DEXs Capture 30% of Spot Trading Volume in June

Decentralized exchanges (DEXs) have made significant strides in the cryptocurrency market, capturing nearly 30% of the spot trading volume handled by centralized exchanges (CEXs) in June. This marks a new record, as DEXs processed approximately $385 billion in spot trades, according to data from DefiLlama and The Block. This figure represents a 12% decline from May, but it is notable that CEX spot volume contracted nearly 30% in the same period, reaching its lowest monthly trading volume since September 2024.

The divergence in trading volumes between DEXs and CEXs has led to a new all-time high in the "DEX to CEX Spot Trade Volume" ratio, which stood at 28.4% as of the latest data. This surpasses the previous record of roughly 21% seen in May. The top DEXs, including Uniswap, PancakeSwap, Orca, Raydium, and Meteora, have maintained their market share despite a slight decline in overall volume. These platforms benefited from steady stable-pair turnover on Ethereum and growing activity on BNB, Solana, and Base.

In contrast, major centralized platforms such as Binance, Coinbase, and OKX experienced deeper declines. This shift is partly attributed to traders reducing leverage and moving assets to self-custody. For instance, Binance recently registered a 30-day inflow of 5,700 BTC, which is less than half the average seen since 2020. Additionally, data from Nansen indicates a steady decline in the ERC-20 stablecoin supply on centralized exchanges since June 17.

With less than one trading day remaining in June, the running DEX total sits $15 billion shy of the $400 billion threshold. The average daily volume over the past week exceeded $13 billion, suggesting a plausible path to finish above $400 billion if market conditions remain stable. This ongoing trend highlights the strength of on-chain trading in 2025, as the DEX to CEX ratio has not dipped below 12% this year. Between 2019 and 2024, the 12% threshold was breached only four times, underscoring the growing preference for decentralized trading platforms.

Analysts have noted that price discovery is increasingly shifting to decentralized exchanges, driven by "smart money" traders who are predominantly involved in on-chain trading. This trend reflects a broader movement towards platforms where the action originates, rather than waiting in centralized venues for exit liquidity. The increase in on-chain trading volumes could indicate a strategic shift by traders to platforms that offer more control and transparency over their assets.