Decentralized Exchanges (DEXs) Gobble Up 30% of CEX Spot Volume in June – A Historic Milestone

DEXs just flexed their muscles—and traditional exchanges felt the squeeze. June’s numbers don’t lie: decentralized platforms now command nearly a third of all spot trading activity, a record high that’s got CEXs sweating.

Wall Street’s old guard won’t like this one bit. While they’re still busy filing paperwork, DEXs are eating their lunch—no middlemen, no gatekeepers, just pure market demand.

Is this the tipping point? With 30% of the pie already claimed, the race for crypto’s future is heating up. And for once, the little guys are winning.

(Fun fact: It took banks centuries to build their monopolies. DEXs dismantled 30% of it in a decade. Slow clap for legacy finance.)

Biggest DEXs hold their ground

Lower relative drawdowns on Uniswap, PancakeSwap, and other permissionless venues explain most of the market share expansion. 

Combined volume at the top five DEXs, which also include Orca, Raydium, and Meteora,, aided by steady stable-pair turnover on ethereum and growing activity on BNB, Solana, and Base. 

Binance, Coinbase, OKX, and other centralized platforms saw deeper declines as traders reduced leverage and moved assets to self-custody.

Bitcoin (BTC) activity could serve as a proxy for this movement, as Binance recentlyin a 30-day inflow, which is less than half the average seen since 2020.

Furthermore, data from Nansen shows a steady decline in the ERC-20 stablecoin supply on centralized exchanges since June 17.

With less than one trading day remaining in June, the running DEX total sits $15 billion shy of the $400 billion threshold. 

The average daily volume over the past week exceeded $13 billion, leaving a plausible path to finish above $400 billion if market conditions remain stable.

An ongoing trend

Despite some woes between January and April, the DEX to CEX ratio never dipped below 12% in 2025. Between 2019 and 2024, the 12% threshold was breached only four times, highlighting the strength of on-chain trading this year.

In January, analyst Ignas noted that price discovery is shifting heavily to decentralized exchanges rather than being held by venture capital funds.

According to the analyst, this occurs because traders labeled as “smart money” are.

Consequently, the volumes on centralized exchanges act as “exit liquidity” for these traders. The increase in on-chain trading volumes could reflect traders moving to platforms where the action originates rather than waiting in centralized venues.