Five-year price · 20 complete calendar quarters · BTC-relative

DEX Crypto Coins

Is DEX outperforming Bitcoin, and is leadership broad?

Bottom line

PancakeSwap ranks first for research priority in DEX crypto at 80.6/100, and its native activity evidence clears the coverage gate. The theme's 13-week excess versus Bitcoin is +3.1% on 50% breadth, which is what decides whether that lead is isolated or broad. 11 of the 33 assets here carry enough native evidence to move past a tape-led label.

These DEX coins are part of the cryptocurrency universe this site tracks daily — 894 of the top 1,000 crypto currency assets by market cap, priced from exchange closes and matched to protocol fees and revenue where a protocol publishes them.

The theme itself · before any single company

How has DEX moved against Bitcoin?

The line below covers up to 5 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this theme is 22% behind Bitcoin. Protocol revenue across its protocols grew 15% on average over the last four reported quarters.

BASING · +2 joined⚠Fundamentals up, price down8 of 33 coins ahead of Bitcoin by 5% or more over three months1 is 20% or more behind over a year while protocol revenue grew 20% or more

RS — · 12/33 >200d (−1) · 8/33 lead (+2) · EPS 2/6↑

DEX, equal-weighted, based at 200 Bitcoin, same base, same start trailing 12-month protocol revenue rising falling

Both lines start at 200 in the same week, so the distance between them is the whole story: the theme line is an equal-weighted index of its 33 coins. The bars underneath are trailing 12-month protocol revenue, one bar per reported quarter, each member rebased to 100 at the start and the theme taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while protocol revenue grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

BTC LED market context

DEX vs Bitcoin — Relative Strength & Breadth

DEX crypto has underperformed Bitcoin by 22.4% over 52 weeks on an equal-weight index of current members. Over 13 weeks the figure is +3.1%. 14 of 28 covered assets are above their own 200-day average. Raydium leads Bitcoin-relative strength at +152.8%. Price readings are as of 2026-09-11.

+3.1%13w vs BTC

-22%52w vs BTC

14/28Above 200-DMA

RAYRS leader · +153%

Assets

canonical functional membership

Activity-covered

11/33

enough native evidence

Top score

80.6/100

PancakeSwap

Calendar quarters

complete; missing stays missing

Global asset selection · top 20 shown

Showing 20 of 33 assets

00 · exact additive research priority

4-Factor Crypto Evidence Score

A within-theme research-priority score for the 33 assets in DEX, out of 100. The four displayed point contributions add exactly to the total, and the market regime changes the action label, never the arithmetic. PancakeSwap is highest at 80.6/100 on 95% evidence. It ranks research attention, not portfolio action.

Market leadership · 35Network & economic traction · 30Value capture · 20Liquidity & downside risk · 15

PancakeSwap leads the current research queue at 80.6/100 with 95% evidence.

11/33 assets have enough native activity evidence to move beyond a tape-led label.

15 of the 48 DEX coins are not rated this week: 7 have no price within 7 days, 8 report no traded volume. They are listed in full below the ranking.

Missing native metrics are not scored as zero and are not silently reweighted. They pull only the affected factor toward neutral and lower its visible evidence percentage. An asset with nothing measurable at all is not scored at 50 either — it is listed as not rated.

1. PancakeSwap · CAKE

80.6/100 · Priority research · 95% evidence

Exact sum: 33.5 + 19.4 + 14.7 + 13.0 = 80.6

Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.

33.5/35Market leadership

RS-BTC 42.4 pp · RS-sector 38.3 pp · 200-DMA above

100% evidence

19.4/30Network & economic traction

Fees 15.9% · revenue 15.5% · users —

83% evidence

14.7/20Value capture

Fee yield 61.91% · revenue yield 20.02%

100% evidence

13.0/15Liquidity & downside risk

30d median volume $38,008,720 · vol 76.2%

100% evidence

2. Curve DAO · CRV

72.8/100 · Priority research · 95% evidence

Exact sum: 29.2 + 22.5 + 10.3 + 10.8 = 72.8

Decision use: Tape and usage agree. Advance to token-accrual, catalyst and custody-risk diligence.

29.2/35Market leadership

RS-BTC 21.4 pp · RS-sector 12.2 pp · 200-DMA above

100% evidence

22.5/30Network & economic traction

Fees 333.7% · revenue 398.8% · users —

83% evidence

10.3/20Value capture

Fee yield 20.01% · revenue yield 11.73%

100% evidence

10.8/15Liquidity & downside risk

30d median volume $52,914,631 · vol 117.2%

100% evidence

3. Orca · ORCA

69.1/100 · Constructive watch · 75% evidence

Exact sum: 28.0 + 14.1 + 15.6 + 11.4 = 69.1

Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.

