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Monday Nov 3 2025 08:10
1 min
The past year has been transformative for both Centralized Exchanges (CEXs) and Decentralized Exchanges (DEXs). The crypto space has witnessed a shift in momentum from CEXs, reliant on trust and compliance, to DEXs, promising transparency and self-custody. Despite reports of a CEX resurgence, a deeper analysis reveals a more nuanced picture.
2025 appears to be a year of recovery for CEXs after nearly two years of confidence decline and liquidity shrinkage. Prior to 2022, CEXs averaged over $1.5 trillion in monthly trading volume. However, the period that followed saw a significant drop, with monthly volume only once surpassing the trillion-dollar mark. In contrast, DEXs experienced remarkable growth, with spot trading volume quadrupling in 18 months to over $540 billion.
Perpetual contracts are a key driver of activity on DEXs. Before 2024, on-chain perpetual contracts were a niche product with limited monthly trading volume. However, by the end of 2025, these platforms rivaled the entire DEX spot market. Perpetual contract trading volume experienced significant growth, exceeding $1 trillion in October alone, more than double the size of the DEX spot market.
While CEXs still dominate the market, DEXs are gaining rapid traction, especially in derivatives. The steady rise in the DEX-to-CEX derivatives trading ratio suggests that DEXs offer features that CEXs cannot replicate. Although the absolute number of on-chain traders may still be small, their demands and preferred features send a clear message to crypto developers about priorities in developing trading platforms.
Risk Warning: This article is provided for informational purposes only and does not constitute investment advice, investment research, or a recommendation to trade. The views expressed are those of the author and do not necessarily reflect the position of Markets.com. When considering shares, indices, forex (foreign exchange), and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and may not be suitable for all investors. Leveraged products can result in capital loss. Past performance is not indicative of future results. Before trading, ensure you fully understand the risks involved and consider your investment objectives and level of experience. Cryptocurrency CFD trading restrictions may apply depending on jurisdiction.
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