Decentralized exchanges captured a record $419.76 billion in trading volume during Oct. despite broader market corrections. The milestone reflects a sustained expansion in DEX market share that has pushed the platforms to account for more than one-fifth of all spot trading activity. The shift marks a departure from earlier years when decentralized venues struggled to break into double-digit percentages.
What Happened: DEX Market Share Climbs
CoinGecko reported that the DEX-to-CEX spot trading ratio climbed from 6.0% in Jan. 2021 to 21.2% in Nov. 2025, though the path was uneven. After reaching 14.6% in early 2022, the ratio fell to 5.4% by Sept. of that year and remained in a similar range through the end of 2024.
The collapse of FTX in Nov. 2022 did not trigger an immediate shift toward decentralized platforms.
The ratio crossed back above 10.0% only in Mar. 2023, a period marked by intensified regulatory scrutiny from U.S. authorities, according to the report.
A decisive turn came in Jan. 2025, when the ratio jumped to 18.7% as Solana-based meme coin trading pushed overall DEX spot volume to $413.75 billion. Raydium saw its monthly trading volume double to $88.56 billion, nearly matching Uniswap's $88.92 billion for the first time. The ratio reached a fresh all-time high of 37.4% in Jun. 2025, driven largely by PancakeSwap, which experienced a surge in activity following the May launch of Binance Alpha, a platform that routed significant order flow to the exchange.
Since Jun., the ratio has stabilized around 20%, with Nov. marking the fifth consecutive month at that level.
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Why It Matters: Perpetuals See Rapid Growth
The expansion extends beyond spot markets. Decentralized exchanges have made significant inroads in perpetual futures trading, with the DEX-to-CEX perps volume ratio rising from 2.1% in Jan. 2023 to 11.7% in Nov. 2025. Nov. also represented the 14th straight month of monthly growth in DEX perpetuals volume.
Overall DEX perpetuals trading hit a record $903.56 billion in Oct., more than ten times the level recorded a year earlier. The growth has been fueled by newer entrants including Hyperliquid, Lighter, and edgeX, which have collectively outpaced earlier platforms. Hyperliquid alone has processed $2.74 trillion in perpetuals trading this year, matching Coinbase and exceeding the combined volume of all other leading decentralized exchanges.
The sustained higher market share suggests decentralized platforms are holding onto gains rather than experiencing temporary spikes.
DEX volumes from May through Oct. remained elevated compared to historical levels even as broader cryptocurrency markets faced corrections, indicating that traders are maintaining positions on decentralized venues regardless of overall market direction.
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