DEXs Reach Record High of $419 Billion Despite Market Corrections: CoinGecko

According to CoinGecko, DEXs now account for a fifth of all spot trading.

Decentralized exchanges have significantly expanded their share of spot trading activity over the past five years. A new report from CoinGecko shows that the DEX-CEX spot ratio increased from 6.0% in January 2021 to 21.2% in November 2025.

According to the data, this growth has not followed a straight upward path. After reaching 14.6% in early 2022, the ratio fell to a low of 5.4% in September of that year and then moved within a similar range until the end of 2024.

The market share of DEXs is increasing

Coin gecko explained that the collapse of FTX in November 2022 had no immediate effect on DEX usage against centralized platforms, as the ratio did not return above 10.0% until March 2023 during a period marked by increased US regulatory pressure.

A decisive shift occurred in early 2025, when the ratio rose to 18.7% in January. This surge was fueled by a wave of Solana-based meme coins, which pushed total DEX spot volume to $413.75 billion, overtaking the previous cycle’s peak. In the same month, Raydium’s trading volume doubled to $88.56 billion, almost matching Uniswap’s $88.92 billion for the first time.

The upward trend accelerated again in June 2025, when the ratio reached a new all-time high of 37.4%. CoinGecko attributes this jump largely to PancakeSwap, where volumes spiked after the launch of Binance Alpha in May, a platform that sent a significant portion of orders to the exchange.

Since then, the ratio has become more stable, and November marked the fifth month in a row in which decentralized platforms held around 20% of total spot trading activity, a level far higher than the relatively flat ratios recorded in previous years. The report added that DEX volumes from May through October remained elevated compared to historical levels, reaching a record high of $419.76 billion in October, despite broader market corrections.

DEX Perps Expansion

Decentralized exchanges have also quickly gained ground in perpetual trading. The volume ratio between DEX and CEX perps rose from 2.1% in January 2023 to a new peak of 11.7% in November 2025.

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Interestingly, November also marked the fourteenth month in a row in which DEX perps volumes grew on a monthly basis. Total DEX offender trading reached a record $903.56 billion in October, more than ten times the level of a year earlier. The growth has been driven by new entrants such as Hyperliquid, Lighter and edgeX, which have surpassed previous established DEX companies.

Hyperliquid has processed $2.74 trillion in perpetuals this year, tying Coinbase and beating all other top DEXs combined.