DEXs Reach Record Share of Spot Market in Q2 as PancakeSwap Surpasses Rivals
Decentralized exchanges (DEXs) achieved their highest-ever market share in spot crypto trading during Q2 2025, as volumes on centralized exchanges (CEXs) continued to decline, according to a new CoinGecko report.
Total DEX spot trading volume climbed to $876.3 billion, a 25% quarter-over-quarter increase, while spot trading on CEXs dropped by nearly 28% to $3.9 trillion. As a result, the DEX-to-CEX volume ratio rose to a record 0.23, signaling a meaningful shift toward on-chain trading among crypto participants.
PancakeSwap emerged as the top-performing decentralized platform, processing more than $392 billion in trades. Its volume grew over fivefold from the previous quarter, driven in large part by its integration with Binance Alpha, which began routing order flow through the DEX. The move helped elevate the BNB Smart Chain above Ethereum, Solana, and Base in terms of usage.
On the centralized side, Binance retained its lead despite a drop in spot volume from over $2 trillion to $1.47 trillion. Crypto.com experienced a sharper decline, losing 61% of its trading volume, while Coinbase also recorded reduced activity.
The report also highlighted a record quarter for DEX-based perpetuals trading, with volume reaching $898 billion. Hyperliquid (HYPE) continued to dominate this space, capturing approximately 73% of the market.
The data reflects a broader trend toward decentralized infrastructure as users seek transparency, control, and alternative venues to traditional centralized platforms.
