DEX-to-CEX ratio hits new high as crypto traders flee centralization — TradingView News
Cryptocurrency traders have been moving away from centralized exchanges (CEXs) in favor of decentralized exchanges (DEXs), pushing the CEX-to-DEX ratio to a new all-time high.
Spot trading volume on DEXs surged at least 25% in the second quarter of 2025 over the previous quarter, while CEXs volumes plunged almost 28%, according to the latest quarterly industry report by the crypto data aggregator CoinGecko.
This shift drove the DEX-to-CEX ratio to a record high in Q2, rising from 0.13 in the previous quarter to 0.23, the report noted.
Despite the increasing ratio, the spot DEX market is still significantly smaller than CEX, with the top 10 decentralized trading platforms posting $877 billion in volume in Q2, compared with $3.9 trillion on…
