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Friday Nov 28 2025 02:40
2 min
Crypto decentralized exchange (DEX) trading volumes have surged to a peak against their centralized counterparts, driven by what CoinGecko describes as a “memecoin speculation mania.”
CoinGecko research analyst Yuqian Lim's report indicates that the ratio of spot crypto trading on DEXs compared to centralized exchanges (CEXs) has more than tripled in the past five years, reaching new highs in 2025.
The DEX to CEX spot ratio hit an all-time high of 37.4% in June, spurred by a spike in memecoin interest and "a spike in PancakeSwap’s volumes due to orders routed from the Binance Alpha platform, which was launched in May.”
For years, centralized exchanges such as Binance and Coinbase dominated the bulk of spot crypto trading volumes, primarily due to their features and ease of use. However, decentralized platforms have been enhancing their offerings to attract traders.
Since achieving its peak in June, the DEX to CEX spot ratio has decreased to around 21% as of November. Notably, this marks the fifth consecutive month in which the ratio has remained near the 20% level.
Lim notes, “This is well above the stagnant DEX to CEX spot ratios seen in previous years and potentially indicates stickiness in DEXs’ growing market share of spot trading volume.”
DEX spot volumes from May to October have also remained above previous years, marking an all-time high of $419 billion in October, despite a broader market correction. “This seems to further highlight a gradual but steady shift in preferences toward onchain trading,” she states.
The DEX to CEX futures trading ratio, comparing the proportion of all perpetual futures trading on both types of exchanges, has also been on the rise, reaching an all-time high of 11.7% in November 2025.
Lim states that perp DEXs have seen a resurgence in 2025, experiencing a tenfold year-on-year volume increase to an all-time high of $903 billion in October.
Lim points to the emergence of new perps DEX players such as Hyperliquid, Lighter, and edgeX as crucial factors, some of which have offered incentives to attract traders. “Hyperliquid alone has recorded $2.74 trillion in perps volume so far this year, which puts it on par with Coinbase and is more than the other top perp DEXs combined,” Lim said.
However, she also cautions, “However, it remains to be seen if DEX perps volumes will maintain at current levels after the widespread incentive programs end.”
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