlama Research and showed the large amount of decentralized spot trading taking place through its platform.
The total includes activity across different versions of Uniswap and multiple blockchain networks. It represents the value of trades processed through the protocol, not revenue earned by Uniswap Labs or the market value of the UNI token.
DeFiLlama data showed roughly $38 billion in trading volume for Uniswap v4 over the previous 30 days and about $32 billion for v3. Uniswap v2 added more than $1.2 billion, putting the combined figure above $70 billion. Because the data changes continuously, the exact total can move as new trading activity enters the 30-day period.
Uniswap v4 and v3 are responsible for most of the protocol’s current activity. V3 allows liquidity providers to place their capital within specific price ranges, while v4 uses a shared contract system and programmable hooks that can add different functions to liquidity pools.
The latest data shows v4 ahead of v3 in monthly trading volume. However, this does not mean all traders have moved to v4, as both versions continue to support different pools, assets and applications.
Uniswap’s activity also comes from a wide range of blockchain networks. Its deployments include Ethereum, Base, Arbitrum, BNB Chain, Polygon, OP Mainnet and Robinhood Chain.
Robinhood Chain has recently become another source of Uniswap activity. DeFiLlama’s Sept. 13 data showed about $1.35 billion in total decentralized exchange volume on the network over 24 hours and roughly $12.19 billion over seven days. Uniswap accounted for about $262 million of the daily volume and nearly $4 billion of the weekly total at the time.
Uniswap Labs launched v2, v3, v4 and UniswapX on Robinhood Chain in July, making the protocol available through the network from its public launch.
On Ethereum, decentralized exchanges recorded about $681 million in trading volume over the latest 24-hour period and $8.5 billion over seven days. Uniswap competes there with other decentralized exchanges including Curve, PancakeSwap and SushiSwap.
Uniswap’s claim that its monthly volume exceeded the next three DEXs combined should be viewed as a snapshot because rankings can change depending on the period and the way different protocol versions and networks are counted.
DeFiLlama measures DEX volume based on the value of spot token swaps. Perpetual futures activity is tracked separately, so derivatives-focused platforms are not directly mixed into the same spot-volume comparison.
Uniswap has faced strong competition in the past. Raydium moved ahead of it in one monthly comparison in January 2025, while PancakeSwap also recorded higher 30-day volume during parts of that year. The latest figures, however, put Uniswap back at the top of the cited spot DEX ranking.
Uniswap’s current monthly volume is also well above an earlier figure reported in November 2024, when the protocol recorded $38 billion across Ethereum scaling networks. The two figures cover different periods and may include different networks and versions, so they are not a direct like-for-like comparison.
Trading volume is also connected to Uniswap’s fee system. Governance has approved a mechanism that sends part of the trading fees from selected pools to the protocol. The system does not apply to every pool or every dollar of reported volume, so total trading volume cannot simply be multiplied by one fee rate to calculate revenue.
In July, Uniswap governance expanded the fee mechanism to v4 pools across seven networks. At the time, reported daily protocol revenue increased from about $114,000 to $325,000.
Under the governance system, captured fees can be used for UNI purchases and token burns through TokenJar contracts, while liquidity providers continue to receive their assigned share of pool fees.
Uniswap Labs is also expanding the liquidity available through the protocol. A June agreement brought $150 million in Spark stablecoin liquidity to v4, with plans to use a programmable DualPool hook developed with Uniswap Labs.
Spark’s system is designed to place unused stablecoins into yield-generating vaults between trades and move the needed liquidity into a v4 pool when a swap takes place. USDS is planned as the first quote asset, with USDT and PYUSD support also planned.
UNI traded near $6.21 during the latest market session, down roughly 2%. The token moved between about $6.17 and $6.55 during the day. The available data does not establish that the price move was directly caused by Uniswap’s monthly volume announcement.
