Quick Summary
- Decentralized exchange (DEX) spot crypto trading volumes have surged, reaching new highs against centralized exchanges (CEXs) in 2025.
- The DEX to CEX spot ratio peaked at 37.4% in June, fueled by memecoin interest and PancakeSwap volumes.
- While the ratio has since dropped to around 21% as of November, it remains significantly higher than in previous years, indicating potential stickiness in DEX market share.
- DEX futures trading also reached an all-time high in November, with the DEX to CEX futures trading ratio hitting 11.7%.
DEX Trading Volumes Surge in 2025
Crypto decentralized exchanges are experiencing a surge in trading volumes, hitting a peak against their centralized counterparts, according to CoinGecko. This growth is largely attributed to increased interest in memecoins.
The ratio of spot crypto trading on DEXs compared to centralized exchanges has more than tripled in the past five years, reaching new highs in 2025. This data comes from CoinGecko research analyst Yuqian Lim, who shared the findings in a recent report.
The DEX to CEX spot ratio reached an all-time high of 37.4% in June, driven by a spike in memecoin interest and increased volumes on PancakeSwap, facilitated by orders routed from the Binance Alpha platform since its launch in May.
đź’ˇInsight: The rising DEX to CEX ratio signals a potential shift in trader preferences, with decentralized platforms becoming increasingly attractive alternatives to centralized exchanges.
Centralized exchanges like Binance and Coinbase have long dominated spot crypto trading volumes due to their user-friendly features. However, decentralized platforms have been enhancing their offerings to attract a wider range of traders. This competition is one factor driving DEX trading volumes.
Analyzing the Rise of DEX Trading Platforms
After hitting a new high in June, the DEX to CEX spot ratio decreased to approximately 21% by November. This marks the fifth consecutive month that the ratio has remained close to the 20% level, suggesting a degree of stability.
“This is well above the stagnant DEX to CEX spot ratios seen in previous years and potentially indicates stickiness in DEXs’ growing market share of spot trading volume.”
According to Lim, DEX spot volumes from May to October have consistently exceeded previous years, reaching an all-time high of $419 billion in October, despite a market correction.
⚡Tip: Explore the features and benefits of decentralized exchanges to understand why traders are increasingly turning to these platforms. Look for factors such as lower fees, increased privacy, and greater control over assets.
“This seems to further highlight a gradual but steady shift in preferences toward onchain trading,” she noted, indicating a growing trend of users favoring decentralized platforms for their crypto transactions.
DEX Futures Trading Surge
Meanwhile, the DEX to CEX futures trading ratio, which compares the proportion of perpetual futures trading on both types of exchanges, has also been on the rise. In November 2025, it reached an all-time high of 11.7%.
Lim noted that perpetual DEXs have experienced a resurgence in 2025, with a tenfold year-on-year volume increase to an all-time high of $903 billion in October.
đź“ŤInsight: The growth in DEX futures trading suggests that traders are becoming more comfortable using these platforms for more sophisticated trading strategies.
“As with spot trading, perpetuals trading volumes on DEXs have only started to close the gap with CEXs this year. In fact, November marks the 14th consecutive month for which the DEX to CEX perps volume ratio has seen month-on-month growth,” she added, highlighting the continued upward trend.
Lim identified the emergence of new perps DEX players such as Hyperliquid, Lighter and edgeX as key drivers, some of which have offered incentives to entice traders to their platforms.
“Hyperliquid alone has recorded $2.74 trillion in perps volume so far this year, which puts it on par with Coinbase and is more than the other top perp DEXs combined,” Lim stated.
âś… Key Point: New decentralized exchanges are attracting users with incentives, contributing to the increased trading volumes observed in the DEX market.
She cautioned, However, it remains to be seen if DEX perps volumes will maintain at current levels after the widespread incentive programs end, indicating a potential uncertainty about the long-term sustainability of this growth.
Frequently Asked Questions about DEX Trading
What are the main drivers behind the surge in DEX trading volumes?
The surge is mainly driven by increased interest in memecoins and the enhanced offerings of DEX platforms, which now rival centralized exchanges in terms of features and user experience. Additionally, incentives offered by new DEX players have attracted more traders.
How does the DEX to CEX spot ratio indicate a shift in trader preferences?
The increasing DEX to CEX spot ratio indicates a gradual shift towards on-chain trading, suggesting that more traders are favoring decentralized platforms for their crypto transactions. This shift is influenced by factors like increased privacy, lower fees, and greater control over assets.
What factors contribute to the growth of DEX futures trading?
The growth in DEX futures trading is primarily driven by the resurgence of perpetual DEXs and the emergence of new players like Hyperliquid, Lighter, and edgeX. These platforms offer sophisticated trading strategies and have attracted users with various incentives.
Are the current DEX trading volumes sustainable in the long term?
While the current DEX trading volumes are impressive, particularly in the futures market, the long-term sustainability remains uncertain. The widespread incentive programs offered by some DEXs might be a temporary boost, and volumes could potentially decrease once these programs end.
Final Thoughts
The rise in DEX trading volumes and the increasing DEX to CEX ratios in both spot and futures markets signify a notable shift in the crypto trading landscape. While centralized exchanges still maintain a significant presence, decentralized platforms are gaining traction, attracting traders with enhanced features and innovative offerings.
The sustainability of this trend will depend on various factors, including the continued development of DEX technology, the evolution of regulatory frameworks, and the overall market sentiment towards decentralized finance. As the crypto space continues to evolve, DEXs are poised to play an increasingly important role in shaping the future of trading.
