DEX trading volume reaches record high of 24% relative to CEX

Decentralised exchanges are gaining more and more ground on their centralised counterparts. In July 2026, spot trading volume on DEX platforms reached 24% of total CEX volume, the highest percentage measured since The Block and DefiLlama began tracking this ratio in 2019.

In brief:

• DEX spot volume rises to a record 24% share of CEX volume in July 2026.
• For most of 2024, the ratio remained below 10%, after which growth accelerated in 2025.
• In 2026, the ratio predominantly fluctuated between 18% and 21% before the new record was set.

From marginal to mainstream

For years, decentralised exchanges played only a modest role in the overall crypto trading landscape. From the launch of the measurement series in January 2019 until well into 2024, the share of DEX platforms in spot volume consistently remained below 10%. Only around the summer of 2020, during the first major DeFi boom, was there a brief spike visible above that level.

The real shift takes place in 2025. The share shoots up and at one point even exceeds 22%, before pulling back somewhat. Throughout 2026, the ratio largely stabilised between 18% and 21%, which in itself is already far above historical levels. That makes the jump to 24% in July 2026 all the more striking, reports The Block.

What is driving the growth

The rise of DeFi and the growing popularity of on-chain trading are contributing to the shift. Whereas traders used to almost automatically turn to centralised platforms, more and more users are now choosing DEX platforms because they can trade directly from their own wallet without a third party having control over their funds.

At the same time, other figures show that centralised exchanges are not always faring well either: Binance sees billions in stablecoin outflows in 2026. Whether the advance of DEX platforms will continue or stabilise remains to be seen, but the July 2026 record shows that on-chain trading is becoming an increasingly serious alternative to traditional crypto exchanges.