CEXs are losing market share to DEXs – Even when both are shrinking

Decentralized exchanges (DEXs) are handling 23% of the Spot trading volume done by combined centralized exchanges (CEXs), including Binance, Coinbase, and others. This marks a record level, and the market share of DEXs has increased by 1100% in the past five years, with an analyst terming it an “impressive” win for DeFi. What's impressive is that the market share of DEXs has increased by over 1100% in the past 5 years. DeFi is winning, and the bull case for it has never been more obvious. Worth noting that the DEX market share doubled between 2024 and 2025.