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Decentralized exchanges for trading Bitcoin — P2P, cross-chain swaps, perpetuals, and L2 protocols. Ranked by Bitcoin relevance. Who holds the bitcoin differs per exchange: see each listing’s custody line.
24 listings, grouped Bitcoin first by label. Inside each group: open source first, then the rest, then listings marked Not recommended, each A to Z here (the interactive directory rotates them weekly). Nothing is hidden. This version needs no JavaScript.
Bitcoin used directly as money, or tools for running, securing and building on it.
Bisq ₿ USE
Decentralized peer-to-peer Bitcoin exchange.
Non-Custodial. Bisq’s wiki says Bisq 1 trade funds and deposits sit in a 2-of-2 multisig held only by the two traders; in Bisq Easy the seller sends bitcoin from their own wallet, with no escrow. Bisq wiki: Manual payout
Boltz ₿ USE
Non-custodial Bitcoin swap service, suspended since 3 August 2026.
Non-Custodial. Only you hold the keys to your bitcoin. Boltz: GitHub organisation page
Advisory · SWAPS DISABLED since 3 August 2026 — founders stepped down, new operators unnamed (2026-10-02)
On 3 August 2026 Boltz disabled its swap service until further notice, citing months of automated, AI-assisted attacks on its infrastructure and several exploits it had contained. On 12 August 2026 Boltz announced that all of its original founders had stepped down and that an unnamed group of veteran Bitcoiners was taking over, with capital and engineering resources, to bring swaps back; no date has been given. Boltz states that no user funds were ever at risk because the service is non-custodial, that the losses were its own, and that unilateral refunds of unfinished swaps work without its servers. As of 2 October 2026 boltz.exchange and api.boltz.exchange do not resolve in DNS, the domain registry lists boltz.exchange with a client hold, and no replacement address has been announced, so treat any site or fork claiming to be Boltz with caution unless Boltz’s own GitHub or X account links to it.
Our position: listed, because Boltz is open-source and non-custodial and its new operators say they intend to bring swaps back; the link points to its official GitHub while the domain is offline. The facts above come from Boltz’s own announcements on X and the public domain registry — check them yourself.
Sources: Boltz: founders step down, new group takes over (12 August 2026, on X) · Boltz: swaps disabled until further notice (3 August 2026, on X) · Boltz suspension notice (official repository) · boltz.exchange domain registry status
Chainflip ₿ USE
Fast native cross-chain swaps — no bridges, no wrapped tokens.
Group-held. Chainflip’s docs describe its Bitcoin vault as a pool of protocol-controlled funds run by the validator network, with FROST keys that need a two-thirds majority of validators. Chainflip docs: Bitcoin vault design
Gleec Wallet ₿ USE
Non-custodial multi-coin wallet and DEX, formerly Komodo Wallet.
Non-Custodial. Komodo’s docs describe the framework behind this wallet as peer-to-peer atomic swaps in which users keep complete control of their private keys. Komodo docs: Komodo DeFi Framework
Maya Protocol ₿ USE
Cross-chain native swaps — THORChain fork with Bitcoin Taproot+.
Group-held. Maya’s docs say it manages funds directly in on-chain vaults, which its validators run using GG20 threshold signing. Maya Protocol docs
Rango Exchange ₿ USE
Universal cross-chain DEX aggregator — swap BTC across 70+ chains.
Custody. Rango says it routes swaps across DEXs and bridges, so who holds your bitcoin in transit depends on the route; its docs say it uses multi-signature admins wherever necessary. Rango docs: Security
RoboSats ₿ USE
Fast, private, KYC-free Bitcoin trading over Lightning.
Custody. RoboSats’ docs say the seller’s sats are locked in a Lightning hold invoice to the coordinator’s node, and that RoboSats has the funds while it pays the buyer or while a dispute is open. RoboSats docs: Escrow
THORSwap ₿ USE
Multi-chain DEX aggregator with native Bitcoin swaps.
Group-held. THORSwap routes swaps through THORChain, whose docs say vaults use a threshold signature scheme that needs a supermajority of validator nodes to sign, and that no complete private key exists. THORChain docs: Bifrost, TSS and vaults
Hodl Hodl ₿ USE
P2P Bitcoin trading with multisig escrow.
Custody. Hodl Hodl says it holds one of the three keys to each trade’s multisig escrow, with the buyer and seller holding the others; a support manager decides disputes, and its newer Arkade escrow adds an operator key. Hodl Hodl: FAQ
Hyperliquid ₿ USE
Onchain perpetual futures and spot exchange on its own L1.
Group-held. Bitcoin reaches Hyperliquid through Unit, whose docs say its guardians sign with a 2-of-3 MPC threshold scheme and that no single guardian can sign alone. Unit docs: Security
Separate networks or token systems built around bitcoin.
ALEX Lab PROTOCOL
Stacks-based DEX with farming, staking and Bitcoin swaps.
