DEX Trading Volume Hits Record $1.36 Trillion as Investors Shift from CEXs
Decentralized exchanges (DEXs) shattered records in October 2025, processing $1.36 trillion in trading volume—nearly doubling August's $759 billion peak. The surge reflects a seismic shift toward on-chain trading, with Hyperliquid leading the charge at $299 billion in volume.
Market dynamics tell a clear story: DEXs now command over 20% of spot trades versus centralized platforms, up from single digits just months ago. Forced liquidations and demand for transparent settlement fueled the fire, propelling Layer-1 protocols like Hyperliquid, Lighter, and Aster to the forefront.
This isn't just a volume spike—it's an infrastructure revolution. Traders are voting with their wallets, choosing self-custody and blockchain-native execution over legacy exchange models. The numbers don't lie: decentralized finance is eating traditional crypto markets byte by byte.