28.0/35Market leadership

RS-BTC 7.5 pp · RS-sector 29.7 pp · 200-DMA above

100% evidence

14.1/30Network & economic traction

Fees — · revenue — · users —

30% evidence

15.6/20Value capture

Fee yield 118.87% · revenue yield 14.27%

81% evidence

11.4/15Liquidity & downside risk

30d median volume $8,480,632 · vol 77.4%

100% evidence

4. Raydium · RAY

66.2/100 · Constructive watch · 95% evidence

Exact sum: 34.9 + 4.3 + 16.6 + 10.4 = 66.2

Decision use: Price leads usage. Wait for fees, users or TVL to confirm the move.

34.9/35Market leadership

RS-BTC 152.8 pp · RS-sector 150.3 pp · 200-DMA above

100% evidence

4.3/30Network & economic traction

Fees -80% · revenue -57.2% · users —

83% evidence

16.6/20Value capture

Fee yield 104.91% · revenue yield 15.55%

100% evidence

10.4/15Liquidity & downside risk

30d median volume $14,035,250 · vol 146.7%

100% evidence

5. Sushi · SUSHI

63.0/100 · Constructive watch · 95% evidence

Exact sum: 24.0 + 18.6 + 11.3 + 9.1 = 63.0

Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.

24.0/35Market leadership

RS-BTC 4 pp · RS-sector 21.6 pp · 200-DMA above

100% evidence

18.6/30Network & economic traction

Fees 204.7% · revenue 204.7% · users —

83% evidence

11.3/20Value capture

Fee yield 55.81% · revenue yield 9.3%

100% evidence

9.1/15Liquidity & downside risk

30d median volume $6,676,844 · vol 125.5%

100% evidence

6. Falcon Finance · FF

61.6/100 · Illiquid · research only · 43% evidence

Exact sum: 30.7 + 15.0 + 10.0 + 5.9 = 61.6

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

30.7/35Market leadership

RS-BTC 79.5 pp · RS-sector 126.9 pp · 200-DMA —

80% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

5.9/15Liquidity & downside risk

30d median volume $3,344,586 · vol 131.4%

100% evidence

7. Uniswap · UNI

61.4/100 · Constructive watch · 82% evidence

Exact sum: 31.1 + 13.2 + 6.7 + 10.4 = 61.4

Decision use: Price leads usage. Wait for fees, users or TVL to confirm the move.

31.1/35Market leadership

RS-BTC 115.3 pp · RS-sector 54.8 pp · 200-DMA —

80% evidence

13.2/30Network & economic traction

Fees -17% · revenue — · users —

63% evidence

6.7/20Value capture

Fee yield 42.46% · revenue yield 1.22%

100% evidence

10.4/15Liquidity & downside risk

30d median volume $38,321,816 · vol 109.7%

100% evidence

8. Pendle · PENDLE

60.5/100 · Constructive watch · 95% evidence

Exact sum: 32.9 + 10.1 + 6.2 + 11.3 = 60.5

Decision use: Price leads usage. Wait for fees, users or TVL to confirm the move.

