DEX trading volume records a monthly high of $463 billion
Record-Breaking Crypto Trading Volumes: Centralized and Decentralized Exchanges See Surge
In the world of cryptocurrency, trading volumes have hit new heights, with both centralized and decentralized exchanges seeing significant growth.
Centralized Exchanges (CEXs) Lead the Pack
The first half of 2025 has been a record-breaking period for centralized exchanges, with a total trading volume of $9.36 trillion, marking the strongest first half since 2021. Binance, the largest CEX, continues to dominate the market, with new token trading on the platform surpassing $133 billion in 2025. Other prominent players such as Gate.io and Bitget have also seen double-digit growth, indicative of a dynamic and competitive centralized space.
Decentralized Exchanges (DEXs) Gain Ground
While centralized exchanges hold the majority of the market share, decentralized exchanges are making significant strides. The DEX-to-CEX volume ratio, which compares verified trading volumes of DEXs against CEXs, has increased substantially over recent years, from less than 5% to about 20% during peak periods in 2025. This growth is attributed to factors such as user preference for self-custody, better privacy, access to novel tokens not on CEXs, and improvements in DEX scalability and user experience through Layer 2 solutions.
Uniswap, Pancake Swap, and Raydium Lead the DEX Pack
Among decentralized exchanges, Uniswap, Pancake Swap, and Raydium have stood out, with trading volumes of $106.4 billion, $96.4 billion, and $58 billion respectively in December 2021. These figures represent a significant portion of the overall DEX trading volume.
The Role of Market Activity and DeFi Growth
The increase in DEX use correlates with the expanding decentralized finance (DeFi) ecosystem. The global DeFi market was valued at $29.1 billion in 2024 and is forecast to skyrocket to $1,250.7 billion by 2034, growing at a compound annual growth rate (CAGR) of 45.8%. DeFi platforms, which enhance productivity by providing trustless, efficient transactions powered by smart contracts, enable broad token exchanges and new applications like blockchain-based games and NFTs, further fueling demand on DEXs.
Regulatory Pressure and Innovation
Regulatory pressure on CEXs is also a significant driver pushing users towards DEXs, which do not rely on central authorities. Meanwhile, CEXs continue to innovate with new token listings and products, capturing substantial volume and capital influx.
A Maturing Crypto Market
The trends in trading volumes reflect a maturing crypto market where user choice between custody models and platform features shapes trading behavior. As the market continues to evolve, it will be interesting to see how the balance between centralized and decentralized exchanges shifts in the coming years.
Finance and technology have significantly influenced the rise of decentralized finance (DeFi), with DeFi platforms powered by smart contracts providing trustless and efficient transactions. This growth in DeFi has led to increased investing in decentralized exchanges (DEXs), as evidenced by the DEX-to-CEX volume ratio surging from under 5% to around 20% during peak periods in 2025. Defi plays a crucial role in fueling demand on DEXs, as it enables broad token exchanges and new applications such as blockchain-based games and NFTs.
