In line with CoinGecko, the buying and selling quantity of cryptocurrency decentralized exchanges (DEXs) has reached a peak in comparison with centralized exchanges, pushed by “meme coin hypothesis mania.”
CoinGecko analysis analyst Yuqian Lim stated in a report on Thursday that the proportion of crypto spot buying and selling on DEXs in comparison with centralized exchanges (CEXs) has greater than tripled over the previous 5 years and can attain a brand new excessive in 2025.
In line with Lim, the DEX-to-CEX spot ratio hit a document excessive of 37.4% in June on the again of a surge in curiosity in meme cash and a “surge in Pancake Swap buying and selling quantity pushed by orders from the Binance Alpha platform launched in Could.”
For years, centralized exchanges corresponding to Binance and Coinbase have dominated the vast majority of spot crypto buying and selling quantity on account of their options and ease of use, however decentralized platforms are enhancing their choices to draw merchants.
The DEX to CEX spot ratio hit a number of new highs in 2025. supply: CoinGecko
DEX buying and selling exhibits indicators of persistence
Since reaching a brand new excessive in June, the DEX to CEX spot ratio has fallen to about 21% as of November, and the ratio has remained shut to twenty% for 5 consecutive months, Lim stated.
“That is a lot increased than the stagnant DEX to CEX spot ratio seen over the previous few years, probably indicating that DEX market share development in spot buying and selling quantity is powerful.”
Lim stated that regardless of the numerous market correction, DEX spot buying and selling quantity from Could to October was additionally increased than final 12 months, hitting a document excessive of $419 billion in October.
“This appears to additional spotlight the gradual however regular shift in choice for on-chain transactions,” she stated.
DEX futures commerce hits new excessive in November
In the meantime, the DEX to CEX futures buying and selling ratio, which compares the ratio of all perpetual futures traded on the 2 sorts of exchanges, can also be on the rise, reaching a document excessive of 11.7% in November 2025.
The DEX to CEX futures buying and selling ratio hit a brand new excessive of over 11% in November. sauce: CoinGecko
Lim stated PERP DEX buying and selling quantity reached $903 billion in October, 10 instances increased than a 12 months in the past, and can revive in 2025.
“Just like spot buying and selling, DEX perpetual buying and selling quantity has solely began closing the hole with CEX this 12 months. In actual fact, November marks the 14th consecutive month wherein the DEX to CEX perpetual buying and selling quantity ratio elevated month-over-month,” she stated.
Lim pointed to the emergence of recent PERP DEX gamers corresponding to Hyperliquid, Lighter and edgeX as a key driver, noting that a few of them are providing incentives to draw merchants.
“To date this 12 months, HyperLiquid alone has recorded $2.74 trillion in PERP buying and selling quantity, which is on par with Coinbase and greater than all different prime PERP DEXs mixed,” Lim stated.
“Nevertheless, it stays to be seen whether or not the DEX’s PERP quantity will preserve its present degree after the intensive incentive program ends,” she added.
