Top Decentralized Exchanges to Watch in 2025

1️⃣ Handle.fi

🔹 Best For: Forex (FX) and stablecoin trading in DeFi

Handle.fi is revolutionizing the DeFi FX market with its multi-currency stablecoin protocol, allowing users to trade, borrow, and earn from fxTokens, which are stablecoins pegged to various national currencies.

2️⃣ SynFutures (Oyster AMM)

🔹 Best For: Perpetual futures and leveraged trading with concentrated liquidity

SynFutures has developed the Oyster AMM, an upgraded version of its successful sAMM model, enabling single-token concentrated liquidity for derivatives trading.

3️⃣ DESK Exchange

🔹 Best For: High-frequency traders looking for on-chain settlement and perpetual futures

DESK brings the Central Limit Order Book (CLOB) model to DeFi, offering fast, transparent, and fully on-chain trade execution.

4️⃣ HMX

🔹 Best For: Perpetual trading with cross-margin support and leveraged market-making

HMX is a next-generation decentralized perpetual protocol that offers up to 1,000x leverage, allowing users to trade crypto, forex, and commodities. 

5️⃣ gTrade (Gains Network)

🔹 Best For: AI-powered decentralized trading with partial liquidations and cross-margin

gTrade has evolved into a multi-chain DeFi powerhouse, offering deep liquidity for perpetuals while integrating AI-driven trading mechanics.

6️⃣ MUX Protocol: The First Perpetual Trading Aggregator

🔹 Best For: Aggregating deep liquidity from multiple sources for optimal execution

MUX introduces the world’s first decentralized perpetual trading aggregator, integrating top liquidity sources such as GMX, gTrade, and SynFutures.

7️⃣ GMX

🔹 Best For: Low-fee perpetual trading with deep liquidity pools

GMX remains a dominant force in the DeFi trading ecosystem, providing a secure, non-custodial alternative to centralized futures trading.