Trading Terminals Post First $1 Billion Day Since January 2025

Crypto trading terminals settled more than $1 billion of volume in a single day on Sept. 2, the first time they have done so since January 2025, according to a Dune chart published by the analyst who goes by Adam on X.

The venue mix behind that number has changed since the last billion-dollar day. GMGN, the multi-chain terminal that took $479.7 million of the $1.03 billion total on Adam's count, now does nine of every ten dollars of its volume on Robinhood Chain, the two-month-old network Robinhood built for tokenized equities. Its Solana volume was $9.5 million that day, against $9.4 million 30 days earlier.

GMGN recorded $490.9 million of volume on Sept. 2, its third-largest day on record, DefiLlama data shows. The two bigger days were Oct. 8 and Oct. 9, 2025, at $519.2 million and $494.9 million. Its January 2025 peak, during the TRUMP memecoin launch, was $272.4 million on Jan. 19.

Ninety-One Percent Robinhood

Robinhood Chain accounted for $445.5 million of GMGN's Sept. 2 volume, or 90.7%. Thirty days earlier the chain carried $18.2 million of it.

GMGN's BSC volume went the other way over that stretch, from $91.6 million a day to $29.6 million. Across all chains the terminal settled $3.02 billion over 30 days against $2.49 billion in the prior 30-day window, a 21.5% increase. The record day came from Robinhood Chain; the rest of GMGN's footprint grew far less or shrank.

Fee income tracks the volume. GMGN took $2.46 million of revenue on Sept. 2, up from $956,000 on Aug. 26, and rose on each of the five days from Aug. 28. Its record is $5.74 million, set on Oct. 8, 2025.

Robinhood Chain's own DEX volume hit a record $1.67 billion on Sept. 1 and stood at $1.55 billion over the 24 hours to 20:24 UTC on Thursday, against $354 million on Aug. 3. The chain has settled $20.36 billion over 30 days versus $15.09 billion in the prior window, a 34.9% increase.

That ranks it second among all networks behind Solana at $2.29 billion over 24 hours, and ahead of Ethereum at $1.32 billion, BNB Chain at $1.14 billion and Base at $792 million. The Defiant reported on Sept. 1 that the chain had passed Ethereum, BNB Chain and Base on DEX volume as its launchpads took close to 70% of launchpad fees across crypto, and on Aug. 31 that it had topped Ethereum in daily app revenue.

Two Counts, One Day

DefiLlama's own tally of the same category comes to $600.3 million for Sept. 2, because it classifies the field more narrowly. Its Trading App and Telegram Bot categories exclude basedbot, which Adam's query credits with $77.8 million, and the pump.fun mobile app, credited with $67 million; DefiLlama books the pump.fun app under Interface and puts its Sept. 2 volume at $17.9 million. Its adapter for fomo, the second-largest terminal on Adam's chart at $268.2 million, covers Solana only and reports $27.2 million.

The two counts agree on direction and on which terminal leads. DefiLlama's adapters exclude volume routed through venues it has not indexed, a limit it states in its Axiom methodology, so its terminal figures read as a floor.

Axiom, the largest Solana terminal through most of 2025, did $60.3 million on Sept. 2 by DefiLlama's count and $95.5 million by Adam's. Its daily volume has held flat for a month, against $61.3 million on Aug. 3, while its 30-day total nearly doubled to $2.36 billion from $1.22 billion. Photon did $1.5 million, Trojan $2.6 million and BullX $286,000.

V4 Passes V3

The recovery extends past the terminal business. Volume across all decentralized exchanges reached $9.18 billion over 24 hours and $236.3 billion over 30 days, against $187.6 billion in the prior 30-day window, a 26% increase.

August settled at $233.5 billion, the strongest month since February and up from $197.2 billion in July. The market is still well short of its October 2025 record of $588.3 billion.

Uniswap V4 is the largest single DEX by 30-day volume at $28.21 billion, ahead of V3 at $26.54 billion. V4 is up 10.8% against the prior 30-day window and V3 up 7.4%, while Uniswap V2 fell 58.8% to $1 billion. Uniswap Labs switched on protocol fees for V4 pools on July 27, which nearly tripled protocol revenue at the time.

Among other venues, PumpSwap did $1.02 billion over 24 hours and is up 16.6% across the 30-day window. PancakeSwap Infinity is up 50.7%, Hyperliquid's spot order book 69.3%, and Kuru CLOB on Monad 547%. Monad's chain-level DEX volume went from $30 million a day on Aug. 3 to $134 million on Sept. 2. Hyperliquid's perpetuals venue traded $7.55 billion of notional across 233 markets over 24 hours, per The Defiant's read of the exchange's own API.

The Defiant reported in August that DEX spot volume had reached a record 24% of centralized exchange volume in July, in a month when overall spot volumes hit a two-year low.

The Wider Bid

The volume came with a price rally. Bitcoin traded at $81,406, up 5.2% over 24 hours and 27.2% over 30 days, according to CoinGecko. Ether was at $2,507.61, up 34.3% over 30 days, and Solana at $105.22, up 41.9%. Total crypto market capitalization stood at $2.75 trillion.

Tokens tied to the venues taking the volume ran further. UNI traded at $6.26, up 35% over seven days and 60.3% over 30 days, for a $3.9 billion market capitalization. HYPE was at $85.38, up 55% over 30 days. PUMP was up 89.3% over 30 days. JUP, whose aggregator did $385.8 million over 24 hours, was at $0.2367, up 24.5% over 30 days.

Pons, the launchpad that exists only on Robinhood Chain and supplies much of the token flow the terminals trade, collected $5.95 million in fees on Sept. 2 against $1.46 million for pump.fun.