Decentralized Exchange Volumes Soar On Memecoin Trading Rush:...

In June, the DEX to CEX spot ratio hit an all-time peak of 37.4%, largely due to “a spike in PancakeSwap’s volumes,” says CoinGecko analyst Yuqian Lim.

Crypto decentralized exchange (DEX) trading volumes have surged to a peak against their centralized counterparts, driven by a “memecoin speculation mania,” says CoinGecko.

The ratio of spot crypto trading on DEXs compared to centralized exchanges (CEXs) has more than tripled in the past five years to reach new highs in 2025, CoinGecko research analyst Yuqian Lim said in a report on Thursday.

The DEX to CEX spot ratio hit an all-time high of 37.4% in June off the back of a spike in memecoin interest and “a spike in PancakeSwap’s volumes due to orders routed from the Binance Alpha platform, which was launched in May,” according to Lim.

For years, centralized exchanges such as Binance and Coinbase have dominated the bulk of spot crypto trading volumes due to their features and ease of use, but decentralized platforms have beefed up their offerings in a bid to attract traders.

Since achieving a new high in June, the DEX to CEX spot ratio has dropped to around 21% as of November, marking the fifth consecutive month where the ratio has held near the 20% level, Lim said.

Lim said DEX spot volumes from May to October have also remained above previous years and marked an all-time high of $419 billion in October, despite a wide market correction.

“This seems to further highlight a gradual but steady shift in preferences toward onchain trading,” she said.

Meanwhile, the DEX to CEX futures trading ratio, which compares the proportion of all perpetual futures trading on the two types of exchanges, has also been on the rise, reaching an all-time high of 11.7% in November 2025.

Lim said perp DEXs have seen a revival in 2025, after experiencing a tenfold year-on-year volume increase to an all-time high of $903 billion in October.

Source: CoinTelegraph