DEX-to-CEX ratio hits new high as crypto traders flee centralization
2025-07-17 14:33:14
Main Idea
The DEX-to-CEX ratio reached a record high in Q2 2025 as traders shifted from centralized exchanges to decentralized exchanges, though CEXs still dominate the market with significantly higher trading volumes.
Key Points
1. The DEX-to-CEX ratio rose from 0.13 in Q1 to 0.23 in Q2 2025, driven by a 25% increase in DEX volumes and a 28% decline in CEX volumes.
2. Despite the growth, CEXs still led in spot trading volume with $3.9 trillion compared to $877 billion for the top 10 DEXs.
3. PancakeSwap, a Binance Smart Chain-based DEX, saw a 539% volume increase to $392.6 billion, becoming the largest DEX with 45% market share in Q2.
4. Perpetual trading volume on DEXs hit a record $898 billion in Q2, with Hyperliquid dominating at $653 billion (73% market share).
5. CEX derivatives trading dipped 3.6% quarter-over-quarter, while DEX derivatives continued to grow.
Description
Despite the rising DEX-to-CEX ratio, centralized exchanges still lead in the crypto spot market, posting $3.9 trillion in trading volume, compared to $877 billion for DEXs.
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