Share this article
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.
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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 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.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
XRP Underperforms Market as Sudden Bitcoin Surge Forces $387M of Liquidations
XRP's technical outlook remains uncertain, with support at $2.05 and resistance at $2.17, as traders watch for volume expansion
What to know:
- XRP posts gains but underperforms compared to the broader digital asset surge, with below-average trading volume raising questions about the move's strength.
- Bitcoin's rise above $94,000 triggered a broad market rebound, leading to significant liquidations and reshuffling of positions.
- XRP's technical outlook remains uncertain, with support at $2.05 and resistance at $2.17, as traders watch for volume expansion to confirm momentum alignment.
Top Stories
