In the second quarter of 2025, the crypto trading landscape saw a significant shift as more traders migrated from centralized exchanges (CEXs) to decentralized exchanges (DEXs), pushing the DEX-to-CEX trading ratio to an all-time high.
Decentralized Exchanges Gain Market Share
According to recent data, DEX spot trading volume surged by over 25% in Q2 2025, compared to the previous quarter. In contrast, CEX volumes fell nearly 28%, indicating a growing distrust or aversion to centralized platforms among traders.
The DEX-to-CEX ratio climbed from 0.13 to 0.23, marking a historic milestone in the evolution of decentralized trading.
Despite this growth, CEXs still dominate the spot market, posting a $3.9 trillion trading volume, while DEXs recorded $877 billion across the top 10 platforms.
PancakeSwap and BSC Lead the DEX Growth
One of the major contributors to DEX momentum was PancakeSwap, operating on the Binance Smart Chain (BSC). Its trading volume soared 539% in Q2, reaching $392.6 billion, up from just $61.4 billion in Q1.
With this growth, PancakeSwap now accounts for 45% of all DEX spot trades, making it the largest DEX globally.
This surge was largely fueled by the launch of Binance Alpha, which began routing trades through PancakeSwap, reinforcing BSC’s dominance in decentralized trading and surpassing Ethereum, Base, and Solana.
Perpetual Futures Trading Hits All-Time High on DEXs
The rise in decentralized trading wasn’t limited to spot markets. Perpetual (perp) trading volume on DEXs reached $898 billion in Q2—a new all-time high.
Leading this growth was Hyperliquid, a decentralized perp exchange, which processed $653 billion in trades and commanded a 73% market share.
Other growing perp DEXs included Aster, RabbitX, and EdgeX, while dYdX saw a sharp decline, dropping from over $10 billion in January to just $5.3 billion in average monthly volume.
Centralized Derivatives Market Sees Slight Decline
While DEXs posted record volumes, centralized derivatives platforms experienced a 3.6% drop in Q2. This further reflects the ongoing decentralization trend in crypto trading.
As regulatory scrutiny intensifies and user demand for transparency grows, DEXs appear poised to play a more prominent role in the future of the digital asset ecosystem.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.