Decentralized exchanges (DEX) processed roughly $385 billion of spot trades in June, equal to almost 30% of the turnover recorded by centralized venues, according to DefiLlama and The Block data.
The 30-day DEX figure represents a 12% decline from May, but centralized exchange (CEX) spot volume contracted nearly 30% in the same period. Notably, this is the smallest monthly trading volume from CEX since September 2024.
With less than one trading day remaining in June, the running DEX total sits $15 billion shy of the $400 billion threshold.
The average daily volume over the past week exceeded $13 billion, leaving a plausible path to finish above $400 billion if market conditions remain stable.
Despite some woes between January and April, the DEX to CEX ratio never dipped below 12% in 2025. Between 2019 and 2024, the 12% threshold was breached only four times, highlighting the strength of on-chain trading this year.
In January, analyst Ignas noted that price discovery is shifting heavily to decentralized exchanges rather than being held by venture capital funds.
Consequently, the volumes on centralized exchanges act as “exit liquidity” for these traders. The increase in on-chain trading volumes could reflect traders moving to platforms where the action originates rather than waiting in centralized venues.