32.9/35Market leadership

RS-BTC 32.4 pp · RS-sector 37.8 pp · 200-DMA above

100% evidence

10.1/30Network & economic traction

Fees -17.4% · revenue -17.3% · users —

83% evidence

6.2/20Value capture

Fee yield 9.9% · revenue yield 9.6%

100% evidence

11.3/15Liquidity & downside risk

30d median volume $34,227,495 · vol 85.2%

100% evidence

9. Velodrome Finance · VELO

60.3/100 · Illiquid · research only · 50% evidence

Exact sum: 29.6 + 15.0 + 10.0 + 5.7 = 60.3

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

29.6/35Market leadership

RS-BTC 14.3 pp · RS-sector 28.8 pp · 200-DMA above

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

5.7/15Liquidity & downside risk

30d median volume $2,158,665 · vol 85.6%

100% evidence

10. 1INCH · 1INCH

55.9/100 · Tape-led · on-chain proof incomplete · 55% evidence

Exact sum: 20.0 + 14.1 + 10.0 + 11.8 = 55.9

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

20.0/35Market leadership

RS-BTC 3.9 pp · RS-sector -4.7 pp · 200-DMA above

100% evidence

14.1/30Network & economic traction

Fees — · revenue — · users —

17% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

11.8/15Liquidity & downside risk

30d median volume $6,640,975 · vol 52.6%

100% evidence

11. 0x Protocol · ZRX

53.7/100 · Illiquid · research only · 50% evidence

Exact sum: 19.9 + 15.0 + 10.0 + 8.8 = 53.7

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

19.9/35Market leadership

RS-BTC -5.9 pp · RS-sector 15 pp · 200-DMA above

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

8.8/15Liquidity & downside risk

30d median volume $4,540,153 · vol 68.8%

100% evidence

12. Bancor Network · BNT

53.3/100 · Illiquid · research only · 50% evidence

Exact sum: 21.5 + 15.0 + 10.0 + 6.8 = 53.3

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

21.5/35Market leadership

RS-BTC -5.2 pp · RS-sector 7.7 pp · 200-DMA above

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

6.8/15Liquidity & downside risk

30d median volume $1,829,797 · vol 61.4%

100% evidence

13. Aster · ASTER

50.6/100 · Tape-led · on-chain proof incomplete · 43% evidence

Exact sum: 13.9 + 15.0 + 10.0 + 11.7 = 50.6

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

13.9/35Market leadership

RS-BTC -13.2 pp · RS-sector -0.2 pp · 200-DMA —

80% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

11.7/15Liquidity & downside risk

30d median volume $11,183,204 · vol 64.9%

100% evidence

14. CoW Protocol · COW

49.8/100 · Illiquid · research only · 79% evidence

Exact sum: 13.4 + 21.1 + 12.6 + 2.7 = 49.8

Decision use: Usage leads price. This is early diligence, not breakout confirmation.

13.4/35Market leadership

RS-BTC -31.9 pp · RS-sector 15.1 pp · 200-DMA —

80% evidence

21.1/30Network & economic traction

Fees 117.5% · revenue 79.3% · users —

53% evidence

12.6/20Value capture

Fee yield 49.08% · revenue yield 31.06%

100% evidence

2.7/15Liquidity & downside risk

30d median volume $576,754 · vol 147.1%

100% evidence

15. Kyber Network Crystal · KNC

48.7/100 · Illiquid · research only · 50% evidence

Exact sum: 15.4 + 15.0 + 10.0 + 8.3 = 48.7

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

15.4/35Market leadership

RS-BTC -14.9 pp · RS-sector 13.5 pp · 200-DMA above

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

8.3/15Liquidity & downside risk

30d median volume $3,207,619 · vol 53.6%

100% evidence

16. THORChain · RUNE

47.7/100 · Mixed · 95% evidence

Exact sum: 27.6 + 4.7 + 4.5 + 10.9 = 47.7

Decision use: Price leads usage. Wait for fees, users or TVL to confirm the move.

27.6/35Market leadership

RS-BTC 12.5 pp · RS-sector 8.4 pp · 200-DMA above

100% evidence

4.7/30Network & economic traction

Fees -63% · revenue -51.8% · users —

83% evidence

4.5/20Value capture

Fee yield 17.17% · revenue yield 1.39%

100% evidence

10.9/15Liquidity & downside risk

30d median volume $5,489,270 · vol 54.9%

100% evidence

17. Hydration · HDX

47.6/100 · Illiquid · research only · 95% evidence

Exact sum: 26.2 + 17.3 + 2.5 + 1.6 = 47.6

Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.

26.2/35Market leadership

RS-BTC 67.7 pp · RS-sector -32.8 pp · 200-DMA above

100% evidence

17.3/30Network & economic traction

Fees 19% · revenue 18.5% · users —

83% evidence

2.5/20Value capture

Fee yield 6.54% · revenue yield 3.35%

100% evidence

1.6/15Liquidity & downside risk

30d median volume $11,714 · vol 130.8%

100% evidence

18. Gnosis · GNO

47.6/100 · Illiquid · research only · 50% evidence

Exact sum: 15.0 + 15.0 + 10.0 + 7.6 = 47.6

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

15.0/35Market leadership

RS-BTC -10.8 pp · RS-sector -0.4 pp · 200-DMA above

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

7.6/15Liquidity & downside risk

30d median volume $1,510,496 · vol 50.8%

100% evidence

19. DODO · DODO

45.8/100 · Tape-led · on-chain proof incomplete · 50% evidence

Exact sum: 12.3 + 15.0 + 10.0 + 8.5 = 45.8

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

12.3/35Market leadership

RS-BTC -5.2 pp · RS-sector -35.1 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

8.5/15Liquidity & downside risk

30d median volume $6,123,212 · vol 80.8%

100% evidence

20. Cetus Protocol · CETUS

44.8/100 · Illiquid · research only · 50% evidence

Exact sum: 13.8 + 15.0 + 10.0 + 6.0 = 44.8

Decision use: Treat this as a tape-led lead. Require native activity confirmation before upgrading research priority.

