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Decentralized exchanges (DEX) saw a significant increase in spot trading volume, processing approximately $385 billion worth of trades in June. This accounted for nearly 30% of the total trading volume across centralized exchanges, according to data from DefiLlama and The Block.
While DEX spot trading volumes experienced a slight decline of 12% compared to May, centralized exchange (CEX) spot volume plummeted by almost 30% during the same period. This marks the lowest monthly trading volume for CEX since September 2024.
The disparity in trading volumes led to a record high “DEX to CEX Spot Trade Volume” ratio of 28.4% at the time of reporting, surpassing the previous high of 21% seen in May.
Key DEX Platforms Maintain Market Share
Top decentralized exchanges like Uniswap and PancakeSwap, among others, experienced minimal declines in trading volumes, contributing to the overall growth in market share for DEX platforms.
The combined volume of the top five DEXs, including Orca, Raydium, and Meteora, saw a modest decrease of less than 10% month-on-month. This was supported by consistent trading of stablecoin pairs on Ethereum and increased activity on BNB, Solana, and Base.
In contrast, centralized exchanges like Binance, Coinbase, and OKX witnessed more substantial declines as traders opted for reduced leverage and self-custody of assets.
The shift towards on-chain trading is further evidenced by a decline in Bitcoin activity on centralized exchanges, with Binance reporting lower BTC inflows compared to previous years.
Additionally, data from Nansen shows a steady decrease in ERC-20 stablecoin supply on centralized exchanges since mid-June.
With just one trading day left in June, the total DEX trading volume is nearing the $400 billion mark. The average daily volume over the past week has exceeded $13 billion, suggesting a possible surpassing of the $400 billion threshold if market conditions remain stable.
Continued Growth in On-Chain Trading
The DEX to CEX ratio has consistently remained above 12% throughout 2025, indicating the sustained strength of on-chain trading. This trend contrasts with previous years, where the ratio rarely exceeded 12%, highlighting the increasing popularity of decentralized exchanges.
Analysts suggest that the shift towards on-chain trading is driven by “smart money” traders who are increasingly participating in decentralized platforms for price discovery, with centralized exchanges serving as exit liquidity for these traders.
The rise in on-chain trading volumes reflects a broader trend of traders seeking platforms where trading activity originates, rather than relying solely on centralized exchanges for liquidity.
