Decentralized Finance or DEX activity has climbed sharply this year. Trading levels reached a record share when compared with centralized exchanges (CEXs), according to data from CoinGecko.
Research analyst Yuqian Lim reported that the ratio of spot trading on DEXs relative to CEXs has grown more than threefold over the past five years, with 2025 marking a new peak.
Lim noted that the DEX-to-CEX spot ratio hit 37.4% in June. She suggested the rise to growing demand for memecoins and a massive surge in activity on PancakeSwap. This is partly due to orders funneled through Binance’s Alpha platform, which debuted in May.
For much of the past decade, platforms such as Binance and Coinbase have led the spot trading. Their good design drew the majority of users, while DEXs were often seen as less convenient. However, over time, decentralized platforms have upgraded their systems and introduced new tools aimed at attracting a wider base of traders.
Spot Trading Ratios Hold Near 20% After June Peak
Despite slipping from the June high, the DEX-to-CEX spot ratio has stayed near 21% since November. According to Lim, this is the fifth straight month in which the figure is around the 20% mark. This is well above the near-flat levels seen in earlier years.
She noted that DEX spot volumes from May through October remained stronger than in past periods and reached a record $419 billion in October, even as the broader market faced a sizable pullback.
Lim said the steady numbers point to a growing interest in direct control of assets and a growing range of DEX tools.
DEX Futures Activity Hits Fresh Peak in November
The shift is not limited to spot markets. The ratio comparing perpetual futures activity on DEXs with that on CEXs climbed to 11.7% in November, setting another high point for the sector. Lim said 2025 has been a standout year for perpetuals on decentralized platforms, with volumes jumping tenfold year-on-year and reaching $903 billion in October.
New futures-focused DEXs, including Hyperliquid, Lighter, and edgeX, have pushed the trend further. Some have introduced incentive programs to draw traders, though it remains uncertain whether volumes will stay at current levels once those programs conclude.
Hyperliquid alone has recorded $2.74 trillion in perpetuals trading this year, placing it on par with Coinbase.