Decentralized exchanges (DEX) processed roughly $385 billion of spot trades in June, equal to nearly 30% of the turnover recorded by centralized venues, based on DefiLlama and The Block information.
The 30-day DEX determine represents a 12% decline from Might, however centralized alternate (CEX) spot quantity contracted almost 30% in the identical interval. Notably, that is the smallest month-to-month buying and selling quantity from CEX since September 2024.
These divergent actions resulted in a “DEX to CEX Spot Commerce Quantity” of 28.4% as of press time, a brand new all-time excessive. The earlier report was roughly 21%, seen in Might.
Largest DEXs maintain their floor
Decrease relative drawdowns on Uniswap, PancakeSwap, and different permissionless venues clarify many of the market share growth.
Mixed quantity on the prime 5 DEXs, which additionally embody Orca, Raydium, and Meteora, slipped lower than 10% month-on-month, aided by regular stable-pair turnover on Ethereum and rising exercise on BNB, Solana, and Base.
Binance, Coinbase, OKX, and different centralized platforms noticed deeper declines as merchants decreased leverage and moved property to self-custody.
Bitcoin (BTC) exercise might function a proxy for this motion, as Binance just lately registered 5,700 BTC in a 30-day influx, which is lower than half the common seen since 2020.
Moreover, information from Nansen reveals a gentle decline within the ERC-20 stablecoin provide on centralized exchanges since June 17.
With lower than one buying and selling day remaining in June, the operating DEX complete sits $15 billion shy of the $400 billion threshold.
The typical each day quantity over the previous week exceeded $13 billion, leaving a believable path to complete above $400 billion if market circumstances stay secure.
An ongoing pattern
Regardless of some woes between January and April, the DEX to CEX ratio by no means dipped under 12% in 2025. Between 2019 and 2024, the 12% threshold was breached solely 4 instances, highlighting the power of on-chain buying and selling this yr.
In January, analyst Ignas famous that value discovery is shifting closely to decentralized exchanges somewhat than being held by enterprise capital funds.
In response to the analyst, this happens as a result of merchants labeled as “good cash” are predominantly concerned in on-chain buying and selling.
Consequently, the volumes on centralized exchanges act as “exit liquidity” for these merchants. The rise in on-chain buying and selling volumes might mirror merchants shifting to platforms the place the motion originates somewhat than ready in centralized venues.
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