The trading volume of decentralized exchanges has surged to a peak compared to their centralized counterparts, driven by a "meme coin speculation frenzy," according to CoinGecko.
CoinGecko research analyst Yuqian Lim stated in a report on Thursday that over the past five years, the share of spot trading on decentralized exchanges compared to centralized exchanges has more than tripled, reaching a new high in 2025.
According to Lim, the spot trading ratio between decentralized and centralized exchanges hit a historical high of 37.4% in June, fueled by increased interest in meme coins and a surge in PancakeSwap's trading volume due to routing orders from the Binance Alpha platform, which launched in May.
For years, centralized exchanges like Binance and Coinbase have dominated the spot crypto trading volume due to their functionality and ease of use, but decentralized platforms have been strengthening their products in an attempt to attract traders.
Lim noted that since reaching a new high in June, the spot trading ratio between decentralized and centralized exchanges has dropped to about 21% as of November, marking the fifth consecutive month that this ratio has remained around the 20% level.
Lim stated that the spot trading volume on decentralized exchanges from May to October also remained above previous years' levels, reaching a historical high of $419 billion in October, despite a broad market correction.
"This seems to further highlight a gradual but steady shift in preference towards on-chain trading," she said.
Meanwhile, the futures trading ratio between DEX and CEX, which compares the proportion of all perpetual futures trading on both types of exchanges, is also on the rise, reaching a historical high of 11.7% in November 2025.
Lim indicated that decentralized perpetual contract trading is set to recover in 2025, with annual trading volume increasing tenfold year-on-year, reaching a historical high of $903 billion in October.
"Similar to spot trading, the trading volume of perpetual contracts on decentralized exchanges has only begun to narrow the gap with centralized exchanges this year. In fact, November marks the 14th consecutive month of month-on-month growth in the trading volume ratio of perpetual contracts between decentralized and centralized exchanges," she stated.
Lim pointed out that the emergence of new decentralized trading platforms for perpetual contracts, such as Hyperliquid, Lighter, and edgeX, is a key driving force, with some of these platforms offering incentives to attract traders.
"Hyperliquid alone has recorded $27.4 trillion in perpetual contract trading volume so far this year, making it comparable to Coinbase and surpassing the total of other top decentralized perpetual contract exchanges," Lim said.
"However, it remains to be seen whether the trading volume of perpetual contracts on decentralized exchanges can be maintained at current levels after the widespread incentive programs end," she added.
Related: As Bitcoin (BTC) returns to $90,000, BlackRock ETF investors regain profitability
Original: “CoinGecko: Decentralized Exchange Trading Volume Soars Driven by Meme Coin Trading Frenzy”
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