DEX Spot Volume Reaches Record 24% of CEX Volume in July 

Spot trading on decentralized exchanges (DEXs) reached a record share of centralized exchange (CEX) activity in July, with DEX volume rising to approximately 24% of CEX spot volume, according to The Block, which cited data from DefiLlama. 

The July figure marks the highest DEX-to-CEX spot volume ratio since DefiLlama began tracking the metric in 2019. 

The ratio remained below 10% for most of 2024 before accelerating throughout 2025. During 2026, it largely fluctuated between 18% and 21% before climbing to a new high in July, according to the data.

Source: The Block