Stacy Pereira
- DEX spot volumes grew 25% in Q2, reaching $876.3 billion, while centralized exchanges saw a 28% drop to $3.9 trillion, according to a CoinGecko report.
- The DEX:CEX ratio rose from 0.13 to 0.23, hitting an all-time high.
- PancakeSwap led the charge by processing nearly $393B in spot trades.
In 2025 Q2, the top 10 decentralized exchanges (DEXs) recorded a total of $876.3 billion in spot trading volume, a Coingecko research report showed. This is a jump of 25.3% from $699.2 billion in 2025 Q1. The DEX:CEX ratio has also increased from 0.13 in Q1 to 0.23 in Q2, marking an all-time high. On the flipside, centralized exchanges (CEXs) saw their spot volume drop roughly 28%. Volumes have shrunk to $3.9 trillion from $5.4 trillion in Q1.
Volume breakdown & leading platforms
This surge in DEX volumes marks a pivotal shift in crypto trader behavior. The rise in DEX usage reflects users’ growing preference for on-chain, trustless trading, leaving behind centralized platforms amid regulatory scrutiny and demand for transparency.
Among DEXs, PancakeSwap dominated, handling an astonishing $392.6 billion in transactions. This is an increase of 539% (QoQ) and represents nearly half of all DEX trades. It is now the largest DEX, accounting for 45% of all trades in Q2. This rise followed Binance’s rollout of Binance Alpha in May, which routed trades via PancakeSwap. This has also made BSCTrade the most popular chain for DEX trading, overtaking the likes of Ethereum, Base, and Solana, the report suggested.
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Interestingly, perpetual trades also broke records on DEX platforms, with total perp volume reaching $898 billion. Hyperliquid alone accounted for ~$653 billion, commanding about 73% market share of DEX perpetual contracts.
Why the DEX:CEX ratio matters
The jump from 0.13 to 0.23 in DEX:CEX ratio isn’t just data, it’s symbolic. This record ratio demonstrates that decentralized platforms are claiming nearly one‑quarter of spot trading volume, marking a milestone for DeFi’s maturation.
As user preference shifts to decentralized protocols, DEXs stand poised to retain their gains. While centralized exchanges still dominate overall volume, the growing DEX footprint signals a structural change. The shift is clear as it prioritizes self-custody, transparency, and resilience in the crypto trading landscape.
