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CEX Volumes Hit 32-Month Low While DEX Spot Market Share Reaches All-Time High

Combined CEX volumes fell 23.9% to $3.76T in July, the lowest since November 2023, as DEX spot market share climbed to a record 19.5% and RWA perps hit $460B.

By CoinDesk Research|Edited by Jacob Joseph
Updated Published
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What to know:

  • Combined CEX volumes fell 23.9% to $3.76T in July — the lowest monthly total since November 2023. Spot dropped 31.2% to $727B (lowest since October 2023) and derivatives fell 21.9% to $3.03T, coinciding with BitMEX's closure announcement and subdued price action across digital assets.
  • Despite declining in absolute terms, DEX spot volumes captured a record 19.5% share of total spot trading in July — an all-time high. Uniswap led DEX spot activity at $53.4B, followed by PancakeSwap at $18.5B; DEX futures market share also rose to 14.9%, its highest since February.
  • Binance extended its dominance across both markets, with spot market share rising 3.07% to 26.9% (highest since January) and derivatives market share rising 4.63% to 45.8% — its fifth consecutive monthly gain and the highest level since June 2024.
  • Monthly RWA perpetual trading volumes on centralized exchanges surged 47.8% to a record $460B, with Binance leading at 75.6% market share, followed by OKX (14.8%) and Gate (4.39%) — Gate ranking third in the fastest-growing derivatives segment.
  • Derivatives market share rose to 80.6% in July, the highest since September 2023, as futures proved more resilient than spot. Futures open interest fell a more modest 1.26% to $80.2B, with Binance, Gate, and Bybit the three largest retail exchanges by open interest at 18.5%, 11.2%, and 10.9% respectively.

In July, combined spot and derivatives trading volumes on centralized exchanges fell 23.9% to $3.76T — the lowest monthly total since November 2023. Spot volumes dropped 31.2% to $727B, their lowest since October 2023, while derivatives declined 21.9% to $3.03T. The broad-based retreat coincided with range-bound price action across digital assets, subdued investor appetite relative to other financial markets, and the closure of several centralized venues including BitMEX, the pioneer of perpetual futures in crypto.

Against this backdrop, decentralized exchanges captured a record 19.5% share of total spot trading volume in July — an all-time high. Despite DEX spot volumes falling 9.82% to $176B, their lowest since September 2024, CEX spot volumes fell faster, amplifying DEX's relative share. Uniswap led DEX spot activity at $53.4B, followed by PancakeSwap at $18.5B. DEX market share in futures also rose to 14.9%, its highest since February.

In derivatives markets, RWA perpetual trading volumes surged 47.8% to a record $460B. Binance led with 75.6% market share, followed by OKX at 14.8% and Gate at 4.39% — ranking third among all centralized exchanges in this rapidly expanding segment. Gate also maintained the second-largest share of futures open interest among retail exchanges at 11.2%, trailing only Binance at 18.5%.

Download the full report for a complete breakdown of spot and derivatives volumes by exchange, CEX market share shifts, and futures open interest across all major venues.