Every comparison
Which one, and why
You are trading on Ethereum or its layer 2s and you want the deepest pools and the most audited contracts in the space.
Full Uniswap pageYou are on BNB Chain, where PancakeSwap has the liquidity, or you want perpetuals and the extra products alongside spot.
Full PancakeSwap pageFollow the liquidity, which means Uniswap on Ethereum and its rollups and PancakeSwap on BNB Chain. Both run on several networks now, and being deployed somewhere is not the same as having depth there.
The specifications
| Uniswap | PancakeSwap | |
|---|---|---|
| Networks | Ethereum, Base, Arbitrum, Optimism, Polygon, BNB Chain, Unichain and more | BNB Chain, Ethereum, Base, Arbitrum, Linea, opBNB and more |
| Model | Automated market maker, v2 constant product and v3 concentrated liquidity | AMM with v2, v3 and infinity pools, plus perpetuals |
| Live since | 2018 | 2020 |
| In one line | The DEX that invented the model everyone else copied. | The biggest DEX on BNB Chain, with more products bolted on than any competitor. |
The parts that change the answer
Where the depth actually is
A DEX quote is only as good as the pool behind it. Uniswap has the deepest pools on Ethereum and the major rollups; PancakeSwap has them on BNB Chain. Trading the wrong one on the wrong chain costs you slippage for no reason.
Track record
Uniswap has been running since 2018 and its contracts are the most reviewed in DeFi. PancakeSwap has been live since 2020 with a wider product range and a more aggressive incentive history.
Product range
PancakeSwap carries perpetuals, prediction products and its own token economy. Uniswap has stayed closer to being an exchange, which is either focus or a missing feature depending on what you want.
Both are AMMs
Neither has an order book. You are trading against a pool, so your own size moves the price and the slippage setting matters on anything thin.
Common questions
Which has lower fees?
Can I use Uniswap on BNB Chain?
Do I need their tokens to trade?
Where to go next
More onchain exchanges comparisons
Want a second opinion on your own setup?
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