13.8/35Market leadership

RS-BTC -8.9 pp · RS-sector -4.1 pp · 200-DMA below

100% evidence

15.0/30Network & economic traction

Fees — · revenue — · users —

0% evidence

10.0/20Value capture

Fee yield — · revenue yield —

0% evidence

6.0/15Liquidity & downside risk

30d median volume $2,656,072 · vol 89.3%

100% evidence

Showing 20 of 33 ranked assets

01 · complete calendar-quarter evidence

Which projects are generating the most network fees?

LeaderUniswap · $842M

Gap120% versus #2

Persistence5 assets have positive comparable growth

Coverage13/33 assets

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.

Trailing 12-month fees is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.

Trailing 12-month feestop five

1Uniswap UNI$842.0M

2Meteora MET$382.7M

3PancakeSwap CAKE$276.8M

4Raydium RAY$201.3M

5Orca ORCA$89.0M

Fee growthtop five

1Curve DAO CRV+334%

2Sushi SUSHI+205%

3CoW Protocol COW+118%

4Hydration HDX+19%

5PancakeSwap CAKE+16%

Network fees · asset comparison

13/33 level · 10/33 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month fees	Fee growth
pancakeswap-token	$27.8M	+16%
curve-dao-token	$11.7M	+334%
orca	$10.4M	—
raydium	$16.8M	-80%
sushi	$189.3K	+205%
falcon-finance-ff	$1.1M	—
uniswap	$133.7M	-17%
pendle	$3.8M	-17%
velodrome-finance	—	—
1inch	—	—
0x	—	—
bancor	—	—
aster-2	—	—
cow-protocol	$6.1M	+118%
kyber-network-crystal	—	—
thorchain	$3.1M	-63%
hydradx	$142.3K	+19%
gnosis	—	—
dodo	—	—
cetus-protocol	—	—
magma-finance	—	—
baseline	—	—
momentum-3	$319.0K	—
vvs-finance	—	—
havven	—	—
tokenlon	—	—
humidifi	$-65.7K	—
dydx-chain	—	—
frax-share	—	—
woo-network	—	—
meteora	$25.2M	—
coinex-token	—	—
osmosis	$507.3K	-62%

Showing 20 of 33 assets

02 · complete calendar-quarter evidence

Which projects convert activity into protocol revenue?

LeaderPancakeSwap · $89.5M

Gap141% versus #2

Persistence5 assets have positive comparable growth

Coverage12/33 assets

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: revenue growth turns negative or the revenue-to-fees take rate falls for two complete calendar quarters.

Trailing 12-month revenue is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.

Trailing 12-month revenuetop five

1PancakeSwap CAKE$89.5M

2Curve DAO CRV$37.1M

3Raydium RAY$29.8M

4CoW Protocol COW$26.6M

5Uniswap UNI$24.2M

Revenue growthtop five

1Curve DAO CRV+399%

2Sushi SUSHI+205%

3CoW Protocol COW+79%

4Hydration HDX+19%

5PancakeSwap CAKE+16%

Protocol revenue · asset comparison

12/33 level · 9/33 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month revenue	Revenue growth
pancakeswap-token	$8.9M	+16%
curve-dao-token	$5.1M	+399%
orca	$1.3M	—
raydium	$2.4M	-57%
sushi	$31.3K	+205%
falcon-finance-ff	$0	—
uniswap	$13.5M	—
pendle	$3.8M	-17%
velodrome-finance	—	—
1inch	—	—
0x	—	—
bancor	—	—
aster-2	—	—
cow-protocol	$4.2M	+79%
kyber-network-crystal	—	—
thorchain	$358.2K	-52%
hydradx	$71.2K	+19%
gnosis	—	—
dodo	—	—
cetus-protocol	—	—
magma-finance	—	—
baseline	—	—
momentum-3	$63.8K	—
vvs-finance	—	—
havven	—	—
tokenlon	—	—
humidifi	$-65.7K	—
dydx-chain	—	—
frax-share	—	—
woo-network	—	—
meteora	$2.2M	—
coinex-token	—	—
osmosis	$196.8K	-75%

Showing 20 of 33 assets

03 · complete calendar-quarter evidence

Where is capital actually committed on-chain?

LeaderUniswap · $3.1B

Gap57% versus #2

Persistence2 assets have positive comparable growth

Coverage16/33 assets

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.

