Home Academy Compare Uniswap vs SushiSwap: DEX Comparison
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Uniswap vs SushiSwap: Which is Better?

Compare Uniswap and SushiSwap, two major decentralized exchanges. Explore their AMM models, fee structures, governance, multi-chain support, and features.

Updated 2026-03-08 DEX Comparison
UN
Uniswap (UNI)
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SU
SushiSwap (SUSHI)
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Uniswap vs SushiSwap at a Glance

Feature
UNI
SUSHI
AMM Model
Uniswap V3 uses concentrated liquidity, allowing LPs to set custom price ranges
Uses traditional constant product AMM model (x*y=k) similar to Uniswap V2
Trading Volume
Consistently the largest DEX by trading volume across all chains
Significantly lower trading volume; declined from its peak market share
Multi-Chain Support
Deployed on Ethereum, Polygon, Arbitrum, Optimism, Base, BNB Chain, and more
Deployed on 20+ chains including Ethereum, Polygon, Arbitrum, Avalanche, and many others
Fee Structure
Multiple fee tiers (0.01%, 0.05%, 0.3%, 1%) chosen by pool creators
Standard 0.3% swap fee; 0.25% to LPs and 0.05% to xSUSHI stakers
Token Utility
UNI is primarily a governance token; fee switch has been debated but not fully activated
SUSHI can be staked as xSUSHI to earn a share of protocol trading fees
Liquidity Provision
V3 concentrated liquidity requires active position management for optimal returns
Simple, passive LP experience with the traditional 50/50 pool model
Additional Products
Focused primarily on swapping; Uniswap X introduced intent-based trading with MEV protection
Expanded into lending (Kashi), token launchpad (MISO), and cross-chain swaps (SushiXSwap)
Protocol Development
Developed by Uniswap Labs with significant VC funding and a large engineering team
Community-governed with a more decentralized development structure
Router & Aggregation
Uniswap X uses off-chain orders filled by market makers for better pricing and gas efficiency
SushiSwap RouteProcessor finds optimal swap routes across its own liquidity pools
Decentralized Exchange

What is Uniswap?

Uniswap is the largest decentralized exchange by trading volume, pioneering the automated market maker (AMM) model. Launched in 2018 by Hayden Adams, it introduced the constant product formula and has evolved through multiple versions, with Uniswap V3 introducing concentrated liquidity.

Ticker: UNI Since 2018
Decentralized Exchange

What is SushiSwap?

SushiSwap launched in 2020 as a community-driven fork of Uniswap, famously conducting a "vampire attack" to migrate liquidity. It has since evolved into a multi-chain DEX with additional features including its own lending platform (Kashi) and launchpad (MISO).

Ticker: SUSHI Since 2020

Key Differences

Uniswap V3 introduced concentrated liquidity allowing LPs to allocate capital within custom price ranges, while SushiSwap uses a traditional constant product AMM.

SushiSwap shares protocol fees directly with xSUSHI stakers, whereas Uniswap has debated but not fully implemented revenue sharing for UNI holders.

Uniswap dominates in trading volume and total liquidity, maintaining its position as the leading DEX.

SushiSwap expanded into lending, launchpads, and cross-chain swaps, while Uniswap has remained more focused on its core swap functionality.

SushiSwap originated as a fork of Uniswap V2 and conducted a notable liquidity migration event in 2020.

Uniswap X introduced intent-based trading with MEV protection, representing a shift toward order-flow optimization.

Which Should You Choose?

Uniswap is the clear leader in DEX trading volume, liquidity depth, and protocol innovation with concentrated liquidity and intent-based trading. SushiSwap offers a broader product suite and direct fee sharing with stakers, but has lost significant market share over time.

Frequently Asked Questions

Why did SushiSwap fork Uniswap?
SushiSwap was created in August 2020 by the pseudonymous developer Chef Nomi as a community-owned fork of Uniswap V2. It incentivized Uniswap liquidity providers to migrate their funds by offering SUSHI token rewards, in what became known as a "vampire attack."
Which DEX has better trading fees?
Uniswap V3 offers more flexible fee tiers (0.01% to 1%) that pool creators can choose based on the trading pair. SushiSwap charges a standard 0.3%. For stablecoin pairs or highly liquid assets, Uniswap lower fee tiers often provide better rates for traders.
Can I earn passive income on both platforms?
Yes. On both platforms you can provide liquidity to earn trading fees. SushiSwap also lets you stake SUSHI as xSUSHI to earn a share of protocol revenue. Uniswap V3 LP positions require more active management due to concentrated liquidity.
Which platform supports more blockchains?
SushiSwap has deployed on more chains (20+), including many smaller networks. Uniswap is deployed on fewer chains but covers the most popular ones by trading volume, including Ethereum, Polygon, Arbitrum, Optimism, and Base.
What is Uniswap X?
Uniswap X is a Dutch auction-based trading protocol that routes trades through a network of fillers (market makers) who compete to offer the best price. It provides MEV protection, gasless swaps for users, and can aggregate liquidity from multiple on-chain and off-chain sources.
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