Surge in Decentralized Exchange Volumes Driven by Memecoin Trading: Insights from CoinGecko

Recent reports indicate that trading volumes on decentralized exchanges (DEXs) have seen significant growth, largely fueled by a rush into memecoin speculation. This analysis reveals how the ratio of trading on DEXs compared to centralized exchanges (CEXs) has reached impressive heights, indicating changing trader preferences in the crypto market.

Key Takeaways

DEX trading volumes have surged, achieving a significant ratio of 37.4% against CEXs in June 2025.
Recent months have shown consistent trading activity on DEXs despite broader market corrections, with a record volume of $419 billion in October.
The DEX to CEX futures trading ratio has also grown, hitting an all-time high of 11.7% in November 2025.
New decentralized platforms are emerging, contributing to the rising volumes and attracting traders with incentives.

Decentralized exchange volumes soar on memecoin trading rush: CoinGecko

Growth of DEX Trading Volumes

According to a report from CoinGecko, crypto trading on decentralized exchanges has experienced a remarkable upswing, particularly due to a craze surrounding memecoins. The share of spot trading on DEXs compared to centralized exchanges has tripled in the last five years, reaching notable peaks in 2025.

In June, the DEX to CEX spot trading ratio reached an impressive 37.4%, aided by increased interest in memecoins and a surge in volumes on PancakeSwap following orders routed from the newly launched Binance Alpha platform in May.

Historically, centralized exchanges such as Binance and Coinbase have dominated the majority of spot crypto trading owing to their user-friendly features. However, decentralized platforms are continuously enhancing their services to entice more traders.

The DEX to CEX spot ratio has recorded several new highs in 2025. Source: CoinGecko

Sustained Interest in DEX Trading

After reaching a peak in June, the DEX to CEX spot ratio has since adjusted to approximately 21% as of November, marking five consecutive months of stability around the 20% level. According to Lim, the spot trading volumes on DEXs from May through October have exceeded previous years, culminating in an all-time high of $419 billion in October. This trend indicates a slow yet steady shift in trader preferences towards on-chain trading.

New Heights in DEX Futures Trading

In addition to spot trading, the DEX to CEX ratio for futures trading has also seen an increase, reaching an all-time high of 11.7% in November 2025.

The DEX to CEX futures trading ratio has hit a new high of over 11% as of November. Source: CoinGecko

In 2025, perpetual DEXs have experienced a resurgence, achieving a tenfold year-on-year growth in trading volumes to an impressive $903 billion in October. Lim noted that this marks the 14th consecutive month of month-on-month growth in the DEX to CEX perpetual volume ratio, indicating strong momentum in the market.

Emerging players in the DEX field, such as Hyperliquid, Lighter, and edgeX, have been crucial in driving this growth, with some offering incentives to attract traders. Hyperliquid alone has recorded a staggering $2.74 trillion in perpetual trading volume this year, outperforming its competitors and putting it at the same level as Coinbase.

However, Lim cautions that it remains uncertain whether DEX perpetual volumes can sustain these levels once current incentive programs conclude.

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