Quarter-end TVL uses protocol TVL first for protocol assets and exact-ID chain TVL for chain assets or where protocol TVL is unavailable. A blank is unavailable, not zero. Growth compares with the same complete quarter one year earlier.

Quarter-end TVLtop five

1Uniswap UNI$3.1B

2PancakeSwap CAKE$1.9B

3Falcon Finance FF$1.3B

4Curve DAO CRV$1.2B

5Pendle PENDLE$942.0M

TVL growthtop five

1PancakeSwap CAKE+13%

2Baseline B+6.8%

3Orca ORCA-32%

4CoinEx CET-32%

5Curve DAO CRV-33%

Total value locked · asset comparison

16/33 level · 15/33 change

Latest comparable data · top 20 shown first

Asset	Quarter-end TVL	TVL growth
pancakeswap-token	$1.9B	+13%
curve-dao-token	$1.2B	-33%
orca	$240.5M	-32%
raydium	$859.3M	-51%
sushi	$31.1M	-74%
falcon-finance-ff	$1.3B	—
uniswap	$3.1B	-37%
pendle	$942.0M	-81%
velodrome-finance	—	—
1inch	$2.3M	-42%
0x	—	—
bancor	—	—
aster-2	—	—
cow-protocol	—	—
kyber-network-crystal	—	—
thorchain	$50.0M	-64%
hydradx	$24.1M	-57%
gnosis	—	—
dodo	—	—
cetus-protocol	—	—
magma-finance	—	—
baseline	$1.5M	+6.8%
momentum-3	$4.9M	-96%
vvs-finance	—	—
havven	—	—
tokenlon	—	—
humidifi	—	—
dydx-chain	—	—
frax-share	—	—
woo-network	—	—
meteora	$191.8M	-66%
coinex-token	$135.1M	-32%
osmosis	$14.0M	-65%

Showing 20 of 33 assets

05 · complete calendar-quarter evidence

Which protocols are winning trading activity?

LeaderUniswap · $858.9B

Gap58% versus #2

Persistence4 assets have positive comparable growth

Coverage12/33 assets

Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture.

This conclusion weakens if: volume growth reverses or the activity is concentrated in one short-lived campaign.

Trailing 12-month DEX volume is the sum of the latest four complete calendar quarters. Growth compares that sum with the prior four-quarter sum.

Trailing 12-month DEX volumetop five

1Uniswap UNI$858.9B

2PancakeSwap CAKE$544.5B

3HumidiFi WET$197.3B

4Raydium RAY$161.7B

5Orca ORCA$147.0B

DEX volume growthtop five

1PancakeSwap CAKE+76%

2Hydration HDX+54%

3Pendle PENDLE+7.9%

4Uniswap UNI+5.0%

5Curve DAO CRV-3.9%

DEX volume · asset comparison

12/33 level · 10/33 change

Latest comparable data · top 20 shown first

Asset	Trailing 12-month DEX volume	DEX volume growth
pancakeswap-token	$55.6B	+76%
curve-dao-token	$13.1B	-3.9%
orca	$20.2B	-36%
raydium	$13.2B	-66%
sushi	$70.5M	-63%
falcon-finance-ff	—	—
uniswap	$119.8B	+5.0%
pendle	$2.3B	+7.9%
velodrome-finance	—	—
1inch	—	—
0x	—	—
bancor	—	—
aster-2	—	—
cow-protocol	—	—
kyber-network-crystal	—	—
thorchain	$2.1B	-70%
hydradx	$246.8M	+54%
gnosis	—	—
dodo	—	—
cetus-protocol	—	—
magma-finance	—	—
baseline	—	—
momentum-3	$212.6M	—
vvs-finance	—	—
havven	—	—
tokenlon	—	—
humidifi	$6.3B	—
dydx-chain	—	—
frax-share	—	—
woo-network	—	—
meteora	—	—
coinex-token	—	—
osmosis	$291.2M	-64%

Showing 20 of 33 assets

05 · let price answer last

Which assets lead on price and relative strength?

Raydium leads the DEX tape on Bitcoin-relative strength at +153% over 90 days. 14 of 28 covered assets are above their own 200-day average. Price shows what happened; BTC-relative strength shows whether the asset beat crypto’s opportunity-cost benchmark. Both lines run through 2026-09-11.

Complete set · no silent drops

Which assets are in DEX?

33 of the 48 coins assigned to DEX are rated and ranked below, and the other 15 are listed under it with the reason each one is not rated — tape-only names that publish no protocol activity included. Each asset has exactly one canonical functional theme, chosen by a specific-to-general first match on its categories.

