Trading Volumes on Centralized vs Decentralized Exchanges in 2025
In the first half of 2025, the trading volumes for both spot and perpetual contracts on top centralized exchanges (CEX) significantly exceeded those on decentralized exchanges (DEX). For instance, in January, CEX spot trading volume reached $2.21 trillion, compared to $0.38 trillion on DEX. Similarly, perpetual contracts on CEX dominated with $7.48 trillion versus $0.26 trillion on DEX. These figures highlight the continued dominance of centralized platforms in liquidity and trading activity.
The analysis covers the period from January to August 2025 and shows a decline in CEX spot trading volumes to $1.10 trillion in July, followed by some recovery in August. Meanwhile, DEX volumes gradually increased, especially in perpetual trading, suggesting growing user interest in decentralized platforms despite their still lower liquidity.
The ongoing evolution of the crypto market could intensify competition between CEX and DEX, with decentralized exchanges potentially gaining market share through increased flexibility and innovation on a global scale.
