Decentralized exchanges (DEXs) recorded a 25% quarterly increase in spot trading volume during Q2 2025, primarily driven by platforms PancakeSwap and Hyperliquid.
This growth occurred alongside a nearly 28% decline in centralized exchange (CEX) spot volumes, signaling a notable shift in trader preference toward decentralized alternatives. Despite this shift, CEXs maintained dominance with $3.9 trillion in total quarterly spot volume.
PancakeSwap emerged as the largest global DEX contributor, experiencing a staggering 539% volume surge to $392.6 billion – representing nearly 45% of all DEX trades. Its growth propelled Binance Smart Chain (BSC) to overtake Ethereum, Base, and Solana as the leading blockchain for DEX activity.
Decentralized perpetual futures trading simultaneously reached unprecedented levels, climbing to a record $898 billion quarterl volume. Hyperliquid dominated this sector, capturing 73% of the derivatives market.
CEXs saw comparative softness in derivatives with a modest 3.6% volume dip, underscoring accelerated momentum for decentralized trading solutions.