Onchain trading hit new highs in August as decentralized exchanges processed $1.15 trillion in volume, led by Hyperliquid and Uniswap.
Posted September 2, 2025 at 10:46 am EST.
Decentralized exchanges (DEXes) recorded a combined $1.15 trillion in trading volume in August, marking the first time monthly DEX activity surpassed the $1 trillion threshold.
The total comprises $506.3 billion in spot trading volume, as per data from DeFiLlama, which was the second-highest monthly total after January 2025.
Perpetual trading volume soared to $648.6 billion — the highest monthly level on record, with decentralized exchange Hyperliquid alone accounting for $383 billion.
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On the spot trading front, Uniswap represented the lion’s share of DEX volume, with $139 billion in monthly trading volume.
August’s record volumes signal investor confidence returning to the onchain economy, as total value locked across DeFi protocols has also grown to over $152 billion.
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