DEX уверенно занимает 20% рынка спотовой торговли, устанавливая рекорды Translation: DEX Confidently Captures 20% of Spot Trading Market, Setting Records

The ratio of spot trading volumes on decentralized exchanges (DEX) compared to centralized exchanges (CEX) rose from 6% in 2021 to 21.2% in 2025, according to a study by CoinGecko.

Analysts noted that the growth trajectory was not linear: after reaching 14.6% at the beginning of 2022, the ratio fell to a low of 5.4% and fluctuated within that range until the end of 2024.

The collapse of the FTX cryptocurrency exchange did not have an immediate impact on the DEX to CEX ratio. It only recovered to 10% by March 2024 amid stricter regulations in the U.S.

A breakthrough occurred in January 2025, driven by a surge in interest around meme coins on the Solana network. During that month, spot trading volumes on decentralized exchanges soared to $413.75 billion, surpassing the previous record of $344.99 billion.

On Raydium alone, the monthly trading volume doubled to $88.5 billion, almost matching Uniswap’s figure of $88.9 billion.

In June, the ratio climbed again, reaching an all-time high of 37.4%. The main factor behind this was a surge in activity on PancakeSwap following its integration with Binance Alpha.

Over the past five months, the DEX share has consistently remained around 20%, indicating a solidification of the new market structure.

Spot trading volumes on decentralized exchanges continue to exceed those of previous years. In October, the figure reached a record $419.76 billion, despite a market correction.

“This highlights a gradual yet steady shift in preferences toward on-chain trading,” experts commented.

One of the key trends in the latter half of 2025 was the trading of perpetual contracts (perps). The ratio of futures trading volumes on DEX to CEX increased from 2.1% in January 2023 to 11.7% in November 2025.

“Similar to the situation with spot trading, decentralized exchanges have actively ramped up perps volumes, reducing the gap with centralized platforms during this year. November 2025 marked the 14th consecutive month of consistent monthly growth in DEX’s share of the overall perp trading volume,” CoinGecko noted.

In this context, platforms such as Hyperliquid, Aster, and Lighter stood out, with trading volumes in October reaching $903.56 billion—nine times higher than the same period last year.

Since the beginning of the year, Hyperliquid’s trading volume has amounted to $2.74 trillion, comparable to Coinbase’s figures.

“However, it remains unclear whether perp trading volumes on DEX will maintain current levels after the completion of mass incentive programs,” experts concluded.

Recall that in October, trading volumes on the perp DEX reached a record $1.3 trillion—almost double that of September.