CoW Swap vs PancakeSwap

How CoW Swap vs PancakeSwap compare on our ratings, dex specs, funding, pros and cons.

VS
Feature
Ratings
Our score3.6/54.0/5
User ratingNo reviews yetNo reviews yet
Liquidity & pricing4.04.5
Fees3.53.5
Security3.03.5
Ease of use4.04.0
Chain coverage4.05.0
Specs
KYC required No No
TypeAggregatorAMM
ChainsEthereumBNB Chain, Ethereum, Aptos, Base, Arbitrum
Swap fee50% of surplus plus 2 basis points of volume, with partner fees and MEV Blocker feesFees vary by product and pool.
Limit orders YesNot disclosed
Cross-chain swaps No Yes
Audited Yes Yes
Open sourceNot disclosed Yes
Governance tokenCOWCAKE
Perpetual futures No Yes
Routes across other DEXs YesNot disclosed
MEV protection YesNot disclosed
Points or rewards programNot disclosed Yes
Company
Founded20212020
Headquarters—Japan
InvestorsGreenfield Capital, Private and CoWmunity investors, 1kxYZi Labs
Strengths and weaknesses
Pros
  • Non-custodial execution across eight chains
  • Batch auctions can reduce MEV exposure
  • TWAP orders are available to regular wallets
  • More than $200B in cumulative user trades
  • Available across 11+ blockchain networks
  • Non-custodial wallet-based access without KYC
  • Open-source contracts with audits from six security firms
  • About $1.56B locked as of October 17, 2026
Cons
  • Protocol fees include 50% of surplus plus 2 basis points of volume
  • Solver quotes depend on available liquidity and execution routes
  • April 2026 DNS hijack caused approximately $1.2M in estimated losses
  • The frontend depends on wallet access and domain security
  • Permissionless listings increase counterfeit-token and smart-contract risk
  • Swap fees vary by product, pool and fee tier
  • AMM trades remain exposed to slippage and MEV
  • Cross-chain products add bridge and message-passing risk
Best forLarge spot swaps, MEV-sensitive traders, DAO treasury executionMultichain spot traders, BNB Chain liquidity providers, CAKE staking users

Highlighted cells show the stronger value in each row. Data comes from each provider's site and public sources; check details before you sign up.

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