DEXs Hit Record Market Share as CEX Volume Drops in Q2

Decentralized exchanges (DEXs) reached an all-time high in market share during Q2 2025, according to CoinGecko, as trading volumes on centralized exchanges (CEXs) like Binance, Coinbase, and Crypto.com declined sharply. While CEXs typically dominate crypto spot trading, total spot volume across major platforms fell nearly 28% to $3.9 trillion. In contrast, DEX spot trading volume surged by over 25% quarter-over-quarter to $876.3 billion.

This shift pushed the DEX-to-CEX volume ratio to a record 0.23, signaling rising investor demand for on-chain trading. The standout performer was PancakeSwap, which became the largest DEX by volume, processing $392 billion in trades—nearly half of all DEX activity. PancakeSwap's growth, more than 5x from the previous quarter, was largely driven by Binance’s launch of Binance Alpha in May, which routed trades through the platform. This also helped elevate BNB Smart Chain above Ethereum, Solana, and Base as the most-used blockchain during the quarter.

Despite the overall decline, Binance remained the top CEX by spot trading volume, though its quarterly volume dropped to $1.47 trillion from over $2 trillion. Crypto.com recorded a 61% plunge, while Coinbase also reported lower volumes.

Meanwhile, decentralized perpetuals trading also hit record highs, with $898 billion in volume. Hyperliquid (HYPE) dominated the DEX perp market with a commanding 73% market share.

The surge in DEX adoption highlights a shifting trend toward decentralized, on-chain crypto trading, even amid broader market volatility. As regulatory pressures and user preferences evolve, DEX platforms appear to be capturing more mindshare and market activity in the digital asset ecosystem.