Rank	Asset	Price	90d	RS-BTC	200-DMA	30d vol	Median volume	Price quality	Activity source	Score	Evidence
1	PancakeSwap CAKE	$2.19	+62%	+42%	Above	76%	$38.0M	usable	protocol	80.6	95%
2	Curve DAO CRV	$0.3351	+41%	+21%	Above	117%	$52.9M	usable	protocol	72.8	95%
3	Orca ORCA	$1.47	+27%	+7.5%	Above	77%	$8.5M	usable	protocol	69.1	75%
4	Raydium RAY	$1.67	+173%	+153%	Above	147%	$14.0M	usable	protocol	66.2	95%
5	Sushi SUSHI	$0.2170	+24%	+4.0%	Above	126%	$6.7M	usable	protocol	63.0	95%
6	Falcon Finance FF	$0.1550	+99%	+80%	—	131%	$3.3M	usable	protocol	61.6	43%
7	Uniswap UNI	$6.01	+135%	+115%	—	110%	$38.3M	usable	protocol	61.4	82%
8	Pendle PENDLE	$2.01	+52%	+32%	Above	85%	$34.2M	usable	protocol	60.5	95%
9	Velodrome Finance VELO	$0.0046	+34%	+14%	Above	86%	$2.2M	usable	tape only	60.3	50%
10	1INCH 1INCH	$0.0900	+24%	+3.9%	Above	53%	$6.6M	usable	protocol	55.9	55%
11	0x Protocol ZRX	$0.1005	+14%	-5.9%	Above	69%	$4.5M	usable	tape only	53.7	50%
12	Bancor Network BNT	$0.3122	+15%	-5.2%	Above	61%	$1.8M	usable	tape only	53.3	50%
13	Aster ASTER	$0.6820	+6.6%	-13%	—	65%	$11.2M	usable	tape only	50.6	43%
14	CoW Protocol COW	$0.1309	-12%	-32%	—	147%	$576.8K	usable	protocol	49.8	79%
15	Kyber Network Crystal KNC	$0.1273	+4.9%	-15%	Above	54%	$3.2M	usable	tape only	48.7	50%
16	THORChain RUNE	$0.5125	+32%	+12%	Above	55%	$5.5M	usable	protocol	47.7	95%
17	Hydration HDX	$0.0071	+88%	+68%	Above	131%	$11.7K	usable	protocol	47.6	95%
18	Gnosis GNO	$116.87	+9.0%	-11%	Above	51%	$1.5M	usable	tape only	47.6	50%
19	DODO DODO	$0.0172	+15%	-5.2%	Below	81%	$6.1M	usable	tape only	45.8	50%
20	Cetus Protocol CETUS	$0.0209	+11%	-8.9%	Below	89%	$2.7M	usable	tape only	44.8	50%
21	Magma Finance MAGMA	$0.2530	-25%	-45%	Below	353%	$2.2M	usable	tape only	41.3	50%
22	Baseline B	$0.1889	-15%	-35%	Below	148%	$4.8M	usable	protocol	40.3	55%
23	Momentum MMT	$0.1532	+18%	-1.9%	—	84%	$956.4K	usable	protocol	39.9	64%
24	VVS Finance VVS	$0.0000	0.0%	-20%	Below	0%	$61.9K	usable	tape only	39.9	42%
25	Synthetix SNX	$0.2064	-14%	-34%	Below	64%	$6.3M	usable	tape only	38.6	50%
26	Tokenlon LON	$0.1924	+0.6%	-19%	Below	69%	$458	usable	tape only	37.4	50%
27	HumidiFi WET	$0.0612	+6.5%	-13%	Below	59%	$1.3M	usable	protocol	37.1	50%
28	dYdX DYDX	$0.1135	-5.9%	-26%	Below	76%	$4.3M	usable	tape only	36.0	50%
29	Frax (prev. FXS) FRAX	$0.9903	-0.3%	-20%	Below	2%	$168.1K	usable	tape only	35.6	50%
30	WOO WOO	$0.0111	-16%	-36%	Below	63%	$1.9M	usable	tape only	35.1	50%
31	Meteora MET	$0.4740	-37%	-57%	Below	50%	$4.8K	usable	protocol	34.8	65%
32	CoinEx CET	$0.0056	-70%	-90%	Below	90%	$49.5K	usable	protocol	26.8	55%
33	Osmosis OSMO	$0.0333	-30%	-49%	Below	129%	$2.6M	usable	protocol	18.3	95%

Showing 20 of 33 assets

Not rated — and why

15 of the 48 DEX coins are not rated this week: 7 have no price within 7 days, 8 report no traded volume. Each one stays on this page with its reason instead of being scored at the midpoint of a range nothing measured.

