Decentralized exchanges (DEX) have been making significant strides in the cryptocurrency market, with spot trades reaching new heights in June. According to data from DefiLlama and The Block, DEX processed approximately $385 billion in spot trades last month, accounting for nearly 30% of the total turnover seen on centralized exchanges (CEX).
While the overall trading volume on DEX saw a slight decline of 12% from May, CEX spot volume experienced a much steeper drop of almost 30%, marking the lowest monthly trading volume since September 2024. This divergence led to a record-high “DEX to CEX Spot Trade Volume” of 28.4%, surpassing the previous high of 21% in May.
The top DEX platforms such as Uniswap, PancakeSwap, Orca, Raydium, and Meteora managed to hold their ground, with combined volume slipping by less than 10% month-on-month. This resilience can be attributed to steady stable-pair turnover on Ethereum and increased activity on other blockchains like BNB, Solana, and Base. On the other hand, centralized exchanges like Binance, Coinbase, and OKX saw more significant declines as traders opted for self-custody and reduced leverage.
The shift towards DEX trading is further evidenced by the decrease in BTC activity on centralized exchanges, as well as a steady decline in the supply of ERC-20 stablecoins on these platforms since mid-June. With just a day left in June, DEX trading volume is close to reaching the $400 billion mark, with an average daily volume exceeding $13 billion over the past week.
The trend of increasing DEX dominance over CEX has been consistent throughout 2025, with the ratio never dropping below 12%. Analysts have noted that price discovery is increasingly shifting to decentralized exchanges, driven by traders labeled as “smart money” who are more actively involved in on-chain trading. This trend may indicate a preference for platforms where trading originates, rather than relying on centralized exchanges for liquidity.
Overall, the rise of DEX trading volumes signifies a growing preference for decentralized and permissionless platforms in the cryptocurrency market. As market conditions continue to evolve, DEXs are poised to play an even more significant role in the future of digital asset trading.