Crypto decentralized change (DEX) buying and selling volumes have surged to a peak in opposition to their centralized counterparts, pushed by a “memecoin hypothesis mania,” says CoinGecko.
The ratio of spot crypto buying and selling on DEXs in comparison with centralized exchanges (CEXs) has greater than tripled up to now 5 years to succeed in new highs in 2025, CoinGecko analysis analyst Yuqian Lim stated in a report on Thursday.
The DEX to CEX spot ratio hit an all-time excessive of 37.4% in June off the again of a spike in memecoin curiosity and “a spike in PancakeSwap’s volumes because of orders routed from the Binance Alpha platform, which was launched in Might,” in line with Lim.
For years, centralized exchanges akin to Binance and Coinbase have dominated the majority of spot crypto buying and selling volumes because of their options and ease of use, however decentralized platforms have beefed up their choices in a bid to draw merchants.
DEX buying and selling exhibits indicators of stickiness
Since reaching a brand new excessive in June, the DEX to CEX spot ratio has dropped to round 21% as of November, marking the fifth consecutive month the place the ratio has held close to the 20% stage, Lim stated.
“That is effectively above the stagnant DEX to CEX spot ratios seen in earlier years and probably signifies stickiness in DEXs’ rising market share of spot buying and selling quantity.”
Lim stated DEX spot volumes from Might to October have additionally remained above earlier years and marked an all-time excessive of $419 billion in October, regardless of a large market correction.
“This appears to additional spotlight a gradual however regular shift in preferences towards onchain buying and selling,” she stated.
DEX futures buying and selling data new excessive in November
In the meantime, the DEX to CEX futures buying and selling ratio, which compares the proportion of all perpetual futures buying and selling on the 2 kinds of exchanges, has additionally been on the rise, reaching an all-time excessive of 11.7% in November 2025.
Lim stated perp DEXs have seen a revival in 2025, after experiencing a tenfold year-on-year quantity enhance to an all-time excessive of $903 billion in October.
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“As with spot buying and selling, perpetuals buying and selling volumes on DEXs have solely began to shut the hole with CEXs this yr. In reality, November marks the 14th consecutive month for which the DEX to CEX perps quantity ratio has seen month-on-month progress,” she stated.
Lim pointed to the emergence of latest perps DEX gamers akin to Hyperliquid, Lighter and edgeX as key drivers, a few of which have supplied incentives to draw merchants.
“Hyperliquid alone has recorded $2.74 trillion in perps quantity up to now this yr, which places it on par with Coinbase and is greater than the opposite prime perp DEXs mixed,” Lim stated.
“Nevertheless, it stays to be seen if DEX perps volumes will preserve at present ranges after the widespread incentive applications finish,” she added.
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