Decentralized exchanges have considerably expanded their share of spot buying and selling exercise over the previous 5 years. A brand new report by CoinGecko discovered that the DEX-to-CEX spot ratio rose from 6.0% in January 2021 to 21.2% in November 2025.
In keeping with the info, this development has not adopted a straight upward path. After reaching 14.6% in early 2022, the ratio slid to a low of 5.4% by September of that 12 months after which moved inside an identical band by means of the tip of 2024.
DEXs’ Market Share Soars
CoinGecko defined that the collapse of FTX in November 2022 didn’t have a right away impact on DEX utilization relative to centralized platforms, because the ratio solely crossed again above 10.0% in March 2023 throughout a interval marked by intensified US regulatory strain.
A decisive shift appeared at first of 2025, when the ratio climbed to 18.7% in January. This enhance was fueled by a surge in Solana-based meme coin frenzy that pushed total DEX spot quantity to $413.75 billion, thereby overtaking the earlier cycle’s peak. Throughout the identical month, Raydium’s buying and selling quantity doubled to $88.56 billion, which put it practically stage with Uniswap’s $88.92 billion for the primary time.
The upward development accelerated once more in June 2025, when the ratio reached a brand new all-time excessive of 37.4%. CoinGecko attributes this leap largely to PancakeSwap, which noticed volumes spike following the launch of Binance Alpha in Could, a platform that routed a major share of orders to the change.
Since then, the ratio has settled right into a steadier vary, and November was the fifth consecutive month by which decentralized platforms held roughly 20% of complete spot buying and selling exercise, a stage that’s far greater than the comparatively flat ratios recorded in earlier years. The report added that DEX volumes from Could by means of October remained excessive in comparison with historic ranges and led to an all-time excessive of $419.76 billion in October regardless of broader market corrections.
DEX Perps Enlargement
Decentralized exchanges have quickly gained floor in perpetual buying and selling as properly. The DEX to CEX perps quantity ratio surged from 2.1% in January 2023 to a contemporary peak of 11.7% in November 2025.
Apparently, November additionally marked the 14th consecutive month of month-on-month development in DEX perps volumes. General DEX perps buying and selling hit a file $903.56 billion in October, greater than ten occasions the extent seen a 12 months earlier. Development has been pushed by new entrants corresponding to Hyperliquid, Lighter, and edgeX, which have outpaced earlier DEX incumbents.
Hyperliquid has dealt with $2.74 trillion in perpetuals this 12 months, matching Coinbase and beating all different prime DEXs mixed.
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