In June, the ratio of trading volume on decentralized exchanges (DEX) compared to centralized exchanges (CEX) reached an unprecedented high of 37.4%, primarily attributed to a surge in trading volumes on PancakeSwap, according to Yuqian Lim, a research analyst at CoinGecko.

CoinGecko reported that the DEX trading volume has tripled over the past five years, reflecting new trends in cryptocurrency trading preferences. Lim stated, “The DEX to CEX spot ratio peaked partly due to heightened interest in memecoins and increased trading on PancakeSwap following the launch of Binance Alpha in May.”

Trading Volume Reports The DEX to CEX spot ratio has recorded several new highs in 2025. Source: CoinGecko

Since June, the DEX to CEX ratio has fluctuated, currently residing around 21%, indicating a market shift towards decentralized trading as traders seek better opportunities outside traditional platforms. Lim remarked, “This is significantly higher than the stagnant ratios observed in prior years, suggesting that DEXs may be steadily increasing their market share.”

DEX Futures Trading Hits New Records in November

Meanwhile, the ratio comparing perpetual futures trading on DEXs to CEXs has also increased, achieving a record high of 11.7% in November 2025. Lim noted a dramatic rise in perpetual trading volumes on decentralized platforms, with a notable increase to $903 billion in October alone. “New players such as Hyperliquid are contributing to this trend by offering competitive incentives to attract traders,” she added.