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Decentralized Crypto Exchanges Hit Record Market Share in Q2 Volume: CoinGecko Report
PancakeSwap emerged as the largest DEX by volume in the second quarter, driven by its integration with Binance Alpha, CoinGecko reported.
Jul 21, 2025, 8:04 p.m.
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What to know:
- Decentralized exchanges (DEXs) reached a record market share versus centralized exchanges (CEXs) in spot crypto volume, according to CoinGecko's Q2 report.
- Binance maintained the top spot in centralized exchange market share despite a significant drop in trading volume, while Crypto.com and Coinbase also declined.
- DEX perp trading volume also hit record, with Hyperliquid dominating the market.
Decentralized exchanges, or DEXs, saw their highest-ever market share in spot crypto volume as trading on their centralized counterparts such as Binance declined in the second quarter of the year, CoinGecko reported.
Among centralized exchanges (CEXs), Binance held onto the top place in spot trading market share, even though its quarterly volume dropped to $1.47 trillion from over $2 trillion, the report said. Crypto.com endured even steeper decrease losing 61% of its volume through the quarter. Coinbase also booked less volume.
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The declines for CEXs happened as bitcoin spiked to a fresh all-time record, which usually bolsters trading appetite.
Spot trading volume on DEXs surged to $876.3 billion, rising over 25% from the previous quarter, the report noted. Meanwhile, centralized exchanges (CEXes) saw a sharp pullback, with spot volume across the top platforms falling nearly 28% to $3.9 trillion.
This means the DEX-to-CEX trading volume ratio jumped to a record high 0.23, perhaps pointing to a growing investor demand for trading directly on-chain.
The standout was PancakeSwap, which became the largest DEX by volume after growing more than fivefold quarter-over-quarter. The exchange processed over $392 billion in trades, accounting for nearly half of all DEX activity. The spike follows Binance’s launch of Binance Alpha in May, which began routing trades through PancakeSwap and helped elevate BNB Smart Chain above Ethereum, Base, and Solana as the most-used blockchain.
Perpetuals trading on DEXs also hit a record, with $898 billion traded during the quarter and Hyperliquid dominating the space with nearly 73% of market share, per the report.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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