The ratio of decentralized exchange (DEX) spot volume to centralized exchange (CEX) spot volume surged to a record 24.16% in July, marking the highest level since tracking began in 2019. However, this milestone reflects a sharper decline in centralized volumes rather than a surge in decentralized trading.
Spot trading on DEXs fell 6% to $124.82 billion last month, the lowest monthly figure since September 2024. Meanwhile, Tier-1 CEXs saw their spot volumes plunge even further, dropping to $375 billion, the weakest since October 2023. This imbalance pushed the DEX-to-CEX volume ratio to its peak despite both markets shrinking.
Traders have pulled back broadly during the summer lull, with on-chain platforms managing to retain a slightly larger share of an overall contracting market. The ratio is calculated by dividing monthly DEX volumes by a filtered basket of major centralized exchanges after removing flash trades, so it does not represent absolute market share but rather a relative comparison.
This trend highlights how centralized exchanges are facing steeper volume contractions amid seasonal slowdowns. It also suggests that while DEX activity remains significant, it has not grown enough to offset the drop in centralized trading. For more on centralized exchange activity, check out recent shifts such as Bitget’s retreat from Japan.
This content is for informational purposes and does not constitute financial advice.
