DEX Trading Volumes Explode – Are CEXes Losing Their Grip on Crypto?

In June, total crypto market capitalization posted a modest 2.62% gain, even as volatility stayed elevated due to increased geopolitical tensions in the Middle East. Investor anxiety over potential energy supply disruptions and growing regional instability led to persistent pressure on asset prices.

Despite this, the DEX to CEX spot trade volume reached a historic peak of 27.9% in June.

DEX Fever Hits June

Over the past year, DEX trading volumes have more than doubled. This is in contrast with flat volumes on CEX platforms, according to the latest Binance Research report shared with CryptoPotato.

In fact, PancakeSwap led DEX market share growth as it climbed from 16% in April to 42% in June, driven by Alpha trading volume growth and the Infinity upgrade that boosted speed, cost, and liquidity efficiency. World Liberty Financial’s increased on-chain activity also boosted liquidity and yield opportunities.

Hyperliquid’s spot volume rose from $6 billion in January to nearly $10 billion in June, amidst fierce competition from decentralized perp trading solutions.

On Solana, PumpSwap also maintained strong user engagement. The same cannot be said for Raydium, Orca, and Meteora, which struggled to match their January trading peaks, then fueled by meme coin hype.

Hybrid CeDeFi Platforms Narrow the Gap

A major driver of this growth is that CEXes are increasingly channeling activity toward DEX platforms. Several large exchanges have launched or revealed hybrid models that merge CEX liquidity with on-chain settlement.

Binance Research explained that these CeDeFi offerings deliver low-slippage trading, MEV protection, and fast transactions, which allow DEX scalability while bridging the gap between centralized and decentralized crypto markets.

It also stated that the flexible regulatory environment for DeFi has allowed DEXes to innovate and expand with new features, which has driven their on-chain volumes. On the other hand, CEX spot volumes remain tied to retail speculation, macro conditions, and volatility, which makes them more vulnerable to external market shifts seen throughout this year.