DEXs Hit Record $419B Volume Despite Market Corrections
Generally, People are getting more interested in Decentralized exchanges, which have achieved a big milestone, hitting an all-time high in trading volume of $419 billion despite ongoing market corrections. Obviously, This surge signifies a major shift in the cryptocurrency trading landscape, with DEXs now representing one-fifth of all spot trading activity. Normally, You would expect this kind of growth to happen over a longer period, but it seems like DEXs are gaining popularity fast.
Apparently, Over the past five years, DEXs have steadily increased their share of spot trading, which is a pretty big deal. Usually, 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, and that’s a significant increase. However, Sometimes this growth has not followed a straight line, and 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.
Overview
Basically, The collapse of FTX in November 2022 did not immediately impact DEX usage relative to centralized exchanges, but Increased regulatory pressure in the US in March 2023 pushed the ratio back above 10.0 %. Naturally, 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. Generally, This activity propelled overall DEX spot volume to $413.75 billion, surpassing the previous cycle’s peak, and that’s a big deal.
Apparently, Raydium’s trading volume doubled to $88.56 billion, nearly matching Uniswap’s $88.92 billion, which is a pretty impressive feat. Usually, The upward trend continued in June 2025, with the ratio reaching a new all-time high of 37.4 %, and this increase was largely attributed to PancakeSwap, which saw volumes spike following the launch of Binance Alpha in May. Normally, 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.
Historical Growth of DEX Spot Trading
Obviously, 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, which is a significant achievement. Generally, You can see that the growth of DEXs is not slowing down, and they are becoming more popular by the day. Usually, The DEX-to-CEX spot ratio has been increasing over the years, and it will be interesting to see how it changes in the future.
Normally, People are getting more interested in DEXs because they offer more freedom and flexibility compared to centralized exchanges, and this is driving the growth of DEXs. Apparently, The rise of DEXs is also driven by regulatory pressures, market trends, and the emergence of new players, which is changing the crypto ecosystem. Basically, As DEXs continue to gain market share, their role in the crypto ecosystem is becoming increasingly significant, and you should definitely keep an eye on them.
2025 Surge and Key Drivers
Generally, The growth in DEX perps volumes has been driven by new entrants like Hyperliquid, Lighter, and edgeX, which have outpaced earlier DEX incumbents, and this is a big deal. Obviously, Hyperliquid has handled $2.74 trillion in perpetuals this year, matching Coinbase and surpassing all other top DEXs combined, which is a pretty impressive feat. Usually, The DEX-to-CEX perps volume ratio surged from 2.1 % in January 2023 to 11.7 % in November 2025, and November marked the 14th consecutive month of month-on-month growth in DEX perps volumes.
Growth in Perpetual Trading
Apparently, Overall DEX perps trading hit a record $903.56 billion in October, more than ten times the level seen a year earlier, and this is a significant increase. Normally, You can see that the growth of DEXs is not slowing down, and they are becoming more popular by the day. Basically, The rise of DEXs underscores a growing preference for decentralized trading platforms, driven by regulatory pressures, market trends, and the emergence of new players. Generally, As DEXs continue to gain market share, their role in the crypto ecosystem is becoming increasingly significant, and you should definitely keep an eye on them.
Conclusion
Obviously, The future of DEXs looks bright, and they will likely continue to play a major role in the crypto ecosystem. Usually, You should expect to see more growth and innovation in the DEX space, and it will be interesting to see how it all plays out. Normally, The rise of DEXs is a significant development in the crypto space, and it will have a major impact on the future of cryptocurrency trading.
