.png)
The DEX-to-CEX ratio measures decentralized exchange spot trading volume as a percentage of centralized exchange spot trading volume over a given period. It is the primary indicator analysts use to track how much of crypto trading is migrating from custodial platforms like Binance and Coinbase to self-custody protocols like Uniswap and PancakeSwap. A higher ratio signals that traders are moving on-chain. A lower ratio signals that centralized platforms dominate.
According to CoinGecko research published in November 2025, the DEX-to-CEX spot ratio started at just 6.0% in January 2021 and grew to 21.2% by November 2025, more than tripling over five years.
The calculation divides the combined monthly spot trading volume of the top 10 decentralized exchanges by the combined monthly spot trading volume of the top 10 centralized exchanges. CoinGecko and The Block both publish this figure using data from DefiLlama for the decentralized side and their own aggregated CEX volume tracking for the centralized side. Different providers produce slightly different numbers depending on which exchanges they include.
Flash loan volumes are filtered out. Those are very large automated trades that open and close within the same transaction block, which would artificially inflate DEX volume statistics.
The ratio's path from 2021 to 2025 was not a straight line upward. Understanding the turning points explains what drives DEX activity.
Several forces push the DEX-to-CEX ratio upward. Memecoin speculation is the clearest near-term driver. Most memecoins launch directly on-chain before they reach any centralized exchange, so trading them requires using a DEX. Regulatory pressure on centralized exchanges also redirects volume to decentralized alternatives where no account registration or KYC is required. Improved DEX infrastructure, including faster blockchains, lower fees, and better user interfaces, has reduced the functional gap between DEX and CEX trading.
The spot DEX-to-CEX ratio covers only spot trading. A separate perpetual futures DEX-to-CEX ratio tracks derivatives volume. The perps ratio rose from 2.1% in January 2023 to an all-time high of 11.7% in November 2025, with Hyperliquid generating $2.74 trillion in perps volume through November 2025 alone.
Perpetuals are more complex instruments than spot trades. The fact that DEX perpetuals platforms are closing the gap with centralized futures exchanges signals deeper structural adoption rather than purely speculative memecoin activity.
For traders, the DEX-to-CEX ratio signals where liquidity is migrating. Tokens that launch on DEXs and never list on major CEXs are accessible only to traders using on-chain infrastructure. As the ratio grows, the share of total crypto price discovery that happens on-chain increases, which changes how market-making and arbitrage strategies operate.
For regulators, a rising DEX-to-CEX ratio complicates enforcement. Centralized exchanges are regulated, require user identification, and can freeze accounts. Decentralized exchanges have no such controls, which is exactly why some traders prefer them.
With deep roots in traditional finance and the digital asset industry, Acquire.Fi operates as a specialist M&A advisory firm. Coverage spans M&A, secondaries, OTC, and capital markets advisory across digital assets and frontier tech. Our team has decades of combined experience across every stage of the deal lifecycle.
.webp)