Coin	Market cap	Reason	Detail
Hyperliquid HYPE	$15.8B	No price this week	No traded price in the 95 days to 2026-09-11.
Jupiter JUP	$783.1M	No traded volume reported	No traded volume is reported on most of the last 30 days, so it has no liquidity reading.
Lighter LIT	$555.9M	No price this week	No traded price in the 95 days to 2026-09-11.
Aerodrome Finance AERO	$551.4M	No traded volume reported	No traded volume is reported on most of the last 30 days, so it has no liquidity reading.
edgeX EDGE	$90.1M	No traded volume reported	No traded volume is reported on most of the last 30 days, so it has no liquidity reading.
o1.exchange O	$83.3M	No traded volume reported	No traded volume is reported on most of the last 30 days, so it has no liquidity reading.
APEX APEX	$40.8M	No price this week	No traded price in the 95 days to 2026-09-11.
ChangeNOW NOW	$29.5M	No traded volume reported	No traded volume is reported on most of the last 30 days, so it has no liquidity reading.
Based BASED	$21.9M	No price this week	No traded price in the 95 days to 2026-09-11.
STON STON	$21.0M	No price this week	No traded price in the 95 days to 2026-09-11.
Definitive EDGE	$18.9M	No traded volume reported	No traded volume is reported on most of the last 30 days, so it has no liquidity reading.
Elephant Money ELEPHANT	$18.7M	No traded volume reported	No traded volume is reported on most of the last 30 days, so it has no liquidity reading.
Yei Finance CLO	$18.5M	No price this week	No traded price in the 95 days to 2026-09-11.
Infinex INX	$15.6M	No price this week	No traded price in the 95 days to 2026-09-11.
Aquarius AQUA	$14.2M	No traded volume reported	No traded volume is reported on most of the last 30 days, so it has no liquidity reading.

Methodology · boundaries make the answer useful

What can make this comparison misleading?

This DEX comparison names 5 ways its own evidence can mislead, all listed below. The largest is that crypto network activity is not company earnings: protocol revenue does not automatically accrue to token holders. Coverage is also uneven — 11 of 33 assets carry enough native evidence to rank on more than price.

Crypto network activity is not company earnings. Protocol revenue does not automatically accrue to token holders.
Market-cap values are a dated universe snapshot, not point-in-time historical supply data.
Current category labels are applied to historical prices; this creates survivorship and taxonomy hindsight.
Funding rates, open interest, liquidations, exchange flows, unlock schedules, historical circulating supply and developer activity are not held and are not inferred.
Equal weighting is used for sector history because true historical market-cap weights are unavailable.

Price and technicalsThrough 2026-09-11. Five-year weekly observations benchmarked to Bitcoin.

Protocol activityThrough 2026-09-11. Fees, revenue, protocol TVL and DEX volume.

Chain activityUsers and transactions through unavailable; separately sourced chain TVL through unavailable.

Market capSnapshot dated 2026-07-04; no historical supply series is implied.

Questions the page should answer directly

Crypto analysis FAQs

These 21 answers cover the questions this page can settle from data it holds — what the category is, how the score is built, what the coverage gaps are, and what would change the read. Every answer below is also present in the page’s FAQ schema and in its plain-text rendition. None of them is a recommendation.

What is DEX crypto?

DEX crypto refers to cryptocurrency projects grouped by what they actually do rather than by market fashion. This page tracks 33 such coins by market cap, price and Bitcoin-relative strength, with protocol fees and revenue where a project publishes them. Readings are as of 2026-09-11.

What is the total market cap of DEX crypto coins?

The 33 DEX coins on this page have a combined market cap of about $6.7B as of 2026-07-04. Individual figures are in the table. Market-cap metadata is a dated snapshot, separately from the price series.

Are DEX crypto coins outperforming Bitcoin?

DEX has returned -22.4% versus Bitcoin over 52 weeks and +3.1% over 13 weeks on an equal-weight current-member index. 14/28 covered assets are above their 200-day averages as of 2026-09-11.

Which DEX asset has the strongest research score?

PancakeSwap ranks first at 80.6/100: 33.5 + 19.4 + 14.7 + 13.0 = 80.6. It is labelled “Priority research” with 95% overall evidence and 90% native-economics evidence.

Why are some DEX coins not rated?

