Decentralized exchanges (DEX) have surpassed the milestone of 1 trillion USD for the first time in August, with a total volume reaching 1.15 trillion USD. Spot trading accounted for 506.3 billion USD, an increase of 18.4% compared to July, while perpetual contracts hit a record 648.6 billion USD, accounting for more than half of the total trading.
Ethereum leads spot trading with 140.4 billion USD, surpassing Solana (120 billion USD) and BNB Chain (60 billion USD). Uniswap continues to dominate, handling 143 billion USD (28.2% market share), followed by PancakeSwap (56.6 billion USD) and Hyperliquid (21.7 billion USD). In the perpetual contract segment, Hyperliquid has an absolute advantage with 405.8 billion USD, accounting for 62.5% market share.
The DEX/CEX trading ratio increased to 17.2%, maintaining above 10% throughout the year 2025. This achievement confirms that DEX has become a core part of the cryptocurrency market, with perpetual contracts increasingly approaching the influence of centralized exchanges.
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