Uniswap's market share of the USDC-USDT pair on Ethereum fell from 58% to 36% over five weeks, even though the exchange's own trading volume in the market held steady, according to an analysis by Tom Wan.

TL;DR

• Uniswap's share of the USDC-USDT pair fell from 58% to 36% while its weekly volume held steady.
• Uniswap's share of trades above $1M dropped from 85% to 44%, while Fluid rose from 10% to 43%.
• Metric grew from 0.6% to 14% of pair volume and now holds 28% of trades between $100K and $1M.
• Active depth in Uniswap's main pool fell from about $900K to $310K per basis point between 15 and 28 October.

The USDC-USDT pair is Ethereum's most traded decentralized exchange market, with about $480 million in daily volume — nearly double the volume of USDC-WETH. Weekly volume across the pair grew from roughly $2.3 billion to more than $3.3 billion during the period. Uniswap did not lose volume of its own, as its weekly total held between $1 billion and $1.3 billion. Rival venues absorbed the growth instead. In a market this size, share is a closely watched competitive gauge: aggregators route flow to whichever venue holds usable liquidity at the live price, so the numbers signal where large traders can actually get filled.

Where Uniswap Lost Ground

Analyst Tom Wan outlined the shift in a post on X. Metric rose from 0.6% to 14% of pair volume within five weeks. Aero went from 0% to 6%, while Fluid held steady between 20% and 28%. The pair's weekly growth of roughly $1 billion went to venues outside Uniswap.

Why Uniswap is losing USDC-USDT Market Share to Fluid and Metric

Background: USDC-USDT is Ethereum's most traded DEX pair at ~$480M a day, almost 2x USDC-WETH. In five weeks, Uniswap's share of it fell from 58% to 36%.

Uniswap's volume didn't drop. It stayed around $1B-$1.3B a… pic.twitter.com/lJbq9sh1R0

— Tom Wan (@tomwanhh) November 11, 2026

Large Orders Account for Most of the Loss

Large trades account for most of the decline. Uniswap's share of trades above $1 million fell from 85% to 44%. Over the same period, Fluid climbed from 10% to 43% in that bracket. Fluid's gain of 33 points came alongside Uniswap's drop of 41 points.

Mid-sized orders showed a similar pattern. In the $100K to $1M range, Uniswap dropped from 36% to 21%, while Metric rose from 7% to 28% in the same bracket. Together, these figures show the decline was concentrated in larger orders.

Small trades changed less. Uniswap's share under $10K moved from 50% to 44%, and it remains the leader in that bracket. Metric also grew there, from 7% to 16%. Even so, Uniswap's market share declined across every trade size bracket.

Why Depth Drove the Shift

Wan ruled out fees as the cause of the lower market share. Uniswap's USDC-USDT pools charge 0.07 to 0.12 basis points, already among the lowest. Its stable-pair hook is not the reason either, since it was set up the same way when the share stood at 58%.

Wan instead linked the market share loss to depth at the live price during volatility. In the second half of October, USDT slipped from near par to 8 to 15 basis points below USDC. Arbitrage moved Uniswap's price, but LP liquidity stayed in the ranges LPs had chosen. For a stablecoin pair, this matters more than usual: with prices pinned near par, fills depend on liquidity sitting exactly at the live price when small deviations set off arbitrage.

Active depth in Uniswap's main pool fell sharply. It went from about $900K per basis point on 15 October to roughly $310K on 28 October. Aero also entered Ethereum during that period and captured about 6% of overall trading volume.

Other venues were less affected. Fluid draws depth from its lending vaults around a center price it can move. Metric's market makers quote from their own inventory at the live price. Both keep size where trades occur, so aggregators send large orders there. With fees ruled out as the driver, the contest for this pair's flow turns on liquidity architecture — making Uniswap's active depth per basis point, and Fluid's and Metric's hold on brackets above $100K, the concrete indicators to track in Ethereum's most traded stablecoin market.