Custody. ALEX’s docs say its Bitcoin Native Swaps bridge the base token from Bitcoin to Stacks and back; they do not say which token that is or who holds the bitcoin behind it. ALEX docs: Bitcoin swaps
Advisory · EXPLOITED TWICE — about $8.4 million drained in June 2025, $4.3 million in May 2024 (2026-10-02)
On 6 June 2025 an attacker drained several ALEX asset pools through a flaw in its self-listing verification logic; ALEX reported a total loss of $8,373,227 in STX, sBTC, USDC/USDT and WBTC. ALEX Lab Foundation stated that it would reimburse 100% of each affected user’s loss in USDC from its treasury, and a public confirmation that every payment was completed was not found. In May 2024 about $4.3 million was lost after private keys were compromised in a phishing attack, according to ALEX as reported by The Block. Only use ALEX with funds you can afford to lose, and check its current audits and contracts yourself.
Our position: listed, with this notice, because the platform is still operating; the earlier “largest DeFi platform on Bitcoin” wording was removed because it could not be supported. The facts above come from ALEX’s own announcement of 6 June 2025 and press reports by Cointelegraph and The Block — check them yourself.
Sources: ALEX: exploit notice and compensation plan (6 June 2025, on X) · Cointelegraph: Alex Protocol to reimburse users after $8.3M exploit · The Block: Alex Lab to reimburse users after $8.3 million exploit (7 June 2025)
BitFlow PROTOCOL
The DEX aggregator for Bitcoiners — best swap rates on Stacks.
Group-held. BitFlow’s docs say it never takes custody of your assets; its Bitcoin route is sBTC, whose peg wallet Stacks’ docs say is kept by a set of 15 community-chosen signers. Stacks docs: sBTC
Velar PROTOCOL
First Bitcoin-native perpetual DEX — built on Stacks with sBTC.
Group-held. Velar’s docs list a sBTC-USDh perpetual market on Stacks, and Stacks’ docs say the sBTC peg wallet is kept by a set of 15 community-chosen signers. Stacks docs: sBTC
Only tokens tracking bitcoin on other chains (like WBTC), never real BTC.
1inch WRAPPED BTC
DEX aggregator routing across 400+ liquidity sources on 13+ chains.
Group-held. 1inch’s home page shows a WBTC → ETH swap example; WBTC’s docs say its custodian framework involves a compliance alliance between BiT Global and BitGo. WBTC docs: Custody & Security
ApeX Protocol WRAPPED BTC
Non-custodial orderbook DEX for perpetuals powered by zero-knowledge proofs.
Custody. No bitcoin is held: BTC perpetuals use USDT or USDC collateral; zkLink’s docs say funds are moved by a Layer 1 contract, the sequencer starts centralized, and users can request a full exit. zkLink docs: full documentation
Curve Finance WRAPPED BTC
The stablecoin and pegged asset DEX optimized for low-slippage swaps.
Custody. Curve’s BTC pools hold WBTC (custodians BiT Global and BitGo, per WBTC’s docs), cbBTC (Coinbase says it holds it in custody) and tBTC (a randomly selected operator group, per Threshold’s docs). WBTC docs: Custody & Security
dYdX WRAPPED BTC
OG perpetual DEX — fully decentralized on its own Cosmos chain.
Custody. No bitcoin is held: dYdX’s docs say collateral is USDC in on-chain subaccounts on dYdX Chain, a Cosmos chain run by its validator set, and BTC perpetuals use USDC margin. dYdX docs: full documentation
Gains Network WRAPPED BTC
Decentralized leveraged trading up to 150x on crypto, forex, and stocks.
Custody. No bitcoin is held: BTC perpetuals are synthetic, with collateral in gToken vaults, and Gains’ docs say the gDAI vault is upgradable behind a 14-day timelock. Gains Network docs: gToken vault upgrades and timelocks
GMX WRAPPED BTC
Decentralized perpetual exchange — up to 100x leverage on BTC.
Group-held. GMX’s SDK docs show BTC/USD [WBTC-USDC] and [WBTC.e-USDC] market labels; WBTC’s docs say its custodian framework involves a compliance alliance between BiT Global and BitGo. WBTC docs: Custody & Security
Jupiter WRAPPED BTC
Solana's dominant DEX aggregator — BTC available via wrapped tokens.
Custody. Jupiter’s docs say its perps trade wBTC against the JLP pool without naming who issues it, so who holds the bitcoin behind it is not stated there. Jupiter docs: Perps
Orderly Network WRAPPED BTC
Omnichain orderbook infrastructure powering DeFi perpetual trading.
Custody. No bitcoin is held: BTC-PERP is a synthetic market, and Orderly’s docs say users deposit collateral into vault contracts while orders are matched off-chain and settled on-chain. Orderly docs: Order management
PancakeSwap WRAPPED BTC
The largest BNB Chain DEX — BTCB trading with deep liquidity.
Custodial. PancakeSwap’s listed Bitcoin token is BTCB; Binance says BTCB is pegged 1:1 to BTC locked on Bitcoin, in a “centralized and trust-based model” whose issuer is Binance. Binance: Experience BTCB
SushiSwap WRAPPED BTC
Multi-chain DEX spanning 40+ networks with cross-chain swaps.
Custody. SushiSwap lists WBTC and cbBTC; WBTC’s docs name BiT Global and BitGo as its custodians, and Coinbase says it holds the bitcoin behind cbBTC in custody. SushiSwap: pools
Uniswap WRAPPED BTC
The largest DEX by TVL — pioneered permissionless token trading.
Group-held. Bitcoin on Uniswap trades as WBTC; WBTC’s docs say its custodian framework involves a compliance alliance between BiT Global and BitGo. WBTC docs: Custody & Security