Best Decentralized Exchange (DEX) Aggregators

Top Decentralized Exchange Aggregators

After testing over 20 platforms, we identified the top decentralized exchange aggregators for both single and multi-chain usage. We assessed key factors such as the range of liquidity sources, swap fees, cross-chain functionality, smart-contract security and incentives for liquidity providers.

This allowed us to select the top five, with each being usefull to have in your onchain toolset. This table summarizes the most important information for each.

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1. Rango Exchange

Rango Exchange is the best DEX aggregator, connecting decentralized exchanges and cross-chain bridges across 69 blockchains. It simplifies asset swaps between both EVM and non-EVM chains thanks to the efficient routing by the Rango API. Whether you want to swap ERC-20 tokens on Ethereum or bridge assets to Solana, this is a go-to tool.

As of 2024, Rango has gone through two security audits, supports 25+ wallets, and requires no KYC. This has led to massive usage by over 764,600 wallets, bringing its total swap volume to $3.03 billion across 2.6 million transactions. After using the aggregator for several months, we can confidently rank it above the other top protocols on this list.

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2. LlamaSwap

LlamaSwap, built by DefiLlama, is a powerful meta DEX aggregator that compares multiple aggregators like 1inch and CowSwap across 22 chains to find the best possible swap rates. It's an excellent alternative to Rango, particularly if you're only swapping assets within a single chain, as it's sometimes better at finding the cheapest route.

LlamaSwap takes privacy seriously by offering an optional mode to prevent wallet addresses from being linked to IP addresses. The platform charges no additional fees, so users only pay the base aggregator fees. Llamaswap provides a transparent interface of verified gas costs, preventing overpaying due to the lack of standardization in fee display across DEXs.

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3. Jupiter Exchange

Jupiter Exchange is the top DEX aggregator on Solana, providing optimal trade routes across various decentralized exchanges. It recently added limit orders, enabling users to set specific prices for trades, while finding the best route from other Solana exchanges. This gives traders control over their transactions without the need for constant market monitoring.

Jupiter also added dollar-cost averaging (DCA), allowing users to spread purchases over time to reduce the impact of market volatility. Traders can set custom intervals for these buys, making it an ideal tool for long-term strategies. In addition, Jupiter offers Perps V2, a revamped perpetual contracts platform, enhancing trading flexibility that benefits from the aggregated prices.

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4. OpenOcean

OpenOcean is a multi-chain DEX aggregator that provides optimized trade routes across more than 30 blockchains. The platform includes features like limit orders and stop-loss orders, giving traders more control over their trades, similar to what Jupiter offers. The platform also has a separate cross-chain bridge that supports transfers between 9 networks.

Additionally, OpenOcean uses an intelligent routing algorithm to minimize gas fees and slippage, while offering some of the fastest cross-chain paths available. However, a drawback is that swapping and bridging are handled on individual platforms. This separation can limit optimization, as both factors need to be considered for the cheapest transfers.

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5. ParaSwap

ParaSwap holds the highest cumulative swap volume on the list, with $79 billion processed to date. It excels at reducing slippage and gas costs, making it a top choice during periods of high network congestion. The platform aggregates liquidity from major DEXs like Uniswap, Balancer, and Curve, while also offering MEV protection to guard against front-running attacks.

In early 2024, ParaSwap introduced ParaSwap Delta, which enables zero gas cost transactions by using settlement agents for optimized trade execution. However, for smaller transactions, this may not always be the most cost-effective route, as the increased price impact can outweigh the gas savings, based on our experience.

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What is a DEX Aggregator?

A DEX aggregator is a platform that sources liquidity from multiple decentralized exchanges (DEXs) to offer users the best price for their trades. It accounts for factors like pool liquidity, gas fees and slippage, optimizing trading across various exchanges onchain.

Here’s a simplified breakdown of the different types of DEX aggregators:

• Simple DEX (Level 0): A decentralized exchange (orderbook or AMM) that aggregates liquidity from its own pools on a given network. Examples: Uniswap, Camelot, Raydium.
• DEX Aggregator (Level 1): Aggregates liquidity from multiple DEXs on a single chain to find the best rates. Example: Jupiter (Solana) and Panora (Aptos).
• Multi-chain DEX Aggregator (Level 2): Aggregates DEXs across multiple blockchains, allowing users to swap using the same platform. Example: ParaSwap, OpenOcean.
• Meta DEX Aggregator (Level 3): Aggregates both DEXs and other DEX aggregators across different chains for the best possible prices. Example: LlamaSwap.
• DEX + Bridge Aggregator (Level 4): Aggregates and combines both DEXs and cross-chain bridges, allowing to swap + bridge between two blockchains in one transaction. Example: Rango and Jumper.

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Are DEX Aggregators Safe?

DEX aggregators have been continuously improving their security over the years to become safer. Many top aggregators now undergo regular audits and implement measures like MEV (Miner Extractable Value) protection to enhance user safety. These steps help mitigate potential vulnerabilities and reduce risks during trades.

However, while DEX aggregators themselves are generally secure, the components they rely on, such as individual DEXs and bridges, have historically been more vulnerable. For instance, the Wormhole Bridge hack resulted in a $325 million loss, and the SushiSwap DEX was exploited for $3 million due to a smart contract bug.

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Are DEX Aggregators Better Than DEXs and CEXs?

DEX aggregators offer distinct advantages over both DEXs and CEXs by pooling liquidity from multiple platforms, ensuring the best prices with minimal slippage while staying fully on-chain. They save time by automatically finding optimal rates across exchanges, with the added benefit of non-custodial security - something centralized exchanges can't provide.

However, CEXs can still offer cheaper and faster transactions in certain cases, as they eliminate gas and bridging fees while minimizing price impact. For example, sending Tether USDT from Ethereum to a CEX, exchanging it for USDC, and transferring SOL to Solana is often cheaper.

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Bottom Line

DEX aggregators offer great convenience and better prices by pooling liquidity from multiple platforms while maintaining the intuitive interface of a typical DEX. They provide optimized routes, lower slippage, and advanced features like limit orders and multi-chain swaps, making trading more efficient.

For users with assets across multiple wallets, DEX aggregators are particularly valuable, allowing quick and seamless trades from a single platform without the need for centralized exchanges. This preserves full anonymity and control over assets as traders explore both existing and newly launched chains like Scroll and Mode (already available on Rango).