DEXs Hit All-Time High of $419 Billion Volume Despite Market Corrections: CoinGecko

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.

According to the information, 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 yr after which moved inside an analogous band by the tip of 2024.

DEXs’ Market Share Soars

CoinGecko explained that the collapse of FTX in November 2022 didn’t have an instantaneous 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 in the beginning 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 general DEX spot quantity to $413.75 billion, thereby overtaking the earlier cycle’s peak. During the identical month, Raydium’s buying and selling quantity doubled to $88.56 billion, which put it practically degree with Uniswap’s $88.92 billion for the primary time.

The upward pattern accelerated once more in June 2025, when the ratio reached a brand new all-time high of 37.4%. CoinGecko attributes this soar largely to PancakeSwap, which noticed volumes spike following the launch of Binance Alpha in May, a platform that routed a big share of orders to the trade.

Since then, the ratio has settled right into a steadier vary, and November was the fifth consecutive month during which decentralized platforms held roughly 20% of whole spot buying and selling exercise, a degree that’s far greater than the comparatively flat ratios recorded in earlier years. The report added that DEX volumes from May by October remained high in comparison with historic ranges and led to an all-time high of $419.76 billion in October regardless of broader market corrections.

DEX Perps Expansion

Decentralized exchanges have quickly gained floor in perpetual buying and selling as nicely. The DEX to CEX perps quantity ratio surged from 2.1% in January 2023 to a recent peak of 11.7% in November 2025.

Interestingly, November additionally marked the 14th consecutive month of month-on-month development in DEX perps volumes. Overall DEX perps buying and selling hit a document $903.56 billion in October, greater than ten occasions the extent seen a yr earlier. Growth has been pushed by new entrants similar to Hyperliquid, Lighter, and edgeX, which have outpaced earlier DEX incumbents.

Hyperliquid has dealt with $2.74 trillion in perpetuals this yr, matching Coinbase and beating all different high DEXs mixed.

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