What are the best on-chain trading platforms?

Here are the top on-chain DEXs by 24h trading volume (DefiLlama data), with fees, protocol revenue, and TVL as secondary context.

1. Uniswap V4 — $1.06B volume · $2.09M fees · TVL $953M The newest Uniswap iteration, running hooks and gas optimizations across Ethereum, Base, and a dozen+ other chains. — app.uniswap.org

2. Uniswap V3 — $992M volume · $1.73M fees · $371K revenue · TVL $1.58B Still the largest AMM by TVL, deployed on the most chains of anything here. — app.uniswap.org

3. PancakeSwap AMM V3 — $731M volume · $320K fees · $103K revenue · TVL $310M The dominant BNB Chain DEX, now also live on Ethereum, Base, Solana and Arbitrum. — pancakeswap.finance

4. PumpSwap — $568M volume · $3.81M fees · $674K revenue · TVL $329M The native DEX for pump.fun on Solana — the biggest fee generator on this list despite ranking 4th by volume. — swap.pump.fun

5. Aerodrome Slipstream — $479M volume · $242K fees · $180K revenue · TVL $133M Base's central trading and liquidity marketplace. — aerodrome.finance

6. BisonFi — $411M volume (no TVL/fee data available) A prop-AMM on Solana. — site not published

7. Orca DEX — $307M volume · $208K fees · $27K revenue · TVL $262M The classic Solana AMM. — orca.so

8. Hyperliquid Spot Orderbook — $258M volume · $128K fees · $98K revenue · TVL $160M A fully on-chain order book on Hyperliquid L1, matching spot trades in price-time priority. — app.hyperliquid.xyz

A note on the numbers: TVL and revenue are separate from the volume that drove the ranking. Uniswap V4, for example, shows $0 protocol revenue — its fees go entirely to liquidity providers, not the protocol. PumpSwap stands out as the highest fee generator despite lower volume, and BisonFi's ranking is driven purely by its (very high) reported volume with no TVL or fee data tracked yet.

The list is ordered by volume, so "best" here is really "most actively used." If you're looking for a specific use case — perp/derivatives trading, meme-coin swaps, or a particular chain — I can narrow it down or point you to somewhere to trade right now.