PancakeSwap Surge May Indicate Sustained DEX Trading Market Share Growth

• DEX spot volumes hit $419 billion in October 2025, despite market corrections, showing sustained interest in onchain trading.

• Perpetual futures on DEXs grew tenfold year-on-year, closing the gap with centralized exchanges through new platforms like Hyperliquid.

• The DEX to CEX futures ratio peaked at 11.7% in November 2025, supported by incentives and increased trader adoption.

Discover the 2025 surge in DEX to CEX trading ratios hitting 37.4% amid memecoin mania. Explore implications for crypto markets and onchain shifts—read now for expert insights on decentralized growth.

What is the DEX to CEX Spot Trading Ratio in 2025?

The DEX to CEX spot trading ratio measures the proportion of cryptocurrency spot trading volume on decentralized exchanges (DEXs) compared to centralized exchanges (CEXs). In 2025, this ratio has tripled over the past five years, peaking at an all-time high of 37.4% in June, according to CoinGecko research analyst Yuqian Lim. This surge reflects growing user preference for DEXs, fueled by memecoin speculation and platform enhancements like PancakeSwap’s volume spike from Binance Alpha integrations.

Crypto decentralized exchange (DEX) trading volumes have outpaced centralized counterparts significantly this year. For years, platforms like Binance and Coinbase dominated due to their user-friendly interfaces and advanced features. However, DEXs have improved liquidity, speed, and accessibility, attracting more traders to onchain environments.

How Has DEX Trading Volume Evolved Against CEXs?

The evolution of DEX trading volumes against CEXs highlights a maturing decentralized ecosystem. In June 2025, the DEX to CEX spot ratio hit 37.4%, largely due to memecoin interest and a notable increase in PancakeSwap activity. Yuqian Lim from CoinGecko noted, “This peak was off the back of a spike in PancakeSwap’s volumes due to orders routed from the Binance Alpha platform, launched in May.”

Since that high, the ratio has stabilized around 21% as of November 2025, the fifth straight month near 20%. This persistence indicates “stickiness” in DEX market share, as Lim described it. DEX spot volumes from May to October exceeded prior years, reaching a record $419 billion in October amid broader market downturns. “This seems to further highlight a gradual but steady shift in preferences toward onchain trading,” Lim added in her report.

Data from CoinGecko shows DEXs now capture a meaningful slice of overall spot trading, challenging the long-held dominance of CEXs. Enhanced smart contract functionalities and lower fees have made DEXs more competitive, drawing institutional and retail interest alike. For instance, memecoin trading on DEXs like PancakeSwap has introduced volatile but high-volume opportunities, contributing to the ratio’s upward trajectory.

Frequently Asked Questions

What Caused the 37.4% DEX to CEX Spot Ratio Peak in June 2025?

The peak resulted from heightened memecoin speculation and a surge in PancakeSwap volumes, boosted by integrations with Binance Alpha launched in May. This event routed significant orders to DEXs, elevating onchain activity and pushing the ratio to its highest level, as reported by CoinGecko analyst Yuqian Lim.

Why Are DEX Futures Trading Volumes Growing in 2025?

DEX perpetual futures trading has seen a tenfold year-on-year increase to $903 billion in October 2025, driven by new platforms like Hyperliquid, Lighter, and edgeX offering trader incentives. This growth marks 14 consecutive months of month-on-month gains, narrowing the gap with CEXs and fostering broader adoption of decentralized derivatives.

The DEX to CEX futures ratio reached 11.7% in November 2025, its highest ever. Lim attributes this to a revival in perp DEXs, with volumes closing in on CEX levels for the first time. “November marks the 14th consecutive month for which the DEX to CEX perps volume ratio has seen month-on-month growth,” she stated. Emerging players like Hyperliquid have amassed $2.74 trillion in perps volume this year, rivaling Coinbase and surpassing other top DEXs combined.

However, sustainability remains uncertain post-incentive periods. Platforms have leveraged rewards to onboard users, but long-term retention will depend on infrastructure reliability and regulatory clarity. This shift underscores DEXs’ innovation in derivatives, traditionally a CEX stronghold.

Key Takeaways

• Record Spot Ratio: The 37.4% DEX to CEX spot ratio in June 2025 signals memecoin-driven momentum and PancakeSwap’s role in boosting decentralized volumes.
• Sustained Growth: Volumes holding above 20% through November indicate lasting trader preference for DEXs, with $419 billion in October spot trading despite corrections.
• Futures Expansion: Reaching 11.7% in perps, driven by Hyperliquid’s $2.74 trillion, highlights incentives fueling 14 months of gains—monitor post-reward trends.

Conclusion

The 2025 DEX to CEX trading ratio surge, from spot peaks at 37.4% to futures at 11.7%, demonstrates decentralized exchanges’ rising prominence in crypto markets. Backed by CoinGecko data and insights from analyst Yuqian Lim, this trend points to enhanced onchain preferences amid memecoin activity and platform innovations. As DEXs continue to refine offerings, traders should stay informed on volume shifts to navigate evolving opportunities in decentralized finance.