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DEX share hits record as centralized spot trading volume drops

Centralized spot volume fell to $727 billion in July, pushing DEXs to 19.5% of combined spot volume despite only a 9.8% DEX decline.

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CryptoSlate reports centralized crypto exchanges saw their spot trading volume drop 31.2% in July to $727 billion, the lowest monthly total since October 2023. Decentralized exchanges also declined, but by 9.8% to $176 billion, widening the gap between venue types. As a result, DEXs took a record 19.5% share of combined spot volume. BlockBeats data cited by CryptoSlate shows major CEX spot volume fell 35.5% month over month, while perpetual futures volume declined 19.6%, suggesting spot was the weaker link for centralized trading. CryptoSlate also points to signals of caution even as online activity shifted. Major CEX website traffic rose 3.0% in July, while app downloads slipped 2.1%, and on Robinhood crypto trading recorded $18 billion in the second quarter, down 35% year over year, though equity notional volume and options activity rose. The article further cites Coinbase consumer data, saying consumer crypto spot volume fell 38% year over year in the same quarter, with derivatives and prediction markets partly offsetting the decline. CryptoSlate also references TRM Labs, which estimated global retail-oriented crypto activity fell 11% year over year to $979 billion in the first quarter, and notes on-chain research showing substantial CEX to DEX arbitrage activity on Ethereum alongside higher DEX aggregator volumes tracked by DefiLlama.

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