DEX Monthly Trade Volume Soars to Staggering $463 Billion Mark
In the rapidly evolving world of cryptocurrency, decentralized exchanges (DEXs) are making a significant mark. Q2 2025 saw a notable increase in the spot trading volume of DEXs, surging by 25%, while centralized exchanges (CEXs) experienced a 27-28% decline during the same period[1][3].
Leading the charge among DEXs is PancakeSwap, which experienced a staggering 539% volume increase, handling approximately $392.6 billion in Q2 2025[1]. This surge can be largely attributed to the integration with Binance Alpha[1]. Uniswap remains a top DEX in weekly volume, averaging $6.7 billion with over 6.3 million active traders[2].
Curve Finance, specializing in stablecoin swaps, rose steadily to about $1.5 billion weekly volume[2]. GMX manages around $1.1 billion weekly for perpetual trading on Arbitrum and Avalanche[2]. Hyperliquid, a leader in decentralized perpetual futures, reported a record $319 billion volume in July 2025 alone and holds a 73% market share in decentralized perpetual markets[1][4].
The preference for Binance Smart Chain (BSC) over Ethereum was notable in DEX activity, indicating evolving blockchain preferences within the decentralized space[1].
Despite the growth of DEXs, CEXs still dominate overall spot trading volume, with about $3.9 trillion in Q2 2025, representing 82% of total spot volume compared to $877 billion on the top 10 DEXs combined[1][3]. The top CEXs by daily spot volume (mid-2025) include Upbit, OKX, Coinbase Exchange, and KuCoin[5].
Regarding Over-The-Counter (OTC) platforms, the latest data does not provide specific quantitative information on their performance in 2025. However, given the broader trend of decentralization and volume shifts away from centralized venues, OTC trading may be influenced by these dynamics but requires updated data for precise assessment.
In December, the trading volume on decentralized exchanges was approximately 17% of the trading volume on centralized exchanges during the same period. Raydium had the third-highest trading volume among decentralized exchanges, with $58 billion, while Pancake Swap had the second-highest trading volume, with $96.4 billion, and Uniswap had the highest trading volume, with $106.4 billion. In December, leading OTC platforms reported elevated trading volumes, nearly reaching 2021 levels[6].
Neil Wen from Kronos Research stated that the increase in DEX and CEX volumes in December was due to renewed market activity, growing trust in DeFi ecosystems, and enhanced liquidity and trading tools on centralized exchanges[6]. Approximately $950 billion of the centralized exchange trading volume was attributed to Binance[6].
The total trading volume on decentralized exchanges in December reached an all-time high of $463 billion. Weekly DEX trading in Q2 2025 averaged $18.6 billion, a 33% year-over-year increase[2]. The DEX user base expanded to over 9.7 million unique wallets by mid-2025, up from 6.8 million the previous year[2]. The average DEX trading fee dropped to 0.18%, enhancing competitiveness with CEXs[2].
Mobile-first DEXs like Solflare DEX and Trust Wallet Swap gained 1.2 million new users in 2025, highlighting a mobile adoption trend[2]. Aggregator platforms such as 1inch and Matcha process substantial routing volume ($3.9 billion weekly), simplifying access to fragmented liquidity on DEXs[2].
In summary, DEXs demonstrate robust volume and user growth, a shift in blockchain preferences, and innovation in perpetual derivatives markets, while CEXs maintain dominant but declining volumes. OTC platform performance data is currently insufficient in available sources.
- Investing in decentralized finance (DeFi) through platforms like PancakeSwap, Uniswap, Curve Finance, and others continues to show technological advancements in finance, as these DEXs experience significant volume increases and user base expansion.
- The fintech sector's integration of technology is evident in the rising preference for blockchains like Binance Smart Chain (BSC) in DeFi infrastructure, as decentralized exchanges on BSC witness increased activity over Ethereum-based platforms.
