DEX-to-CEX ratio hits new high as crypto traders flee centralization

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.