15 of the 48 coins are not rated this week: 7 have no price within 7 days, 8 report no traded volume. They stay listed with the reason beside each one rather than being scored at a neutral midpoint, because a missing reading is not a middling reading.

How is the DEX 4-factor score calculated?

The exact sum is Market leadership /35 + Network and economic traction /30 + Value capture /20 + Liquidity and downside risk /15. Missing data pulls only the affected factor toward neutral and lowers evidence; it is never silently reweighted.

Why can a DEX asset be labelled tape-led?

Tape-led means price and relative-strength evidence exists but less than half of the native traction and value-capture evidence is available. Such assets remain visible but rank below fully evidenced assets.

Does protocol revenue accrue to the token?

Not necessarily. Protocol fees and revenue measure network economics; token-holder value depends on the protocol’s burn, buyback, staking, distribution and governance rules. This page never assumes accrual merely because revenue exists.

Does crypto have a P/E or PEG ratio?

No comparable company-style P/E or PEG is used. Where coverage permits, the page shows network fee yield and protocol-revenue yield against a dated market-cap snapshot, with an explicit token-accrual caveat.

How much history is shown for DEX?

The page shows five years of weekly price and relative-strength history and 20 complete calendar quarters of on-chain activity where available. Missing periods remain gaps.

Why do the crypto data dates differ?

Prices and technical metrics run through 2026-09-11; protocol activity through 2026-09-11; chain users and transactions through the latest available chain date; chain TVL through the latest available chain-TVL date; market capitalisation is a separate snapshot dated 2026-07-04.

Are stablecoins and wrapped tokens included in DEX?

No. Pegged, wrapped, liquid-staking receipt and tokenized-asset instruments are excluded because they do not have independent price discovery.

Can one token appear in multiple raw crypto categories?

Yes, but pages on this site assign each asset to exactly one functional theme using a specific-to-general first-match taxonomy. DEX therefore has one canonical membership list.

What would invalidate the current DEX theme read?

The read weakens if the sector’s 13-week relative return versus Bitcoin falls below zero, fewer than one-third of covered assets remain above the 200-day average, and the leading asset’s native activity contracts. As of 2026-09-11, none of the three conditions are in place.

Does this page include funding rates, open interest or token unlocks?

No. Those datasets are not held in the current research store, so the page names them as unavailable rather than inferring them from price.

Which projects are generating the most network fees?

Uniswap leads DEX crypto on Trailing 12-month fees at $842M, 120% ahead of Meteora. 5 of 10 assets with comparable change data are growing, fastest at Curve DAO. Coverage is 13 of the 33 ranked assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if fee growth turns negative across two complete calendar quarters or fee coverage falls below the stated threshold.

Which projects convert activity into protocol revenue?

PancakeSwap leads DEX crypto on Trailing 12-month revenue at $89.5M, 141% ahead of Curve DAO. 5 of 9 assets with comparable change data are growing, fastest at Curve DAO. Coverage is 12 of the 33 ranked assets in this theme, through the Q2 2026 calendar quarter. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if revenue growth turns negative or the revenue-to-fees take rate falls for two complete calendar quarters.

Where is capital actually committed on-chain?

Uniswap leads DEX crypto on Quarter-end TVL at $3.1B, 57% ahead of PancakeSwap. 2 of 15 assets with comparable change data are growing, fastest at PancakeSwap. Coverage is 16 of the 33 ranked assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if TVL rises while fees and users fall; that pattern can be incentive-funded mercenary liquidity.

Which protocols are winning trading activity?

Uniswap leads DEX crypto on Trailing 12-month DEX volume at $858.9B, 58% ahead of PancakeSwap. 4 of 10 assets with comparable change data are growing, fastest at PancakeSwap. Coverage is 12 of the 33 ranked assets in this theme, through the Q2 2026 calendar quarter. Where a project publishes nothing, the cell stays blank rather than being read as zero. Investor read: Use this as a network-economics research lead, not token-holder earnings. Verify whether the measured activity accrues to the token before treating scale as value capture. This conclusion weakens if volume growth reverses or the activity is concentrated in one short-lived campaign.

Which DEX project has the largest fee base?

Uniswap leads covered trailing-12-month fees at $842M. Coverage is 13/33; this is network activity, not automatically token-holder income.

Which are the biggest DEX crypto coins by market cap?

Uniswap is the largest DEX crypto coin by market capitalisation at $2B, ahead of Aster at $1.7B and PancakeSwap at $447.1M. The 33 DEX coins on this page carry $6.7B between them, with a market-cap figure on file for 33 of them. Market-cap metadata is dated 2026-07-04.

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