MKT Intelligence Hub

DEX to CEX spot volume ratio hits 24%

Decentralised exchanges captured a record 24% share of spot trading versus centralised platforms in July 2026, up from 17% a year earlier, according to data from The Block and CoinPaprika. The ratio climbed as centralised spot volume sank to about $670 billion, a 12-month low and sharply below the $2.23 trillion annual peak, while onchain spot activity also declined but less severely. Analysts link weaker centralised activity to softer crypto demand and competition from prediction markets, while better liquidity tools and faster cross-chain swaps make onchain venues more competitive; August data will test durability.

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