Decentralized exchanges record $1.1 trillion in trading volume as perpetuals drive historic trading month
Decentralized exchanges (DEX) processed a mixed $1.15 trillion in spot and perpetual contract volumes throughout August, marking the primary time month-to-month DEX exercise surpassed the $1 trillion threshold.
According to DefiLlama data, spot DEX volumes reached $506.3 billion in August, falling simply $1.5 billion wanting the all-time high of $507.8 billion recorded in January.
The August determine represents an 18.4% improve from July’s trading exercise, demonstrating sustained development in on-chain spot trading.
Perpetual contract volumes drove the record-breaking efficiency, reaching $648.6 billion in August, a 31.3% bounce from July and an absolute all-time high for the by-product product class.
The perpetuals surge accounted for 56.4% of whole DEX volume throughout the month.
Ethereum reclaims spot management
August marked the primary time since March that Ethereum overtook Solana and BNB Chain in spot on-chain trading volume.
Ethereum processed $140.4 billion in month-to-month spot volume, whereas Solana registered practically $120 billion. BNB Chain rounded out the highest three with roughly $60 billion in spot trading exercise.
Uniswap maintained its place as the dominant spot DEX protocol, capturing 28.2% of whole volumes with over $143 billion processed in August. PancakeSwap secured second place with $56.6 billion, whereas Hyperliquid accomplished the highest three with $21.7 billion in spot volume.
The perpetual panorama confirmed even larger focus, with Hyperliquid establishing absolute dominance by capturing 62.5% of the market by way of its $405.8 billion in month-to-month volume.
Ethereum-based perpetual protocols processed $72.5 billion, securing second place, whereas BNB Chain platforms generated $55.1 billion.
Among different perpetual protocols, edgeX captured $43.6 billion in trading volume, whereas Orderly processed $23.7 billion throughout August.
The spot volume improve drove the DEX-to-CEX trading ratio up by 0.7% to 17.2% in August. Throughout 2025, this ratio has constantly remained above 10%, indicating sustained adoption of on-chain trading infrastructure.
These numbers point out a rising acceptance of decentralized trading venues, doubtlessly pushed by improved consumer expertise throughout main DEX platforms.
The $1.1 trillion month-to-month volume achievement positions decentralized exchanges as a everlasting fixture in the cryptocurrency market construction, with perpetuals trading lastly receiving consideration just like that of their centralized counterparts.
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