Overview
Decentralized exchanges (DEXs) have achieved a milestone, hitting an all‑time high in trading volume of $419 billion despite ongoing market corrections. This surge signifies a major shift in the cryptocurrency trading landscape, with DEXs now representing one‑fifth of all spot trading activity.
Historical Growth of DEX Spot Trading
Over the past five years, DEXs have steadily increased their share of spot trading. According to a report by CoinGecko, the DEX‑to‑CEX spot ratio has climbed from 6.0 % in January 2021 to 21.2 % in November 2025. However, this growth has not followed a straight line. After peaking at 14.6 % in early 2022, the ratio dropped to 5.4 % by September of that year and remained relatively stable through the end of 2024.
2025 Surge and Key Drivers
The collapse of FTX in November 2022 did not immediately impact DEX usage relative to centralized exchanges. Increased regulatory pressure in the US in March 2023 pushed the ratio back above 10.0 %. A significant shift occurred at the beginning of 2025 when the ratio rose to 18.7 %, driven by a surge in Solana‑based meme coins. This activity propelled overall DEX spot volume to $413.75 billion, surpassing the previous cycle’s peak. Raydium’s trading volume doubled to $88.56 billion, nearly matching Uniswap’s $88.92 billion.
The upward trend continued in June 2025, with the ratio reaching a new all‑time high of 37.4 %. This increase was largely attributed to PancakeSwap, which saw volumes spike following the launch of Binance Alpha in May. Since then, the ratio has stabilized around 20 %, with November marking the fifth consecutive month of DEXs holding roughly one‑fifth of total spot trading activity. DEX volumes from May through October remained high compared to historical levels, leading to an all‑time high of $419.76 billion in October despite broader market corrections.
Growth in Perpetual Trading
DEXs have also made significant progress in perpetual trading. The DEX‑to‑CEX perps volume ratio surged from 2.1 % in January 2023 to 11.7 % in November 2025. November marked the 14th consecutive month of month‑on‑month growth in DEX perps volumes, with overall DEX perps trading hitting a record $903.56 billion in October, more than ten times the level seen a year earlier.
Growth in DEX perps volumes has been driven by new entrants like Hyperliquid, Lighter, and edgeX, which have outpaced earlier DEX incumbents. Hyperliquid has handled $2.74 trillion in perpetuals this year, matching Coinbase and surpassing all other top DEXs combined.
Conclusion
The rise of DEXs underscores a growing preference for decentralized trading platforms, driven by regulatory pressures, market trends, and the emergence of new players. As DEXs continue to gain market share, their role in the crypto ecosystem is becoming increasingly significant.
Headline: DEXs Reach Record $419 Billion Volume Amid Market Corrections