Ekubo vs Fluid — Comparison Report
Volume & Liquidity
On raw trading activity, Fluid leads decisively with $290.6M in 24h volume versus Ekubo’s $76.5M. All else equal, higher volume typically signals tighter spreads, better price discovery, and more reliable execution for market-sized swaps—especially on the most active pairs.
Liquidity depth is harder to justify for Fluid from the provided dataset because its TVL is listed as $0, while Ekubo reports $121.0M TVL. TVL is an imperfect proxy (it can be understated by accounting choices, routing design, or externalized liquidity), but within the constraints of the provided metrics it’s the only direct measure of “liquidity backing.”
Practically, this creates a split signal: Fluid appears to have stronger flow (volume), while Ekubo has stronger anchored liquidity (TVL). If the goal is a volume+liquidity composite based strictly on the numbers given, Ekubo’s non-zero, substantial TVL makes it the safer call for dependable on-chain depth in this comparison.
Fluid has much higher 24h volume, but Ekubo is the only venue showing meaningful on-chain TVL ($121.0M vs $0), which is the clearest liquidity indicator in the provided data.
Fee Structure & Costs
Based on the provided 24h aggregates, Fluid collects $53K in fees on $290.6M volume (~1.8 bps effective), while Ekubo collects $16K on $76.5M (~2.1 bps effective). On this narrow lens, Fluid looks slightly cheaper per dollar traded, which can matter for high-frequency or large notional strategies.
However, users care about all-in costs: DEX fee + slippage + gas. Ekubo operates across Starknet and Ethereum, enabling users to execute on an L2 where gas is typically far lower than Ethereum mainnet—often dominating the difference between ~1.8 bps and ~2.1 bps on many retail-sized swaps.
Maker/taker schedules aren’t provided and both venues are generally experienced as AMM-style pricing for most users, so the most defensible comparison is effective fee take and likely gas environment. For many traders—especially smaller tickets or active rebalancing—Ekubo’s Starknet venue can deliver better net cost even if its effective fee rate is marginally higher on paper.
Fluid’s fee take is slightly lower by the 24h aggregates, but Ekubo’s ability to trade on Starknet typically reduces total transaction costs enough to offer better all-in fee value for most users.
Multi-chain & Ecosystem
Ekubo clearly has broader chain coverage in the provided data, spanning Starknet and Ethereum, while Fluid’s chain field is listed as N/A (even though the description references Ethereum). From a user and integrator perspective, explicit multi-chain deployment is a meaningful advantage: it expands addressable users, assets, and routing opportunities.
Ecosystem breadth tends to follow chain presence. Starknet connectivity can unlock L2-native wallets, aggregators, and liquidity programs, while an Ethereum deployment increases compatibility with mainnet DeFi primitives and existing token ecosystems.
With 126 trading pairs / 40 coins for Ekubo versus 122 pairs / 36 coins for Fluid, Ekubo also has a small but measurable edge in catalog breadth, reinforcing the notion of a wider ecosystem surface area in this dataset.
Ekubo is explicitly deployed on Starknet and Ethereum and also lists slightly more pairs/coins, while Fluid’s chain coverage is unspecified (N/A) in the provided data.
User Recommendations
Choose Fluid if you prioritize immediacy and active markets. With far higher reported 24h volume, Fluid is the better fit for traders who want to lean into momentum, rely on frequent matching flow, and focus on the most actively traded pairs where execution quality often improves with activity.
Choose Ekubo if you’re comfortable with L2 workflows or want lower-friction trading costs on smaller sizes. Ekubo’s Starknet presence can be a strong advantage for users who don’t want Ethereum mainnet gas to dominate their P&L, and its meaningful TVL figure suggests more visible on-chain liquidity backing.
From a pure UX standpoint, many users still find Ethereum-first experiences simpler (no bridging, fewer network switches, familiar tooling). Given Fluid’s Ethereum-facing positioning and higher activity, it is generally the more straightforward “just trade now” venue for mainstream users.
Fluid’s Ethereum-forward experience plus materially higher trading activity typically translates into simpler, more familiar execution for the average user without requiring L2 bridging or network-specific setup.
Trends & Innovation
Ekubo’s trajectory is strengthened by its Starknet-native footprint and its evolution to Ekubo V2 on Ethereum (per the description), suggesting an intentional strategy: pair high-performance L2 execution with access to Ethereum’s liquidity and asset base. That dual-track approach is often where DEX innovation compounds—new AMM design on L2, then distribution and composability on mainnet.
Fluid, launched in 2024, is clearly gaining attention judging by its strong 24h volume, and that early traction can snowball into deeper integrations and broader listings. The main uncertainty in this dataset is the $0 TVL reading, which makes it harder to assess whether its current activity is sustainably supported by durable liquidity positioning.
Netting this out, Ekubo looks like the more structurally innovative bet: multi-chain deployment (L2 + mainnet) and a measurable liquidity base provide a clearer foundation for sustained iteration and growth than volume alone.
Ekubo’s Starknet + Ethereum footprint and V2 evolution indicate a clearer product and scaling roadmap, while Fluid’s sustainability is harder to assess given the $0 TVL figure in the provided data.
✨ Bottom Line
Overall, Ekubo wins on the fundamentals shown here: it has meaningful TVL, explicit multi-chain deployment (Starknet + Ethereum), and a slightly broader asset/pair catalog. Fluid stands out for raw 24h volume, but the dataset provides weaker evidence of underlying liquidity depth.
If you want the most robust, ecosystem-diverse venue based on the provided metrics, choose Ekubo; if you mainly want to follow the most active flow today, Fluid is the tactical alternative.
Ekubo
Ekubo combines non-zero TVL with explicit multi-chain presence, making it the stronger all-around DEX on the provided fundamentals.