출처: Block Media
DEX Trading Reaches All-Time High as Traders Flock Away from Centralized Platforms
The digital asset market witnessed a seismic shift in the second quarter of 2025, as traders increasingly turned to decentralized exchanges (DEXs) over centralized exchanges (CEXs). This movement propelled the DEX-to-CEX spot trading volume ratio to an unprecedented level, signaling an evolving trend within the cryptocurrency landscape.
Data from CoinGecko, highlighted in a Cointelegraph report dated October 17, reveals that DEX spot trading volumes climbed by an impressive 25% quarter-over-quarter. Meanwhile, CEX trading volumes saw a sharp decline of approximately 28%. As a result, the DEX-to-CEX trading ratio skyrocketed from a previous quarter's 0.13 to 0.23—setting a historic record.
DEX Trading Growth Still Lags Behind CEX in Absolute Terms
Despite gaining significant traction, DEXs still lag behind their centralized counterparts in terms of absolute trading volume. In Q2 2025, the top 10 DEXs collectively posted $877 billion in spot trading volume. In stark contrast, CEXs dominated the market with a combined trading volume of $3.9 trillion during the same period. This discrepancy highlights the scale of market dominance still enjoyed by centralized platforms, even as DEXs rapidly innovate.
PancakeSwap Drives Explosive DEX Growth
PancakeSwap, a decentralized exchange operating on the BNB Chain, emerged as the star performer in the second quarter. Its trading volume soared by an eye-popping 539%, surging from $61.4 billion in Q1 to an astonishing $392.6 billion in Q2.
Ranked as the world's largest DEX for Q2, PancakeSwap accounted for a commanding 45% of total DEX trading volume, according to CoinGecko. The platform's meteoric rise was fueled by Binance's launch of "Binance Alpha," a new service that routes select transactions through PancakeSwap. This initiative amplified activity on Binance Smart Chain (BSC), placing it ahead of blockchain competitors like Ethereum (ETH), Base, and Solana (SOL), and solidifying its status as the preferred chain for DEX trading.
DEX Derivatives Market Hits Record Levels; Hyperliquid Dominates
The upward trajectory of decentralized exchanges extended beyond spot markets to derivatives trading. The quarter saw the DEX derivatives market reach new heights, with trading volumes surpassing $898 billion, setting another all-time record. In this space, traders engage in perpetual futures contracts, focusing on speculative asset prices without owning the underlying assets.
Hyperliquid emerged as the definitive leader of the DEX derivatives market, delivering a whopping $653 billion in trading volume and securing a 73% market share. Built on its proprietary Layer-1 blockchain, Hyperliquid demonstrated formidable growth and resilience. Other key platforms within the top 10 derivatives DEX rankings included Aster (formerly APX Finance), RabbitX, and EdgeX—all of which recorded notable trading volume increases during the quarter.
Conversely, dYdX, which was once a dominant force in the derivatives DEX landscape, struggled to maintain its competitive edge. Its average monthly trading volume for Q2 fell sharply to $5.3 billion—down from over $10 billion recorded in January 2025, signaling waning momentum for the once-top-tier exchange.
Centralized Derivatives Market Faces Decline Amid DEX Gains
While DEX derivatives witnessed explosive growth, centralized derivatives platforms struggled to keep pace. TokenInsight data revealed that trading volumes in centralized derivatives markets dipped by 3.6% quarter-over-quarter, underscoring the rise of decentralized solutions and reflecting diverging trends within digital asset trading.
The data paints a clear picture of shifting investor preferences in the cryptocurrency space—one that is increasingly favoring decentralized platforms. Innovations such as Binance Alpha, coupled with the robust performance of DEX leaders like PancakeSwap and Hyperliquid, signal a pivotal moment in the rise of DEXs as viable competitors to long-dominant centralized exchanges. This ongoing trend toward decentralization underscores the resilience and adaptability of the cryptocurrency ecosystem, hinting at a transformative future ahead.
