Decentralized Trading Gains Momentum: DEX to CEX Ratios Soar
Lawrence Jengar Nov 28, 2025 02:14
The DEX to CEX trading volume ratios have reached unprecedented heights in 2025, marking a significant shift towards decentralized exchanges in both spot and perpetual markets.
In a notable shift towards decentralized trading, the ratio of trading volumes between decentralized exchanges (DEXs) and centralized exchanges (CEXs) has reached new highs, as reported by CoinGecko. This trend marks a significant change in the cryptocurrency trading landscape, with DEXs capturing a larger share of both spot and perpetuals markets.
Spot Trading Dynamics
Over the past five years, the DEX to CEX spot trading volume ratio has more than tripled. Starting at a meager 6.0% in January 2021, the ratio surged to 21.2% by November 2025. This growth, however, was not linear. After peaking at 14.6% in early 2022, the ratio saw fluctuations, particularly during the FTX collapse in November 2022, which did not immediately affect the DEX market share.
In 2025, the ratio experienced a significant boost, reaching 18.7% in January due to a speculative frenzy around Solana-based memecoins. This was further propelled by PancakeSwap's volume surge in June, attributed to its integration with Binance Alpha, pushing the ratio to a record 37.4%.
Despite market corrections, DEX spot volumes remained robust, hitting an all-time high of $419.76 billion in October 2025, indicating a steady shift towards onchain trading.
Perpetuals Market Surge
The DEX to CEX ratio for perpetuals trading has also seen a dramatic rise. From a modest 2.1% in January 2023, it reached an all-time high of 11.7% in November 2025. This growth is largely attributed to new entrants like Hyperliquid, Lighter, and edgeX, which have outpaced early market leaders.
Hyperliquid alone recorded $2.74 trillion in perpetuals volume this year, rivaling top CEXs like Coinbase. However, the sustainability of these volumes remains uncertain as incentive programs wind down.
Historical Data and Methodology
The analysis of DEX to CEX ratios was conducted using monthly trading volumes from the top 10 DEXs and CEXs, based on data from CoinGecko and DefiLlama. The report highlights that while DEXs are gaining ground, the market dynamics remain fluid, with future growth dependent on various factors including regulatory developments and technological advancements.
For more detailed insights, visit the full report on CoinGecko.
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